OP Wire 3/26 (OP – Lite)

By Steve

U.S. stock futures are slightly in the red this morning as traders assess President Trump’s upcoming tariff plans and anticipate a new round of corporate earnings.

As of 4:31 AM ET, the futures markets are showing:

Dow Futures: -45 points (-0.1%)
S&P 500 Futures: -8 points (-0.1%)
Nasdaq 100 Futures: -37 points (-0.2%)

Despite Tuesday’s gains, markets remain cautious. Reports suggesting that Trump’s April 2 tariffs might be more limited than initially expected provided some relief. However, consumer confidence data and weak nonmanufacturing activityfrom the Philadelphia Federal Reserve highlighted concerns about inflationary pressures and economic slowing.

Trump’s Tariff Plans

President Trump stated in a Newsmax interview that he will aim to limit exceptions for new trade tariffs set to take effect on April 2. He emphasized that while he may be “more lenient than reciprocal,” tariffs will still be imposed on countries with trade imbalances.

Reports suggest about 15 countries will be targeted.
Sectors likely affected: automotive, pharmaceutical, and semiconductor industries.
Market fears of broader economic damage have eased slightly, but businesses and economists continue to warn about rising inflation and potential negative impacts on growth.

Earnings Watch

A fresh batch of corporate earnings is set for release before the market opens today. Key reports include:

Chewy (CHWY) – Online pet food retailer
Dollar Tree (DLTR) – Discount retail giant
Cintas (CTAS) – Uniform rental provider
Paychex (PAYX) – Payroll and HR solutions

Particular focus will be on:

Cintas & Paychex – Indicators of employment trends in businesses.
Dollar Tree – Insights into low-income consumer spending trends.

Analysts note that while economic indicators suggest weakening sentiment, rival Dollar General (DG) reported better-than-expected results.

Global Market Impact: U.K. Inflation

The latest U.K. consumer price inflation (CPI) report showed a slower-than-expected increase for February:

Annual CPI: +2.8% (vs. 3.0% prior month)
Monthly CPI: +0.4% (vs. expected +0.5%)
Core CPI: +3.5% (down from 3.7%)

While inflation remains above the Bank of England’s 2% target, the slowdown provided some relief to Chancellor Rachel Reeves ahead of her Spring Statement.

Oil Market Update

Crude prices edged higher after a larger-than-expected drop in U.S. crude inventories.

Brent Crude: Trading above $72.86 per barrel
WTI Crude: $69.61 per barrel

Prices surged to a three-week high after the U.S. announced new restrictions on Venezuelan and Iranian oil exports. However, gains were capped after the U.S., Ukraine, and Russia reached agreements to halt energy-related attacks and ease sanctions on Moscow, potentially increasing global oil supply.

Tech Bulls Show Strength, But Key Levels Still in Play

$QQQ (Tech Index) closed at 493.46, breaking above the 200-day moving average (492.71) for the first time since March 5, 2025. This is a positive sign, but we’re not in full bull mode yet.

Next key resistance levels to reclaim:
✅ 500 Psychological Level
✅ 502 Initial Bullish Pivot
✅ 515 Long-Term Bullish Pivot

A break above 515 would confirm a strong bullish trend, setting the stage for a potential return to all-time highs.

Caution: Market volatility remains high with consumer confidence data, durable goods orders, and ongoing Federal Reserve policy uncertainty still in play.

➡️ Tip: Tap the “Price” column in the Live Watchlist to sort tickers by top gainers!

Today’s Economic Data Releases

📊 8:30 AM ET – Core Durable Goods Orders (Feb)
📊 8:30 AM ET – Durable Goods Orders (Feb)
📊 9:30 AM ET – Crude Oil Inventories
📊 10:00 AM ET – FOMC Kashkari Speaks
📊 11:30 AM ET – Atlanta Fed GDPNow (Q1)
📊 1:00 PM ET – 5-Year Note Auction

OP Trade Recap & Watchlist

✅ AAPL & PSTG paid us well yesterday!
🔍 Still adding to: PSTG, INTC, and TGT LEAPS – Expecting higher prices next quarter.
🚀 Join us in chat for breaking news, trade ideas, and today’s upgrades & downgrades.

🔥 Shoutout to Secret Sauce, GG, AC&I, and Swing Trade Chat players on their gains!

See you all in chat, OP!

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