Morning Dose: Markets React to Tariff Shock Pre-Market Panic
A quick analysis of today’s market outlook and key trading opportunities to start your day.
Intro & Market Mood
Good morning traders and welcome to The Morning Dose – Everything You Need to Know Before the Market Opens for Friday, August 1st. Today’s market is facing a sharply lower open driven by significant tariff increases affecting major trading partners.
Overnight Headlines
- Tariff Impact: The President signed an executive order increasing tariffs on Canada, Taiwan, and India, reshaping global trade.
- Market Reaction: S&P 500 futures are down over sixty points, and Dow futures are off nearly four hundred.
Economic Announcements
Today is loaded with economic data releases:
- 8:30 AM Eastern: July employment report
- 10 AM: ISM Manufacturing Index & Consumer Sentiment
Earnings Highlights
- Apple (AAPL): Beat earnings but flagged increasing tariff costs.
- Amazon (AMZN): Traded down around eight percent due to cautious profit guidance.
- Oil Companies: Chevron and Exxon Mobil beat on EPS and revenue.
- Moderna: Beat expectations but lowered full-year revenue guidance.
Top Movers
Pre-market movers include:
- Upside: 4D Molecular (FDMT) up over thirty-five percent; Reddit up almost fifteen percent.
- Downside: Fluor (FLR) down more than twenty percent; Coinbase down over ten percent.
Quick Trade Ideas
Today’s strategy is caution and risk management:
- Focus on names with confirmed momentum and solid support levels like Cloudflare (NET).
- Watch for potential rebounds in leaders like AMD with tight stops to protect capital.
Key Takeaway
Today’s market sentiment is bearish amid tariff fears and key economic data. Traders need to be cautious and focus on risk management in this volatile environment.