The Day Ahead: U.S. Markets Watch China Trade Updates, GameStop Earnings Today

Market Overview

U.S. equity futures are slightly lower ahead of Tuesday’s open as traders await updates from ongoing U.S.-China trade discussions. Dow futures are down 54 points (-0.13%), with S&P 500 and Nasdaq 100 futures also modestly in the red. Monday’s cash session saw the S&P 500 close up 0.1%, the Nasdaq gain 0.3%, and the Dow finish flat.

Markets are monitoring whether officials can build on last month’s tariff-cutting breakthrough. Any signs of friction or compromise could influence positioning this week.

Key Economic Releases

06:00 GMT – NFIB Small Business Index (May)
Forecast: 95.9 | Previous: 95.8
The May NFIB Index edged higher and will offer insight into small business sentiment and labor market pressures. While not a high-impact release, it could inform expectations for upcoming inflation data and Fed policy direction.

Notable Earnings

Before the Bell:

• ASO (Academy Sports): Est. EPS $0.89
• CNM (Core & Main): Est. EPS $0.52
• SJM (J.M. Smucker): Est. EPS $2.24
• UNFI (United Natural Foods): Est. EPS $0.22

After the Bell:

• GME (GameStop): Est. EPS $0.08, rev. $750M (-15% YoY)
  Traders will scrutinize management’s Bitcoin strategy and retail plans after a 32% three-month run. Despite momentum, analyst skepticism remains high due to weak fundamentals.
• PLAY (Dave & Buster’s): Est. EPS $1.02
• GTLB (GitLab): Est. EPS $0.15
• SFIX (Stitch Fix): Est. EPS -$0.12

Central Bank Activity

16:00 GMT – President Trump Speaks
Traders will tune in for any policy updates or trade-related commentary, particularly regarding China. With negotiations active, market sensitivity is elevated.

Technical Outlook

S&P 500 Index Futures: Stalling Near Key Resistance

Futures are trading near 6,010. Overhead resistance is at 6,236.50. Support rests at 5,901.92 (200-day SMA) and 5,756.50. The trend holds above the rising 50-day SMA at 5,666.5.

Nasdaq 100 Futures: Rejected at Range Highs

Current price action is near 21,822.50, with resistance at 22,656.75. Initial support is at 20,727.00, with moving average backup at 20,091.3. Bulls need fresh highs to continue the breakout.

Dow Jones Futures: Testing Resistance Band

Futures sit just below heavy resistance at 43,148. Support remains at 41,252.9 (50-day SMA), with risk toward 40,431 on any break lower.

Outlook

Traders face a headline-driven session centered on trade negotiations and GameStop’s results after the bell. With technical levels compressing across major indexes, price action remains sensitive to geopolitical developments and sentiment headlines.