The Day Ahead: Markets Eye Trump’s Fed Visit, PMI Data, and Tech Earnings Today

Market Overview

U.S. equity futures were mixed early Thursday after the White House confirmed President Trump will visit the Federal Reserve, intensifying political pressure on Chair Powell. The Dow futures were flat, Dow futures rose 0.22%, and Dow futures declined 0.29%.

On Wednesday, the S&P 500 gained 0.78% to notch its 12th record close of the year. The Dow added 1.14%, finishing just four points from a new all-time high, and the Nasdaq climbed 0.61%, settling above 21,000 for the first time.

Momentum was fueled by Trump’s announcement of a “massive Deal” with Japan, including 15% reciprocal tariffs, and reports from Bloomberg and the Financial Times suggesting progress on a similar U.S.-EU trade agreement.

After the bell, Alphabet rose 2% on an earnings and revenue beat, while Tesla dropped 4% following a second consecutive decline in auto revenue. IBM fell 5% on a miss in software revenue, pressuring Dow-linked futures.

Key Economic Releases

12:30 GMT – Unemployment Claims
Forecast: 227K | Previous: 221K
A higher-than-expected read could reinforce market expectations for a more accommodative Fed stance.

13:45 GMT – Flash Manufacturing PMI
Forecast: 52.7 | Previous: 52.9
13:45 GMT – Flash Services PMI
Forecast: 53.0 | Previous: 52.9
Both figures will guide growth sentiment; strength could temper rate cut bets, while softness may support easing.

14:00 GMT – New Home Sales
Forecast: 649K | Previous: 623K
A solid beat would highlight housing sector resilience, muting recession concerns.

14:30 GMT – Natural Gas Storage
Forecast: +28B | Previous: +46B
Limited index impact but relevant for energy traders.

Notable Earnings

Before the bell:
Dow (DOW): -$0.16
Honeywell (HON): $2.66
American Airlines (AAL): $0.78
Union Pacific (UNP): $2.90
Comcast (CMCSA): $1.16
Blackstone (BX): $1.09
Textron (TXT): $1.45
Tractor Supply (TSCO): $0.80
Nasdaq (NDAQ): $0.81

After the bell:
Intel (INTC): $0.01
Deckers (DECK): $0.68
Digital Realty Trust (DLR): $1.76
Newmont (NEM): $1.14
VeriSign (VRSN): $2.20
Coursera (COUR): $0.09

Technical Outlook

The S&P 500 E-mini Futures last traded at 6403.75. Resistance is at 6438.75. Support levels are 6241.00, 6133.40 (50-day MA), 6007.02 (200-day MA), and 5959.00.

The Nasdaq 100 E-mini Futures last printed 23,393.00. Resistance is at 23,424.75. Support follows at 23,108.00, 22,803.00, 22,311.80 (50-day MA), and 21,404.65 (200-day MA).

The Dow E-mini Futures last traded at 45,081. Resistance is at 45,177. Support is seen at 44,423.00, 43,589.00 (200-day MA), and 43,523.10 (50-day MA).

Outlook

With President Trump’s Fed visit marking a rare political intrusion into central bank independence, rate policy may become a more prominent market variable.

Investors are also weighing mixed tech earnings — Alphabet’s beat versus Tesla’s drop — alongside solid momentum from trade developments with Japan and the EU. Pre-market softness in Dow futures reflects IBM’s miss, while broader risk sentiment hinges on jobless claims and PMI data.

Momentum remains bullish, but the policy backdrop introduces headline-driven volatility.Bottom of Form

More Information in our Economic Calendar.