Stock Market Update

The S&P 500 futures currently trade three points above fair value. 

This morning's earnings reports continue to beat expectations, with a majority of names that reported ticking higher as a result. 

General Motors (GM 64.50, +6.50, +11.2%) is the early standout, surging double digits in the pre-market after beating EPS and revenue expectations and raising its FY25 EPS guidance. Importantly, the company expects the impacts of tariffs to be lighter than previously thought. 

Meanwhile, the mega-cap cohort (many of which report earnings next week) sit mixed in the pre-market, keeping futures flattish.

In Washington, Politico reports that Republicans are discussing a longer continuing resolution to fund the government into 2026 while promising Democrats to hold a separate vote on Obamacare subsidies.