7 Key Things to Know Before the Stock Market Opens Today

1. U.S. Stock Futures Slip After Historic Rally

U.S. stock futures are in retreat Thursday morning after a stunning rally on Wednesday triggered by President Donald Trump’s announcement of a 90-day pause on most tariffs.

• Nasdaq futures are down 2.3% after the index surged more than 12% yesterday, its biggest single-day gain in years.

• Dow Jones futures are lower by 1.4%, after rising nearly 3,000 points (8%) in the previous session.

• S&P 500 futures are down 1.9% after jumping nearly 10% on Wednesday.

In other markets:

• Bitcoin (BTCUSD) is trading just under $82,000.

• Gold futures are up 2% as investors seek safe-haven assets.

• 10-year Treasury yields have fallen to 4.3%.

• Oil futures are down nearly 3% on continued recession fears.

2. Asian and European Markets Rally on Tariff Pause

Global markets are riding high on Trump's trade decision:

• Japan’s Nikkei 225 closed up 9%.

• Hong Kong’s Hang Seng rose 2%.

• Stoxx Europe 600 is up 5%, helped by the EU’s decision to pause reciprocal tariffs for 90 days in response to the U.S. move.

Despite the optimism, investors are bracing for potential volatility, especially as tensions with China remain elevated.

3. CPI Report Expected to Show Cooling Inflation

The March Consumer Price Index (CPI) is due at 8:30 a.m. ET, and is expected to show signs of easing inflation:

• Economists forecast annual inflation to slow to 2.6%, down from 2.8% in February, the lowest reading since September.

• Falling energy prices are seen as a key contributor.

• However, Trump’s tariff stance could reverse some of the inflation progress if tensions with China intensify.

This report will be closely watched by the Federal Reserve and investors alike for clues on the future path of interest rates.

4. U.S. Steel (X) Shares Fall as Trump Opposes Foreign Takeover

U.S. Steel shares are down 10% in premarket trading after Trump expressed disapproval over a potential foreign acquisition of the iconic American steelmaker.

• Trump stated he doesn’t want the company sold to “any other place,” referencing Japan’s Nippon Steel’s $14.1 billion

  5. CarMax (KMX) Slumps After Q4 Earnings Miss and Suspended Growth Targets

  CarMax shares are down 8% in premarket trading after the used-car retailer posted disappointing fiscal fourth-quarter results:

  • The company reported earnings per share (EPS) of $0.58, below the $0.68 expected by analysts polled by Visible Alpha.

  • Used vehicle sales totaled 301,811 units—short of the expected 312,800.

  • The company also pulled back from its long-term growth forecasts, citing broader macroeconomic uncertainty, which could weigh on near-term investor sentiment.

  The results highlight how inflationary pressures and tightening credit conditions are hurting consumer spending in the auto sector.

  6. Automakers Under Pressure After Downgrades

  Shares of General Motors (GM) and Ford (F) are each down roughly 4%, following downgrades from UBS and Goldman Sachs.

  • The analysts cited concerns over sluggish global demand, inventory issues, and ongoing supply chain vulnerabilities.

  • This pullback comes despite gains in the previous session and signals renewed caution in the consumer discretionary sector.

  These downgrades may reflect broader concerns that rate-sensitive and manufacturing-heavy sectors remain vulnerable in a volatile macro environment.

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  7. Versace Deal Lifts Capri Holdings as Prada Expands

  Capri Holdings (CPRI) is up 5.3% in premarket trading after Prada (1913.HK) announced it will acquire Versace in a deal valued at $1.375 billion in enterprise value.

  • The acquisition is seen as a strategic expansion for Prada, enhancing its presence in the high-end fashion segment.

  • This move reflects continued consolidation in the luxury fashion industry, as players seek to scale and diversify their portfolios.

  The deal may add positive momentum to consumer discretionary stocks, particularly in luxury goods, despite global economic headwinds.