Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of this week. Here are your pre-market movers & news this AM-
Dow futures fall more than 200 points as bank shares decline on recession fears
The stock market was set to end a winning week on a sour note as JPMorgan Chase led a decline in bank shares after it warned a recession was its base case for the year.
Futures tied to the Dow Jones Industrial Average fell 200 points, or 0.6%, while S&P 500 futures slid 0.7%. Nasdaq 100 futures dipped 0.8%.
JPMorgan Chase posted revenue that beat expectations, but the bank warned it was setting aside more money to cover credit losses because a “mild recession” is its “central case.” The bank posted a $2.3 billion provision for credit losses in the quarter, a 49% increase from the third quarter. The stock fell more than 2%.
Wells Fargo shares fell 2% after the bank reported its quarterly figures. Bank of America also fell 2% premarket despite reporting better-than-expected earnings for the fourth quarter.
Delta Air Lines also reported earnings and revenue that beat estimates for the final quarter of 2022. However, the stock slid more than 5% in the premarket.
Investors have been awaiting these results to gain more insight into the health of the economy.
“As the tug-of-war among analysts intensifies around the prospects for a recession — and the depth of a recession — the earnings reports from the banks, coupled with their guidance, should help clarify how businesses and consumers are managing,” said Quincy Krosby, LPL Financial’s chief global strategist.
The moves followed a positive day for the three major indexes. The Nasdaq Composite snatched its fifth day of gains — a first since July. Stocks rose broadly as December’s CPI report showed prices declined 0.1% over November. While prices rose at a 6.5% pace compared to the previous year, the results heightened hopes that the Federal Reserve may soon slow its hiking.
The Dow Jones Industrial Average added 216.96 points, or 0.64%. The S&P 500 and Nasdaq Composite gained 0.34% and 0.64%, respectively.
Stocks are headed for a winning week, with the Nasdaq and S&P on pace for their best weekly performance since November. The Nasdaq is up 4.09% through Thursday’s close. The S&P has advanced 2.26%, while the Dow has added 1.66%.
STOCK FUTURES CURRENTLY:
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YESTERDAY'S MARKET MAP:
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TODAY'S MARKET MAP:
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YESTERDAY'S S&P SECTORS:
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TODAY'S S&P SECTORS:
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TODAY'S ECONOMIC CALENDAR:
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NEXT WEEK'S ECONOMIC CALENDAR:
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NEXT WEEK'S UPCOMING IPO'S:
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NEXT WEEK'S EARNINGS CALENDAR:
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(T.B.A. THIS WEEKEND.)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
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EARNINGS RELEASES BEFORE THE OPEN TODAY:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
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TODAY'S DIVIDEND CALENDAR:
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THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
JPMorgan — The bank reported fourth-quarter earnings and revenue before the bell that topped Wall Street expectations. However, it said a mild recession is now the “central case.” JPMorgan slid nearly 3% in permarket trading.
STOCK SYMBOL: JPM
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Lockheed Martin — Goldman Sachs downgraded the defense contractor to sell from neutral and cut its price target by $56 to $332. The Wall Street firm noted that the company is vulnerable to any changes in government budgets. Lockheed Martin tumbled more than 3% in the premarket.
STOCK SYMBOL: LMT
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Virgin Galactic Holdings — The space tourism company surged nearly 16% after it said it was on track for a commercial launch in the second quarter of 2023.
STOCK SYMBOL: SPCE
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Wells Fargo — The bank slid nearly 4% after reporting shrinking profits, weighted down by a recent settlement and the need to build-up reserves.
STOCK SYMBOL: WFC
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Delta Air Lines — The airline reported fourth quarter profit and revenue before the bell that beat expectations. Its adjusted earnings per share came in at $1.48 versus a Refinitiv estimate of $1.33. Delta was down 4.5% in premarket trading.
STOCK SYMBOL: DAL
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American Airlines — A day after gaining nearly 10% on an earnings beat, the airline was down about 2% in the premarket.
STOCK SYMBOL: AAL
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Tesla — The electric-vehicle maker slid nearly 6% in the premarket after it was downgraded by Guggenheim to sell from neutral over concerns with Tesla’s fourth-quarter estimates. Tesla also cut prices in the U.S. and Europe again, according to listings on the company’s website Thursday night. The stock lost 65% in 2022.
STOCK SYMBOL: TSLA
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Bank of America – The bank reported earnings per share of 85 cents last quarter, above the 77 cents a share expected by analysts, per Refinitiv. Revenue also beat expectations. However the bank’s net interest income fell slightly below expectations despite jumping interest rates. Bank of America was down 2.8% early trading.
STOCK SYMBOL: BAC
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Salesforce — The software company slid 1.4% in the premarket after being downgraded by Atlantic Equities to neutral from overweight. The Wall Street firm cited execution concerns, management exodus and slower-than-expected revenue growth.
STOCK SYMBOL: CRM
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Caterpillar — Bank of America upgraded Caterpillar to buy from neutral, saying the company has an underappreciated roadmap that can drive outperformance. Caterpillar was relatively flat in the premarket.
STOCK SYMBOL: CAT
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Logitech International — The keyboard and mouse maker continued to slide in the premarket, down nearly 5%. The move comes a day after Logitech lost 16% on the announcement that preliminary results showed declining sales and earnings. Deutsche Bank downgraded the shares Friday.
STOCK SYMBOL: LOGI
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FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
DISCUSS!
What's on everyone's radar for today's trading day ahead here at r/stocks?
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