Good morning, OP Nation! After a strong start to June, U.S. equity futures are under pressure this morning as trade war headlines and labor market data loom large. Let’s break down the key market movers and what to watch today.
🌐 1. Trade Tensions Reignite – Markets Cautious
Futures are red across the board as trade fears return:
- Dow Futures: -204 pts (-0.5%)
- S&P 500 Futures: -28 pts (-0.5%)
- Nasdaq 100 Futures: -99 pts (-0.5%)
President Trump accused China of violating a recent agreement regarding tariffs on critical minerals. Beijing fired back, calling the claim “groundless,” while Treasury Secretary Scott Bessent said a Trump-Xi phone call is coming soon to address the standoff.
Meanwhile, the White House is demanding final trade offers from negotiating countries by Wednesday, according to Reuters. Several custom agreements are reportedly in progress, with the U.K. being the only completed deal so far.
📊 2. Economic Data on Deck Today
Markets are watching the JOLTs Job Openings report and Factory Orders, both out at 10:00AM ET.
- Job openings expected: 7.110M (vs. 7.192M prior)
- Auto sales data for May also hits today. Demand has been strong in anticipation of tariffs — let’s see if that trend holds.
The OECD trimmed its U.S. GDP outlook to 1.6% from 2.2%, citing the growing drag of trade policies. Chinese factory activity shrank for the first time in 8 months.
💼 3. Major Earnings to Watch Today
Today’s earnings catalysts include:
- $DG – Dollar General
- $CRWD – CrowdStrike
- $HP – Helmerich & Payne
These could set the tone for tech and consumer sentiment, especially with $QQQ riding a breakout.
🔍 4. Technical Setup: $QQQ Bulls Back in Control?
$QQQ closed at 523.21 (+0.79%) yesterday, confirming a resumption of the medium-term uptrend off early May lows.
Resistance levels to clear:
- 526.50
- 530
- 540 (all-time highs)
Key supports:
- 515 → 512 → 508 → 500
- Below 500 = potential gap fill down to ~493
Today’s JOLTs report + earnings reactions may be the directional trigger.
💎 5. Bitcoin, Gold Stay Elevated
- Bitcoin: Near $105,000, holding post-conference strength
- Gold: Around $3,300/oz, reflecting safe-haven demand amid trade drama
🛢 6. Crude Oil Extends Gains
Oil prices are higher again this morning:
- Brent: $65.13 (+0.8%)
- WTI: $63.09 (+0.9%)
Ongoing nuclear tensions with Iran + U.S.-Russia sanctions are keeping supply concerns elevated. OPEC+ announced a modest July production increase (411K bpd), in line with previous months.
🗣️ 7. From the Fed: Powell Speaks Yesterday
Fed Chair Jerome Powell spoke at the International Finance Division’s 75th Anniversary, noting that global data is critical for the Fed’s inflation and employment decision-making. No major rate policy updates were given.
💥 8. Trader Highlights
- BABA Friday calls hit big — congrats to those who banked the 25%+ gains!
- If you’re still in, you’re eating well today too 🍽️
- 📺 Today is Live AC&I Trading Day
➤ If you don’t have access and want in, email steve@optionsplayers.com
🗓️ Today’s Key Economic Releases:
🇺🇸 JOLTs Job Openings (Apr) @ 10:00 AM ET
🇺🇸 Factory Orders (Apr) @ 10:00 AM ET
🇺🇸 API Crude Oil Stock @ 4:30 PM ET
📰 Quick Hits: Headlines That Matter
- 📉 Disney lays off hundreds in another restructuring round
- 💊 CVS confirms closure of 270 stores in 2025
- 🧾 IRS Refunds for May filers begin hitting accounts this month
- 🔋 TSMC CEO says tariffs are “indirectly impacting” chip prices, but AI demand is offsetting any weakness
- 🛠️ Monro Auto closing 145 locations to restructure operations
- 🌍 Bill Gates pledges $200B over 20 years for health & education across Africa
Let’s stay sharp, stick to the systems, and trade the confirmations. See you in chat!
— Team OptionsPlayers | Stack Your Gains™
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