Early Look

Tuesday, June 24, 2025

US stock futures rose overnight after President Trump announced a ceasefire between Israel and Iran last night, sending oil futures tumbling after stocks finished broadly higher on Monday. Israel has however accused Iran of breaching a ceasefire announced by US President Donald Trump earlier Tuesday to end to the 12-day war. One of today’s market highlights is Fed Chair Jerome Powell, who is speaking at 10:00 AM EDT at a congressional testimony, where he is expected to face questions on the Fed’s approach to monetary policy (following last weeks FOMC meeting). Today we see a heavy dose of economic data (see below) and earnings from package delivery giant Fed-Ex (FDX) tonight after the close. Gold prices are tumbling 1.7% or over $50 along side the pullback in oil prices on the cease fire headlines in the Middle East. In Asian markets, The Nikkei Index jumped 436 points to 38,790, the Shanghai Index gained 38 points to 3,420, and the Hang Seng Index jumped 487 points to 24,177. In Europe, the German DAX is surging 450 points to 23,720, while the FTSE 100 is up 24 points to 8,782. Meanwhile we are two weeks from President Donald Trump’s self-imposed deadline to reach deals with the US’s major trading partners. The dollar slip with Treasury yields while Bitcoin jumps over 3% above $105,000.

• The Dow Jones Industrial Average rose 374.96 points, or 0.89%, to 42,581.78
• The Nasdaq Composite gained 183.56 points, or 0.94%, to 19,630.97
• The Russell 2000 Index advanced 23.42 points, or 1.11% to 2,132.68

·      8:55 AM ET                  Johnson/Redbook Weekly Sales

·      9:00 AM ET                  Monthly Home Price M/M for April

·      9:00 AM ET                  CaseShiller 20-city M/M for April

·      10:00 AM ET                Consumer Confidence for June

·      10:00 AM ET                Richmond Fed Manufacturing for June

·      1:00 PM ET                   U.S. Treasury to sell $69B in 2-year notes

·      4:30 PM ET                   API Weekly Inventory Data

Earnings Calendar:

·      Earnings Before the Open: CCL NG SNX THCH

·      Earnings After the Close: ATEX AVAV BB FDX WOR

Other Key Events:

·      Goldman Sachs Business Services, Transport, Leisure and Infra & Building Materials Conference, 6/23-6/25, in London

·      Roth 15th Annual London Conference Preview – Digital Assets, Infrastructure, and Blockchain, 6/24-6/26, in London

·      Truist Healthcare Disruptors & Digital Health Summit, 6/24-6/25, in New York

·      Truist Government Services Bus Trip, 6/24-6/25, in Washington, DC

• Chewy Inc (CHWY) 23.95M share Spot Secondary priced at $41.95.
• Dollar General (DG) was downgraded to Neutral from Buy at Goldman Sachs.
• Ford (F) is recalling 132,914 Aviator SUVs in the U.S. over parts, including rear door window bars, getting detached from the vehicle due to insufficient adhesion, the NHTSA said
• KB Homes (KBH) Q2 EPS $1.50 vs est. $1.46 on revs $1.530B vs est. $1.506B, adj housing gross margin 19.7%, delivered 3,120 homes -11%, avg selling price $488,700; guides FY housing revs $6.30-6.50B, avg selling price $480-490K, homebuilding op margin 8.6-9.0%, housing gross margin 19.0-19.4%.
• Ollie’s Bargain Outlet (OLLI) was downgraded to Hold from Buy at Loop Capital.
• RH (RH) was downgraded to Sell from Neutral at Goldman Sachs and cut tgt to $179 from $199.
• Starbucks Corp. (SBUX) is considering a full sale of its China operations, marking a significant strategic change as the American coffee giant contends with shrinking market share and increasing pressure from low-cost domestic rivals, according to media reports last night.
• Thor Industries (THO) announces re-authorization of $400M share buyback.
• .

• SM Energy (SM) downgraded to Underperform from Outperform at Raymond James
• UPS (UPS), FedEx (FDX), Walmart (WMT), and DHL (DHLGY) are using robots for warehouse logistics to cut costs, like by automating the backbreaking task of loading and unloading trucks, the WSJ reported.

• Reminder the results of the central bank’s so-called “stress tests” on Friday will determine how much cash big banks would need to hold to withstand a severe economic downturn.

• imDx (IMDX) reports strong head-to-head data in kidney transplant rejection testing; study indicates iMDx flagship technology’s equivalence with commercially available dd-cfDNA test kits; transplantation (ESOT) Congress in London, June 29 — July 2
• Nektar (NKTR) to announce top-line data from the 16-week induction period in REZOLVE-AD Phase 2B Study of Rezpegaldesleukin, a regulatory T-cell proliferator, in atopic dermatitis on June 24, 2025

• IBM and RIKEN, a national research laboratory in Japan, unveiled the first IBM Quantum System Two ever to be deployed outside of the United States and beyond an IBM Quantum Data Center.