🌅 Pre-Market Pulse

S&P Futures 7,522.00 ▲ +7.00 (+0.09%)	Nasdaq Futures 29,899.75 ▲ +76.75 (+0.26%)	Dow Futures 50,638.00 ▲ +4.00 (+0.01%)
10Y Treasury 4.48% ▼ -0.01%	US Dollar 99.38 ▼ -0.16 (-0.16%)	Bitcoin $73,297 ▼ -$1,025 (-1.38%)

Good morning! It is Thursday, May 28, 2026, and futures are pointing modestly higher ahead of the open with a handful of solid earnings beats giving traders something to smile about. Boeing is grabbing headlines after its CEO signaled that a 200-jet China deal is just the opening act of something much bigger. Pour the coffee and let's get into what's moving this morning.

👀 What to Watch Today

The earnings calendar is front and center today, with results from Best Buy (BBY), Dollar Tree (DLTR), and Hormel Foods (HRL) all already out and all beating expectations. The market will spend the morning digesting what these consumer-facing companies are telling us about spending habits in an economy where shoppers are increasingly value-conscious.

On the macro front, keep an eye on the US-Mexico trade talks kicking off around automotive content rules. The US is pushing for tougher regional sourcing requirements, which could ripple through supply chains for automakers like Ford (F) and General Motors (GM). Any early signals from those discussions could move auto-sector names.

Middle East tensions are also simmering in the background, nudging oil prices higher overnight. That puts energy stocks on watch and adds a layer of caution that could cap any significant rally attempts as the session gets underway.

June 12: The Biggest Buying Spree in History? [ad]

🌏 Overnight Recap

Global markets traded with a cautious tone overnight, with tensions in the Middle East keeping a lid on enthusiasm across European and Asian exchanges. Oil prices climbed as a result, and that defensive posture showed up in muted moves across most major indices outside the US.

IBM (IBM) and Red Hat made a splash with the announcement of Project Lightwell, a 5-billion-dollar open source AI security initiative that will deploy 20,000 engineers worldwide. It is a bold move in the enterprise AI space and positions IBM as a serious player in the infrastructure layer of the AI buildout, not just the applications sitting on top of it.

GSK also generated buzz overnight after reporting that its experimental hepatitis B drug achieved a functional cure in roughly 20 percent of patients in late-stage trials. For a disease with historically limited treatment options, that is a meaningful clinical milestone and puts GSK (GSK) squarely on the biotech watchlist heading into the US open.

The next big AI gains aren't in AI stocks [ad]

📊 Pre-Market Movers

Best Buy (BBY) is one of the standout movers pre-market after posting a first-quarter earnings beat anchored by strength in gaming and computing categories. It is a meaningful data point for consumer discretionary sentiment, especially as the company works to reverse a prolonged period of sales softness.

Dollar Tree (DLTR) is also moving after raising its full-year profit outlook, citing a steady flow of cost-conscious shoppers seeking value. That narrative fits neatly into the current macro environment and could lift discount retail peers like Dollar General (DG) in sympathy.

Hormel Foods (HRL) quietly outperformed on both sales and profit estimates thanks to strong demand for chicken and turkey products. It is not the flashiest story of the morning, but in a market hunting for defensive earnings quality, HRL is putting up the numbers that matter.

This stock is everywhere on TikTok [ad]

🔍 Today's Watchlist

1. BBY: Best Buy beat on earnings and flagged growth in gaming and computing. Watch whether the stock can hold any pre-market gains once the broader tape opens.
2. BA: Boeing CEO Kelly Ortberg says the 200-jet China deal is just the beginning. Investors will be listening closely for any further details on contract timelines.
3. GSK: A functional cure rate of 20 percent in hepatitis B trials is a clinical milestone. Watch for analyst reaction and any price target revisions throughout the morning.
4. Oil and energy names: Middle East tensions pushed crude higher overnight. Energy ETFs like XLE could see outsized moves if geopolitical headlines escalate.
5. IBM: Project Lightwell is a 5-billion-dollar commitment to AI security infrastructure. Watch whether the market rewards the long-term vision or questions the near-term cost.

🎯 The Morning Playbook

The setup heading into Thursday's session is modestly constructive. Futures are green across all three major indices, bond yields are ticking slightly lower, and a string of earnings beats from consumer names is providing a real-world check on spending resilience. That combination is not fireworks, but it is a stable foundation.

The wildcards are geopolitical. Middle East tensions and the early innings of US-Mexico trade talks on auto content rules introduce enough uncertainty to keep aggressive positioning in check. Boeing (BA) and the broader trade narrative around China remain longer-term catalysts worth monitoring beyond just today's session.

For now, the playbook is to let the earnings data do the talking and not get too far ahead of the geopolitical noise. The market has shown it can digest complexity, and mornings like this one, with solid fundamentals and manageable macro risks, are often the ones that reward patience over panic.

Ex-CIA Officer: New White House Plan Could Unleash $2.2 TRILLION In American Wealth [ad]