{"id":24751,"date":"2025-04-01T05:53:32","date_gmt":"2025-04-01T10:53:32","guid":{"rendered":"https:\/\/www.eoption.com\/morning-preview-april-01-2025\/"},"modified":"2025-04-01T05:53:32","modified_gmt":"2025-04-01T10:53:32","slug":"morning-preview-april-01-2025","status":"publish","type":"post","link":"https:\/\/www.eoption.com\/morning-preview-april-01-2025\/","title":{"rendered":"Morning Preview: April 01, 2025"},"content":{"rendered":"\n
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Early Look<\/span><\/b><\/p>\n

Tuesday, April 1, 2025<\/span><\/b><\/p>\n\n\n\n\n\n\n
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Futures<\/span><\/p>\n<\/td>\n

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Up\/Down<\/span><\/p>\n<\/td>\n

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%<\/span><\/p>\n<\/td>\n

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Last<\/span><\/p>\n<\/td>\n<\/tr>\n

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Dow<\/span><\/b><\/p>\n<\/td>\n

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-178.00<\/span><\/p>\n<\/td>\n

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0.42%<\/span><\/p>\n<\/td>\n

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42,081<\/span><\/p>\n<\/td>\n<\/tr>\n

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S&P 500<\/span><\/b><\/p>\n<\/td>\n

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-16.25<\/span><\/p>\n<\/td>\n

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0.30%<\/span><\/p>\n<\/td>\n

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5,636<\/span><\/p>\n<\/td>\n<\/tr>\n

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Nasdaq<\/span><\/b><\/p>\n<\/td>\n

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-36.50<\/span><\/p>\n<\/td>\n

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0.19%<\/span><\/p>\n<\/td>\n

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19,403<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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U.S. futures are looking modestly lower to start the new month and quarter, putting behind one of the worst quarter in years for the tech heavy Nasdaq 100 (NDX<\/span>) in a quarter marred by tariff uncertainty, US<\/span> government spending cuts the threat of recession, and fears about a bubble brewing in artificial intelligence (AI<\/span>). U.S. stocks posted their worst quarter since 2022 but rallied late Monday after the S&P 500 and Nasdaq Composite earlier reached their lowest levels since September, with traders waiting on U.S. President Donald Trump’s Wednesday announcement on reciprocal tariffs this Wednesday. The Nasdaq has fallen -14.3% from its record high, while the S&P 500 is down -8.7%. For the month (since February 28), the S&P 500 fell -5.75%, the Nasdaq declined -8.21%, and the Dow fell -4.20%. For the quarter (since December 31), the S&P 500 fell -4.59%, the Nasdaq declined -10.42%, and the Dow fell -1.28%. The best performers in the Dow Jones Industrial average in Q1 were AMGN<\/span> +20%, CVX<\/span> +15.78%, KO<\/span> +15.49%, JNJ<\/span> +15.17% and MMM<\/span> +14.25% while the worst performers were CRM<\/span> -19.78%, NVDA<\/span> -19.72%, NKE<\/span> -15.68%, AMZN<\/span> -13.24% and DIS<\/span> -11.3%. Uncertainty over what tariffs Trump will announce and whether they will be long lasting or subject to negotiation has added to risk aversion, with the trade levies expected to dent growth and increase inflation. In Asian markets, The Nikkei Index was up 6 points to 35,624, the Shanghai Index rose 12 points to 3,348, and the Hang Seng Index gained 87 points to 23,206. In Europe, the German DAX<\/span> is up 218 points to 22,381, while the FTSE 100 is up 56 points to 8,639. Upcoming catalysts this week include US ISM manufacturing today, Trump’s reciprocal tariff announcement (Wed 4\/2), US<\/span> services ISM<\/span>, (Thurs 4\/3), US<\/span> jobs report (Fri 4\/4), Tesla’s Q1 deliveries numbers likely Wed 4\/2 + TikTok decision likely to occur w\/ Apr 5 being the sell-or-ban deadline). So called ‘Liberation Day’ is expected to see the announcement of ‘reciprocal’ tariffs which could come into effect as soon as April 3. Reports suggest that White House aides have drafted a proposal to impose tariffs of around 20%<\/span><\/p>\n

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Market Closing Prices Yesterday<\/p>\n

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  • The S&P 500 Index<\/span><\/b> <\/span>climbed 30.91 points<\/span>, or 0.55%, to 5,611.85<\/span><\/li>\n<\/ul>\n<\/div>\n
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    • The Dow Jones Industrial Average<\/span><\/b> <\/span>rose 417.86 points<\/span>, or 1.00%, to 42,001.76<\/span><\/li>\n
    • The Nasdaq Composite <\/span><\/b>slipped -23.70 points<\/span>, or 0.14%, to 17,299.29<\/span><\/li>\n
    • The Russell 2000 Index<\/span><\/b> <\/span>declined -11.37 points<\/span>, or 0.56% to 2,011.91<\/span><\/li>\n<\/ul>\n
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      Economic Calendar for Today<\/p>\n

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      • 7:45 AM<\/span> ET<\/span> ICSC<\/span> Weekly Retail Sales<\/li>\n<\/ul>\n<\/div>\n
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        • 8:55 AM<\/span> ET<\/span>                  Johnson\/Redbook Weekly Sales<\/li>\n
        • 9:45 AM<\/span> ET<\/span> S<\/span>&P Global Manufacturing PMI, March-final…prior 49.8<\/li>\n
        • 10:00 AM<\/span> ET<\/span>                Construction Spending M\/M for February…est. +0.3%<\/li>\n
        • 10:00 AM<\/span> ET<\/span> ISM<\/span> Manufacturing PMI for March…est. 49.5 (prior 50.3)<\/li>\n
        • 10:00 AM<\/span> ET<\/span> ISM<\/span> Prices Paid for March…est. 65.0 (prior 62.4)<\/li>\n
        • 10:00 AM<\/span> ET<\/span>                JOLTs Job Openings for February…est. 7.616M (prior 7.74M)<\/li>\n
        • 10:30 AM<\/span> ET<\/span>                Dallas Fed Services for March…prior 8.2<\/li>\n
        • 4:30 PM<\/span> ET<\/span> API<\/span> Weekly Inventory Data<\/li>\n<\/ul>\n
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          Earnings Calendar: <\/p>\n

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          • Earnings Before the Open: none<\/li>\n<\/ul>\n<\/div>\n
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            • Earnings After the Close: LPRO<\/span> NCNO<\/span> SPWH<\/span><\/li>\n<\/ul>\n

               <\/span><\/p>\n

               <\/span><\/p>\n\n\n\n\n\n\n\n\n\n
              \n

              Macro<\/span><\/p>\n<\/td>\n

              		\n

              Up\/Down<\/span><\/p>\n<\/td>\n

              		\n

              Last<\/span><\/p>\n<\/td>\n<\/tr>\n

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              Nymex<\/span><\/b><\/p>\n<\/td>\n

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              0.67<\/span><\/p>\n<\/td>\n

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              71.86<\/span><\/p>\n<\/td>\n<\/tr>\n

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              Brent<\/span><\/b><\/p>\n<\/td>\n

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              0.48<\/span><\/p>\n<\/td>\n

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              75.25<\/span><\/p>\n<\/td>\n<\/tr>\n

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              Gold<\/span><\/b><\/p>\n<\/td>\n

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              11.70<\/span><\/p>\n<\/td>\n

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              3,162.00<\/span><\/p>\n<\/td>\n<\/tr>\n

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              EUR\/USD<\/span><\/b><\/p>\n<\/td>\n

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              -0.0013<\/span><\/p>\n<\/td>\n

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              1.0804<\/span><\/p>\n<\/td>\n<\/tr>\n

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              JPY\/USD<\/span><\/b><\/p>\n<\/td>\n

              		\n

              -0.54<\/span><\/p>\n<\/td>\n

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              149.40<\/span><\/p>\n<\/td>\n<\/tr>\n

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              10-Year Note<\/span><\/b><\/p>\n<\/td>\n

              		\n

              -0.08<\/span><\/p>\n<\/td>\n

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              4.165%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

               <\/span><\/p>\n

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              Sector News Breakdown<\/p>\n

              Consumer<\/p>\n

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              • Dollar General (DG<\/span>)<\/b> upgraded to Overweight from market weight at Bank America.<\/li>\n<\/ul>\n<\/div>\n
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                • In casinos (WYNN,<\/span> LVS,<\/span> MLCO,<\/span> MGM<\/span><\/b>), Macau’s gaming bureau reported March gross revenue from games of fortune in the region was up 0.8% year-over-year to 19.659B patacas, vs. the Street forecast of flat and down from +6.8% in February.<\/li>\n
                • Li Auto (LI<\/span>)<\/b> reported vehicle deliveries for March of 36,674 units vs. 28,984 y\/y.<\/li>\n
                • NIO Inc. (NIO<\/span>)<\/b> reported deliveries rose 14% m\/m for March of 15,039 vs. 13,192 m\/m.<\/li>\n
                • PVH Corp. (PVH<\/span>)<\/b> Q4 EPS $3.27 above consensus $3.21 and revs fell -4.8% y\/y to $2.37B vs. est. $2.33B which exceeded guidance of a decrease of 6% to 7% (decrease 4% to 5% on a constant currency basis); sees Q1 revs down -2% to flat and Q1 EPS $2.10-$2.25 vs. est. $2.24; guides 2025 revs flat to increase slightly on a constant currency basis y\/y and operating margin to be flat to increase slightly.<\/li>\n
                • Tesla’s (TSLA<\/span>)<\/b> sale of new cars in Denmark fell by 65.6% in March from the same month a year ago to 593 vehicles, registration data from Mobility Denmark show<\/li>\n
                • Ulta Beauty (ULTA<\/span>) <\/b>upgraded to Buy from Neutral and raised tgt to $423 from $384.<\/li>\n<\/ul>\n
                  \n

                  Energy, Industrials and Materials<\/p>\n

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                  • Airlines American (AAL<\/span>), Delta (DAL<\/span>)<\/b> and Southwest (LUV<\/span>)<\/b> all downgraded at Jefferies.<\/li>\n<\/ul>\n<\/div>\n
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                    • In oil, Brent steadied after Trump dialed back his comments on Russia that triggered the biggest price jump since January, while markets count down to the arrival of tariffs.<\/li>\n
                    • Chevron (CVX<\/span>)<\/b> announces sale of majority interest in its East Texas Gas Assets; the transaction is anticipated to generate over $1.2B in value to Chevron at current Henry Hub prices through the multi-year capital carry, retained working interest, and overriding royalty interest.<\/li>\n
                    • Excelerate Energy (EE<\/span>)<\/b> 7M share Spot Secondary priced at $26.50.<\/li>\n<\/ul>\n
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                      Financials<\/p>\n

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                      • LPL Financial (LPLA<\/span>)<\/b> 4.7M share Secondary priced at $320.00<\/li>\n<\/ul>\n<\/div>\n
                          \n
                        • Visa Inc. (V<\/span>)<\/b> authorizes $375M deposit into U.S. litigation escrow account; as-converted Class B-1 common stock share count reduced by about 21,297 from 7.57M to 7.55M; as-converted Class B-2 common stock share count was reduced by about 1.06M from 185.7M to 184.6M.<\/li>\n
                        • W. R. Berkley (WRB<\/span>)<\/b> downgraded to Neutral from Buy at Bank America.<\/li>\n<\/ul>\n
                          \n

                          Healthcare<\/p>\n

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                          • Johnson & Johnsons (JNJ<\/span>)<\/b> $10B bankruptcy deal to end tens of thousands of lawsuits alleging that its baby powder and other talc products cause ovarian cancer failed yet again when a US judge rejected the company’s proposal<\/li>\n<\/ul>\n<\/div>\n
                              \n
                            • Drugmakers are lobbying U.S. President Donald Trump to phase in tariffs on imported pharmaceutical products in hopes of reducing the sting from the charges and to allow time to shift manufacturing – Reuters.<\/li>\n<\/ul>\n
                              \n

                              Technology, Media & Telecom<\/p>\n

                                \n
                              • Live Nation (LYV<\/span>)<\/b> and Vivid Seats (SEAT<\/span>)<\/b> shares slip after President Trump signed an executive order Monday aimed at cracking down on ticket-price gouging and other exploitative practices by middlemen like ticket brokers, calling for stronger enforcement of consumer-protection and tax laws. The order directs the Federal Trade Commission to more rigorously enforce existing law governing the use of bots that help scalpers scoop up hot tickets, including by issuing fines.<\/li>\n<\/ul>\n<\/div>\n
                                  \n
                                • Progress Software (PRGS<\/span>)<\/b> Q1 adj EPS $1.31 vs. est. $1.06 as revs rose 29% y\/y to $238.0M vs. est. $235.6M; Q1 software License revenue $58.4M, -8.8% y\/y; while total operating expenses $159.4M, +36% y\/y; guides Q2 EPS and revs above consensus and raises FY<\/span> EPS<\/span> to $5.25-$5.37 from prior $5.00-$5.12 (est. $5.06) and boosts FY adj operating margin to 38% from 37%-38% view. <\/li>\n
                                • Spire Global (SPIR<\/span>)<\/b> Q4 adj EPS loss ($-2.21) vs. est. loss (-$2.35); sees Q1 adjusted EPS loss (65c)-(63c), vs. est. loss (-$0.46) and sees Q1 revenue $22M-$24M vs. est. $28.2M; for 2025, sees rev, excluding held-for-sale maritime business, to grow at about 12% to 17%.<\/li>\n<\/ul>\n<\/div>\n

                                  <\/p>\n