Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, October the 11th, 2022-
Stock futures are flat after the Nasdaq Composite closes at a 2-year low
U.S. stock futures were flat Tuesday after the Nasdaq Composite closed at its lowest in two years during the regular session.
Dow Jones Industrial Average futures traded higher by 40 points, or 0.13%, rebounding from a slump that took the index down about 200 points in premarket trading. S&P 500 futures rose 0.02% while Nasdaq 100 futures slipped 0.03%.
Stocks closed lower Monday, with the Nasdaq Composite falling 1% following a drop in semiconductor stocks. The Dow Jones Industrial Average shed nearly 94 points, or 0.3%, while the S&P 500 declined about 0.8%.
Bond prices also fell. The yield on the U.S. 10-year Treasury rose about five basis points to 3.937% after nearing the key 4% level overnight. Bond yields are inverse to prices, and a basis point is one hundredth of one percent.
The moves came as investors weighed comments from JPMorgan CEO Jamie Dimon, who warned that the U.S. would likely fall into a recession over the next “six to nine months,” and said the S&P 500 could fall another 20% depending on whether the Federal Reserve engineers a soft or a hard landing for the economy.
Those remarks came at the start of a big week for third quarter bank earnings, and ahead of Wednesday’s producer price report, Thursday’s consumer price index report for September and Friday’s retail sales numbers, also for last month.
Investor reaction is focused solely on how the Federal Reserve will react to the economy as it works to dampen inflation.
“There’s always this idea of a Fed pivot coming right around the corner, and they’re just going to tighten their belts to bring inflation down without affecting the economy more broadly,” Dan Greenhaus, chief strategist and economist at Solus Alternative Asset Management, said Monday on CNBC’s “Closing Bell: Overtime.”
“All of that was always hopes and dreams. And the most likely outcome was … what history shows always happens, which is the Fed tightens, they tighten too much, they cause an economic dislocation, the market goes down. Full stop,” he added.
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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THIS WEEK'S ECONOMIC CALENDAR:
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THIS WEEK'S UPCOMING IPO'S:
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THIS WEEK'S EARNINGS CALENDAR:
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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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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)
Angi (ANGI) – Angi shares added 2% in premarket trading after the online home services company named Joey Levin as CEO, replacing Oisin Hanrahan. Levin is currently the CEO of Angi parent company IAC and will continue in that role as well as running Angi.
STOCK SYMBOL: ANGI
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Leggett & Platt (LEG) – Leggett & Platt tumbled 8.6% in the premarket after the industrial manufacturer slashed its full-year sales and earnings guidance. The company points to inflation and economic conditions that have weighed on demand, but does expect fourth quarter results to improve from the third quarter.
STOCK SYMBOL: LEG
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KLA-Tencor (KLAC) – The semiconductor equipment and services company will reportedly halt some sales and services in China to comply with U.S. export controls, according to a source familiar with the situation who spoke to Reuters. KLA shares slid 2.4% in premarket trading.
STOCK SYMBOL: KLAC
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Zscaler (ZS) – Zscaler took a 4.9% premarket hit after the cloud security company announced the resignation of company president Amit Sinha, who will move to a CEO position at a privately held technology company. Sinha will remain on Zscaler’s board of directors.
STOCK SYMBOL: ZS
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Meta Platforms (META) – Meta was downgraded to “neutral” from “overweight” at Atlantic Equities, which also lowered its price target for the Facebook and Instagram parent’s stock to $160 per share. The firm said Meta faces an increasingly challenged growth outlook due to macroeconomic headwinds. Meta fell 1.3% in premarket action.
STOCK SYMBOL: META
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BlackRock (BLK) – BlackRock was downgraded to “neutral” from “buy” at UBS, with the price target for the asset management firm’s stock cut to $585 per share from $700. UBS said BlackRock faces some risk from its position on ESG investing, as well as limited expense flexibility. BlackRock is set to report quarterly earnings on Thursday. BlackRock fell 2% in premarket trading.
STOCK SYMBOL: BLK
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Roblox (RBLX) – Roblox slumped 4.3% in the premarket after the stock was rated “underweight” in new coverage at Barclays. The firm said the gaming platform operator was a prime beneficiary of the pandemic, but that growth may be challenged going forward as its key markets already have high penetration rates.
STOCK SYMBOL: RBLX
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Lululemon (LULU) – The apparel maker’s stock added 1.4% in the premarket after Piper Sandler upgraded it to “overweight” from “neutral,” noting ongoing sales momentum and an opportunity for outperformance in outerwear during the fall/winter season.
STOCK SYMBOL: LULU
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Warner Music Group (WMG) – The music publisher’s stock rallied 3.4% in premarket trading after Goldman Sachs began coverage with a “buy” rating. Goldman cites growth in subscription and ad-supported music streaming as well as new licensing opportunities.
STOCK SYMBOL: WMG
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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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