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-
S&P 500 futures trade slightly lower, but the index is headed for a winning week
Stock futures fell slightly on Friday morning as investors looked to close out a winning week for markets that saw better-than-expected economic growth and a pop in market-darling Tesla.
S&P 500 futures shed 0.28%, while Nasdaq 100 futures were down 0.5%. Futures tied to the Dow Jones Industrial Average traded flat.
Earnings season continued, with Intel slumped more than 9% premarket following a dismal earnings report that missed on the top and bottom lines. Strong guidance boosted American Express despite a top-and bottom-line miss.
Stocks rose during regular trading Thursday, cheering a better-than-expected fourth quarter gross domestic product report that stoked hopes that the U.S. economy can experience a soft landing as the Federal Reserve hikes rates to tame inflation.
The Dow Jones Industrial Average gained more than 205 points, or 0.61%, notching its fifth consecutive winning session, the first streak of that length since October. The S&P 500 rose 1.10% and the tech-heavy Nasdaq Composite jumped 1.76%.
All three indexes are positive for the week and month. The Dow and the S&P 500 have gained 1.7% and 2.2% this week, respectively. The Nasdaq is up 3.3% on the week and is set to notch its best monthly performance since July. The Nasdaq has gained the last four weeks.
“This year’s stock market rally is impressive and shouldn’t be ignored,” Chris Zaccarelli, chief investment officer for the Independent Advisor Alliancesaid in a Thursday note. ”Unfortunately, the Fed is likely to start talking down the market again, as early as next week, so prepare for volatility again this year; we may be in the eye of the hurricane and not completely out of the woods yet.”
Tesla closed out Thursday with an 11% gain after earnings and revenue for the last quarter topped expectations and CEO Elon Musk projected the carmaker could possibly produce 2 million cars this year. The widely followed stock was down 65% last year to lead a rout in the growth sector. The shares are up more than 30% this year.
On Friday, investors will be watching for economic reports that will give more information about the state of inflation. Personal income and spending and pending home sales for December are due in the morning. The personal consumption expenditures price index, a preferred inflation measurement for the Federal Reserve, is also due. Consumer sentiment for January will also be released.
It’s some of the last data that will be released ahead of the Fed’s next interest-rate decision on Feb. 1. Investors are currently expecting a 0.25 percentage point interest rate hike from the central bank.
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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(NONE.)
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
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YESTERDAY'S INSIDER TRADING FILINGS:
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TODAY'S DIVIDEND CALENDAR:
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THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Intel — The chipmaker suffered a 9% loss in its shares in early morning trading after its latest financial results missed analysts’ estimates and showed significant declines in the company’s sales, profit and gross margin. The company also forecasted a loss for the current quarter.
STOCK SYMBOL: INTC
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Advanced Micro Devices — Chip stocks such as Advanced Micro Devices fell as a group following Intel’s results. Shares of Advanced Micro Devices fell nearly 2.4%, while shares of Nvidia and Micro dipped about 1.5% each.
STOCK SYMBOL: AMD
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Chevron — Shares dipped more than 1% after Chevron reported its latest earnings results. The oil producer missed earnings expectations, but topped revenue forecasts, according to consensus estimates from Refinitiv. The shares had gained on Thursday after Chevron raised its dividend and announced a buyback plan.
STOCK SYMBOL: CVX
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American Express — Shares of the credit card company rose 5% despite weaker-than-expected results for the fourth quarter. American Express reported $2.07 in earnings per share on $14.18 billion of revenue. Analysts surveyed by Refinitiv were looking for $2.22 per share on $14.22 billion of revenue. However, American Express’ guidance for 2023 was better than anticipated for earnings and revenue. Also, AMEX said it would be increasing its dividend by 15%.
STOCK SYMBOL: AXP
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Ralph Lauren — Shares fell more than 3% after BMO Capital Markets downgraded the stock to underperform. The investment firm said Ralph Lauren’s recent rally has gone too far.
STOCK SYMBOL: RL
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Chewy — Chewy shares rose more than 4% after Wedbush upgraded the stock to outperform from neutral.
STOCK SYMBOL: CHWY
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Silvergate Capital — The bank to crypto businesses slid about 8% after the company suspended payments on its Series A preferred stock dividend, in an effort to preserve capital as it navigates recent crypto market volatility. The stock has been falling since November, after crypto exchange FTX, for whom Silvergate held deposits, collapsed in scandal.
STOCK SYMBOL: SI
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Visa — The payment network operator reported strong financial results for its most recent quarter, including adjusted earnings per share of $2.18 and revenue of $7.94 billion. Analysts expected $2.01 per share in adjusted earnings and $7.70 billion in revenue, according to Refinitiv. Visa shares rose about 1% in premarket trading.
STOCK SYMBOL: V
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Hasbro — Shares of the toy maker slid more than 5% after the company said it would eliminate around 1,000 employee positions and warned of weak holiday-quarter results. The layoff of around 15% of its global workforce comes as the company seeks to save between $250 million and $300 million annually by the end of 2025.
STOCK SYMBOL: HAS
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KLA — Chip maker KLA Corporation declined about 4.6% after issuing weaker-than-expected forward guidance for its fiscal third quarter. Otherwise, KLA reported a beat on earnings and revenue expectations.
STOCK SYMBOL: KLAC
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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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