What it is
The single most important event that happened overnight. One market-moving story — Fed minutes, earnings shock, geopolitical development, supply disruption, central bank decision.
3–4 sentences. No opinion. What happened, what moved, why it matters before the open.
What qualifies
- Fed decisions, minutes, or speaker comments
- Major macro surprises (CPI, NFP, GDP, PCE)
- Earnings that moved an index or sector
- Geopolitical events with direct price impact
- Central bank policy shifts (ECB, BOJ, PBOC)
- Supply shocks — oil, commodities, semiconductors