Daily Game Plan

by Contributor
on April 7, 2026

TODAY’S GAME PLAN:  from the trading
desk, this is not research

TODAY’S ECONOMIC DATA:  8:15ET ADP Weekly Employment Change; 8:30ET Durable Goods Orders, Cap Goods, Fed’s Williams
speaks; 11:00ET NY Fed 1-Yr Inflation Expectations; 12:35ET Fed’s Goolsbee speaks;
1:45ET Fed’s Goolsbee speaks;  3:00ET Consumer Credit; 5:50ET Fed’s Jefferson speaks

Highlights and News:  

  • ISRAEL SAYS IT TARGETED DOZENS OF INFRASTRUCTURE SITES IN IRAN
  • US CONDUCTED STRIKES ON MILITARY TARGETS ON KHARG ISLAND: AXIOS
  • US STRIKES MORE THAN 50 MILITARY TARGETS ON KHARG ISLAND: WSJ
  • Iran keeps up attacks before US deadline, dimming peace chances
  • Goldman Strategists Say Tech Stock Valuations Are Attractive
  • Ackman Pitches $65 Billion Universal Music Deal

 

Global stocks oil, gold and the dollar all reverse earlier moves during the European morning, as traders await President Trump’s Iran deal deadline, which is set
for 8pm ET. European shares and US equity futures slipped on Kharg Island explosions reports. Israel warned Iranians to avoid using the country’s railway network until 9 p.m. local time — the first such alert targeting civilian infrastructure, which typically
signals an impending attack. An attack on Iran’s infrastructure has prompted the Islamic Republic to respond with its own strikes on similar areas in Gulf countries as well as Israel.
The US conducted strikes on military targets on Kharg Island, Axios reported. US official says the strikes on Kharg island were not directed at oil infrastructure but were “re-strikes”
on military targets that were hit previously.

 

EQUITIES: 

 US equity futures fade from earlier gains after Iran’s Mehr said explosions were heard on Kharg Island. Tech is in the headlines, with Broadcom announcing a long-term agreement with
Google to provide TPUs for next-generation AI racks. Samsung reported preliminary operating profit that soared 755% to a record, with memory’s contribution estimated to be close to 90% of total operating profit. For Goldman Sachs strategists, technology sector
underperformance is “starting to generate attractive valuation opportunities.” Pershing Square has proposed a combination with Universal Music Group that would move the listing into a US-based acquisition vehicle. 

Futures ahead of the bell: E-Mini S&P %, Nasdaq %, Russell 2000 %, DJI %

In pre-market trading, Broadcom (AVGO) rises 3.2% after the chipmaker announced a long-term agreement with Google to develop and supply Tensor Processing Units, the
companies also confirmed plans to work with Anthropic to power the AI startup’s burgeoning operations. Estée Lauder (EL) slips 1.3% after Spanish newspaper Expansion reported that the company and Puig owning families are set to hold talks this week in New
York over their potential merger. FuboTV shares (FUBO) are up 6.1% with analysts optimistic on the live-TV streaming company after it gave long-term financial targets that were seen as positive. Gilead Sciences Inc. (GILD) falls 0.6% after it agreed to buy
private German biotech Tubulis GmbH in a deal worth up to $5 billion as it looks to boost its portfolio in a hot new area of cancer drug development. Managed care companies including Humana (HUM +10%) and CVS Health (CVS +7.2%) gain after the Centers for Medicare
& Medicaid Services finalized a 2.48% rate hike for health insurers in 2027.

European gauges rose in early trading as investors look ahead to President Trump’s deadline later today for a peace deal with Iran. Indices turned lower as crude oil
rose on reports of infrastructure attacks in the Middle East. Investor confidence in the euro-area economy dropped to the lowest in a year due to the Iran war. The Sentix index sank 16.1. points to -19.2 in April. Stoxx 600 is slightly lower after giving up
gains, with the media subindex outperforming led by a surge for Universal Music on a €56 billion takeover proposal from Pershing Square. Tech underperforms, weighed down by ASML as US lawmakers propose tighter curbs on chip equipment exports to China. UNG
shares rise as much as 24% in Amsterdam, but trade well below the value of an offer from Pershing Square Capital Management amid doubt over whether the deal will happen. Volati gains as much as 7.2% as Nordea reiterates its buy rating and raises its price
target on the Swedish industrial group. Leonardo shares fall over 7% on the possibility of a management change at the Italian defense group. Stoxx 600 -0.1%, DAX -0.2%, CAC +0.3%, FTSE 100 -0.05%.  Media +4.6%, Chemicals +1.4%. Defense -1.9%, Technology -0.8%.

Shares in Asia advanced for a third-straight session even as the approach of Trump’s deadline for a peace deal with Iran kept traders on edge. The MSCI Asia Pacific
Index rose 1%, with TSMC and SK Hynix among the biggest boosts. Stocks climbed in Taiwan, Australia and India, while equities traded mixed in Japan, China and much of Southeast Asia. South Korea’s Kospi climbed after better-than-expected results from Samsung
Electronics. Hong Kong’s market remained shut for holidays. Chinese chipmakers and server stocks advanced on bets of higher demand from local AI model developers after US companies attempt to curb copying from rivals. Taiwan +2%, ASX 200 +1.75%, Kospi +0.8%,
Sensex +0.7%, Topix +0.25%, Philippines +0.15%, Vietnam +0.15%. CSI 300 was flat, Shanghai Composite +0.25%. Indonesia -0.25%, Singapore -0.3%.

FIXED INCOME: 
 

Treasuries are mixed as Trump reiterates threats to destroy Iran and the 8pm deadline looms. Treasury 10-year yield is lower by ~1bps, while long bond is +1bp. US
Treasury holds a $58 billion 3-year new-issue auction today, to be followed by $39 billion 10-year and $22 billion 30-year reopenings Wednesday and Thursday.

 

METALS: 

Gold is slightly higher after paring back from highs near $4,700/oz. Traders weighed Chinese data showing the central bank bought the most gold in over a year. Meanwhile,
France officially withdrew its gold reserves in the US, representing 5% of its total sovereign reserve. The move has raised questions about economic strategies amidst shifting global policies. Spot gold +0.3%, Silver -0.6%, Copper futures -0.3%. 

 

 

ENERGY:   

 

Oil prices are rising after Iranian state media reported explosions on Iran’s Kharg Island, the key hub that handles 90% of the country’s oil exports. Central Command
said US forces continue to conduct strikes against military targets inside Iran. Meanwhile, Iran continued launching attacks across the Persian Gulf just hours before President Trump’s ceasefire deadline, further dimming hopes for a breakthrough to end the
war. WTI +3.3%, Brent +1.25%, US Nat Gas +0.6%, RBOB +0.9%.

 

CURRENCIES: 

In currency markets, the dollar is mixed as investors braced for President Trump’s deadline. Yen remained under pressure, as Japanese officials have stepped up verbal
warnings as the yen flirts with the 160 level that many traders view as a line in the sand for potential intervention. Asian currencies traded lower, with the Indonesian rupiah leading losses after hitting a fresh record low. Aussie dollar and the Norwegian
krone outperformer while the Swedish krona is lagging after a surprise cooling in inflation. Sweden’s core inflation slowed to its weakest pace in more than four years, according to a preliminary release from Statistics Sweden. US$ Index -0.05%, GBPUSD +0.05%,
EURUSD +0.15%, USDJPY -0.1%, AUDUSD +0.25%, NZDUSD -0.2%, USDCHF +0.20%, USDCAD -0.04%, USDSEK -0.70%, USDNOK +0.3%.

 

 

Spot Bitcoin -2.3%, Spot Ethereum -3.3%. 

 

 

Colors within the report:
Green is always the 200 period (day, week).
Red is always 21,
Blue = 50,
Brown =
100 *Stars have added importance 

  • Upgrades
    • Arista Networks (ANET) Raised to Buy at Rosenblatt Securities Inc
    • Associated Banc (ASB) Raised to Overweight at Barclays
    • Cardinal Energy (CJ CN) Raised to Outperform at BMO; PT C$13
    • Centerspace (CSR) Raised to Overweight at Piper Sandler; PT $72
    • East West Bancorp (EWBC) Raised to Buy at UBS; PT $125
    • FB Financial (FBK) Raised to Strong Buy at Raymond James; PT $62
    • Flagstar Bank (FLG) Raised to Buy at Truist Secs; PT $17
    • MercadoLibre (MELI) Raised to Buy at Jefferies
    • Morgan Stanley (MS) Raised to Buy at UBS; PT $196
    • Old Dominion (ODFL) Raised to Equal-Weight at Wells Fargo; PT $200
    • Q2 Holdings (QTWO) Raised to Outperform at Baird; PT $70
    • Rocket Lab (RKLB) Raised to Market Outperform at Citizens; PT $85
    • Third Coast (TCBX) Raised to Outperform at Raymond James; PT $45
    • Wingstop (WING) Raised to Buy at Citi; PT $230
  • Downgrades
    • Adecoagro (AGRO) Cut to Neutral at Banco BTG Pactual; PT $16
    • Advantage Energy Ltd (AAV CN) Cut to Market Perform at BMO; PT C$12
    • ARM Holdings (ARM) ADRs Cut to Equal-Weight at Morgan Stanley; PT $150
    • Bio-Rad (BIO) Cut to Neutral at Citi; PT $300
    • Birchcliff Energy (BIR CN) Cut to Market Perform at BMO; PT C$7
    • D.R. Horton (DHI) Cut to Neutral at Seaport Global Securities
    • Equinix (EQIX) Cut to Sector Perform at Scotiabank; PT $1,050
    • First Horizon (FHN) Cut to Neutral at UBS
    • First Interstate Banc (FIBK) Cut to Sell at UBS; PT $30
    • Insulet (PODD) Cut to Neutral at Citi; PT $230
    • KB Home (KBH) Cut to Sell at Seaport Global Securities; PT $43
    • Lennar (LEN) Cut to Sell at Seaport Global Securities; PT $74
    • LSB Industries (LXU) Cut to Sector Perform at RBC; PT $14
    • M/I Homes (MHO) Cut to Neutral at Seaport Global Securities
    • NVR (NVR) Cut to Sell at Seaport Global Securities; PT $5,664
    • Park Hotels (PK) Cut to Equal-Weight at Barclays; PT $9
    • PulteGroup (PHM) Cut to Sell at Seaport Global Securities; PT $100
    • Red River (RRBI) Cut to Market Perform at Raymond James
    • Soleno (SLNO) Cut to Hold at TD Cowen; PT $53
      • Cut to Hold at Stifel; PT $53
      • Cut to Market Perform at Oppenheimer
      • Cut to Neutral at Baird; PT $53
    • Taylor Morrison (TMHC) Cut to Sell at Seaport Global Securities; PT $49
    • Toll Brothers (TOL) Cut to Neutral at Seaport Global Securities
    • TopBuild (BLD) Cut to Neutral at Seaport Global Securities
    • Tractor Supply (TSCO) Cut to Neutral at BofA; PT $47
    • Wix.com (WIX) Cut to Market Perform at Citizens
  • Initiations
    • Aegon (AGN NA) ADRs Rated New Outperform at BNP Paribas; PT $10
    • AXA (CS FP) ADRs Rated New Outperform at BNP Paribas; PT $57
    • CAAP (CAAP) Rated New Outperform at Grupo Santander; PT $36
    • Capstone Copper (CS CN) Rated New Neutral at Safra; PT C$12.30
    • Equillium (EQ) Rated New Overweight at Cantor; PT $10
    • ERO Copper (ERO CN) Rated New Outperform at Safra; PT C$47.80
    • Forum Markets (FRMM) Rated New Speculative Buy at Benchmark; PT $5
    • Generali (G IM) ADRs Rated New Underperform at BNP Paribas; PT $18
    • Hudbay Minerals (HBM CN) Rated New Outperform at Safra; PT C$37.10
    • Keel Infrastructure (KEEL CN) Rated New Market Perform at KBW; PT $3
    • Lundin Mining (LUN CN) Rated New Neutral at Safra; PT C$36
    • Madison Square Garden Entertainment (MSGE) Rated New Buy at BTIG
    • MapLight Therapeutics (MPLT) Rated New Buy at TD Cowen
    • Munich Re (MUV2 GR) ADRs Rated New Outperform at BNP Paribas; PT $14
    • National Fuel Gas (NFG) Rated New Overweight at KeyBanc; PT $110
    • Navan (NAVN) Rated New Buy at BofA; PT $17
    • PayPay (PAYP) ADRs Rated New Buy at Goldman; PT $29
    • Permian Resources (PR) Rated New Overweight at KeyBanc; PT $25
    • PicS (PICS) Rated New Outperform at Bradesco BBI; PT $21
    • Quad/Graphics (QUAD) Rated New Buy at Benchmark; PT $10
    • Rank One Computing (ROC) Rated New Buy at Benchmark; PT $9
    • Sharplink (SBET) Rated New Buy at HC Wainwright; PT $10
    • Sutro Biopharma (STRO) Rated New Outperform at Leerink; PT $38
    • Swiss Re (SREN SW) ADRs Rated New Underperform at BNP Paribas; PT $38.50

 

 

 

 

 

 

Data sources: Bloomberg, Reuters, CQG

 

 

David Wienke

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