5 Things to Know Before the Stock Market Opens

Stock futures are little changed this morning after major indexes hit fresh highs on Wednesday; gold futures are hovering near a record high as investors continue to seek safe haven assets; China is tightening its rare-earth mineral export controls; Delta Air Lines (DAL) stock is rising on better-than-expected results; and PepsiCo (PEP) shares are ticking higher after the company reported strong earnings and named a new chief financial officer. Here’s what you need to know today.

1. Stock Futures Flat after S&P 500, Nasdaq Hit New Records

Stock futures are little changed after the benchmark S&P 500 and the tech-focused Nasdaq both hit new record highs yesterday. Futures tied to the Dow Jones Industrial Average, the S&P 500 and the Nasdaq were bouncing between fractional gains and losses this morning. The yield on the 10-year Treasury note, which affects borrowing costs on an array of loans, was holding steady at 4.13%, while the U.S. dollar index was also flat.

2. Gold Stays Near All-Time High

Gold futures continued to hover near record highs as investors seek safe haven assets. Gold futures were trading at around $4,060 an ounce recently, after moving as high as $4,072 on Wednesday. Investors use the precious metal as a hedge against inflation, geopolitical uncertainty and stock market volatility. Gold has gained about 54% this year, more than most stocks in the S&P 500. Investors have also turned to bitcoin (BTCUSD) as a safe haven asset. The cryptocurrency was trading at just under $123,000 recently, after hitting a record high of more than $126,000 earlier this week.

3. China Tightens Rare Earth Export Controls

China has tightened its export controls over rare-earth minerals and related technologies. Similar restrictions have sparked tariff warnings from President Donald Trump. China controls much of the world’s supply of rare-earth minerals such as neodymium and terbium, which are used in the manufacture of electric cars, drones, and advanced electronics. The announcement from China’s Ministry of Commerce also restricted the participation of Chinese nationals from working on rare earth mining projects in other countries. The move comes amid discussions about Trump possibly meeting with Chinese leader Xi Jinping on trade issues. The Trump administration this year has taken equity stakes in companies mining strategically significant elements, including MP Materials (MP) and Lithium Americas (LAC) , and is reportedly in talks with USA Rare Earth (USAR). Shares of USA Rare Earth were up about 7% in recent premarket trading, while MP Materials and Lithium Americas each gained about 4%.

4. Delta Air Lines Stock Soars After Earnings Report

Delta Air Lines (DAL) shares rose more than 6% before the opening bell after the air carrier reported better-than-expected earnings. Delta reported quarterly revenue of $16.7 billion, above estimates of $16.07 billion projected by analysts tracked by Visible Alpha. The company also reported adjusted earnings per share of $1.71, ahead of the consensus of $1.53. Coming into today’s session, Delta shares had lost about 6% of their value so far this year.

5. PepsiCo Reports Better-than-Expected Results

PepsiCo (PEP) also reported quarterly results that topped Wall Street expectations. PepsiCo reported third-quarter revenue of $23.94 billion, above the estimate of $23.86 billion compiled by Visible Alpha. PepsiCo’s core earnings per share of $2.29 also came in over analysts’ consensus of $2.27. PepsiCo also announced that its Chief Financial Officer Jamie Caulfield would retire, with Steve Schmitt named to take the position. PepsiCo shares were up 0.5% in recent premarket trading.