🌅 Pre-Market Pulse
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S&P Futures
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Data as of 7:08 AM ET
Good morning! Monday, July 13 is off to a quietly confident start, with futures nudging higher across the board and the semiconductor world stealing the spotlight before the opening bell. TSMC just dropped a blockbuster revenue number that has chip investors doing a little happy dance. Pour the coffee, because there is a lot worth unpacking this morning.
👀 What to Watch Today
The big scheduled event today is bank earnings season kicking into high gear. Major financials are expected to report later this week, but today traders will be setting positions and reading the macro tea leaves. Watch the 10-year Treasury yield, currently sitting at 4.57%, as it creeps higher. That kind of move can put pressure on growth names even on a green-futures morning.On the economic calendar, keep an eye on any Fed speaker commentary that may cross the wire. With yields ticking up across the curve, the 5-year at 4.31% and the 30-year pushing past 5.07%, any hawkish tone could temper the enthusiasm baked into this morning's futures. The dollar is softening slightly with DXY at 100.88, which tends to give multinational earners a modest tailwind.
The healthcare sector is also worth a close look today after two separate FDA decisions hit over the weekend. Dexcom and Sanofi both received regulatory green lights, and that kind of back-to-back approval news tends to lift sentiment across the broader biotech and medical device space.
🌏 Overnight Recap
Overnight in Asia, TSMC reported second-quarter revenue of NT$1.27 trillion, roughly $39.63 billion, a 36% jump from the same period last year. The world's largest contract chipmaker cited surging demand, a trend that investors know is closely tied to the ongoing AI infrastructure buildout. The number beat market expectations comfortably, and the reaction in pre-market trading reflects genuine enthusiasm.In Europe, ABB headlines were making rounds after India's Tata Consultancy Services announced a multimillion-dollar contract win from the Swiss-Swedish industrial giant. That deal puts both ABBNY and TCS in focus for the session. It is another signal that enterprise tech spending remains robust even as companies tighten belts elsewhere.
Also out of Asia overnight, Shein received approval from Chinese regulators for its long-awaited Hong Kong IPO, with a reported valuation target north of $40 billion. After failed attempts in both the U.S. and London, the fast-fashion retailer finally has a path to the public markets. Expect that story to generate significant chatter throughout the trading day.
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📊 Pre-Market Movers
TSM is the name getting the most attention in pre-market trading after TSMC's Q2 revenue report came in well above expectations. A 36% year-over-year revenue surge is not a number you see every day, and it reinforces the thesis that AI-driven chip demand is far from cooling off. Related names in the semiconductor space are likely to see sympathy moves when the bell rings.STLA is worth watching after Stellantis reported preliminary Q2 shipments of nearly 1.6 million vehicles, up 10% year over year. North America led the charge, and for a company that has faced its share of challenges recently, a volume beat of this magnitude matters. The stock could see some buying interest early in the session.
On the healthcare side, DXCM and SNY are both sitting on positive catalysts after Friday's FDA decisions. Dexcom's Stelo becoming the first OTC continuous glucose monitor cleared for children is a genuinely significant milestone. Sanofi's expanded pediatric label for its type 1 diabetes treatment adds another layer of commercial upside for SNY.
🔍 Today's Watchlist
- TSM: TSMC's blowout 36% revenue growth puts the stock squarely in focus. Watch for analyst commentary and whether AI chip demand narrative accelerates further.
- STLA: Stellantis reporting a 10% rise in Q2 shipments is a meaningful beat. North America strength could give the stock a lift heading into the session.
- DXCM: The FDA's approval of Dexcom's Stelo for children is a first-of-its-kind OTC clearance. Watch for volume and momentum in the medical device space.
- SNY: Sanofi's expanded approval for its type 1 diabetes drug in children ages 8 to 17 adds a new revenue runway. Keep this one on your radar today.
- 10-Year Yield at 4.57%: Rising yields are the quiet wildcard this morning. If the move accelerates, it could cap gains in rate-sensitive growth and tech names.
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🎯 The Morning Playbook
This morning sets up as a tech-led, moderately bullish open with a clear catalyst in TSMC's revenue beat anchoring sentiment. The semiconductor trade remains the backbone of this bull market's upper floors, and TSMC just validated that foundation for another quarter. If you are overweight chips, this morning's news is a reason to feel comfortable, not complacent.The healthcare stories are worth more than a passing glance. Two FDA approvals in a single weekend, both in the diabetes space, point to a regulatory environment that is moving. Dexcom and Sanofi are the direct beneficiaries, but the ripple effect across medtech could be broader than the headlines suggest.
With yields rising and the dollar softening, the macro picture is sending mixed signals. Stay selective, lean into the names with real earnings momentum, and do not let a green open lull you into ignoring the rate backdrop. Opportunities are there this Monday. Find the ones that have the news to back them up.
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