Good morning traders and investors of the r/stocks sub! Happy FOMC Rate Decision Day! Here are your pre-market stock movers & news on this Wednesday, November the 2nd, 2022-
Dow futures inch lower ahead of key Fed policy decision
Dow futures ticked lower Wednesday as investors await the Federal Reserve’s latest policy decision at the conclusion of its meeting.
Futures tied to the Dow Jones Industrial Average dipped 20 points, or roughly 0.1%. S&P 500 futures traded flat, while Nasdaq 100 futures inched 0.2% higher.
The Fed is widely expected to announce a 0.75 percentage point rate increase, its fourth hike in a row of that size as it battles high inflation. Investors are also looking for a signal that the central bank is prepared to slow the pace of its rate-hiking plan come December.
Comments from the Federal Reserve and Fed Chair Jerome Powell will play a key role in deciphering where stocks go in the months ahead and whether markets kick off a fresh bull run.
“Continuation of the year-end rally is contingent on the Fed delivering on the pivot narrative,” wrote Barclays’ Emmanuel Cau in a note to clients Wednesday. “Peak hawkishness may fuel more FOMO, but should not be confused with dovishness, as CBs continue to walk a fine line. Rate cuts have been a precondition for equities to start a new bull market in the past – we’re not there yet.”
The central bank’s decision will come after the release of mixed economic data on Tuesday.
The ISM manufacturing index showed the share of companies reporting expansion in October come in slightly ahead of expectation, while the JOLTS report conveyed a strong labor market despite the Fed’s aggressive tightening clip.
“That’s just not a great number for the Fed, it’s still a tight job market,” Victoria Greene, chief investment officer at G Squared Private Wealth told CNBC’s “Closing Bell: Overtime” on Thursday. “So I think they’re still between a rock and a hard place. They’re going to have to hike. Nobody likes it. Everybody wants them to stop, but it’s like a car crash in slow motion. They just can’t stop hiking.”
In other economic news, mortgage application data for last week came in flat despite a slight tick lower in rates. ADP’s employment report is also due out Wednesday.
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)
CVS (CVS) – CVS gained 1.9% in the premarket after reporting better-than-expected revenue and profit for its latest quarter. The company also raised its adjusted full-year guidance. The outlook excludes charges related to a just-announced $5 billion settlement of opioid litigation.
STOCK SYMBOL: CVS
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Estee Lauder (EL) – The cosmetics maker’s shares tumbled 11.5% in premarket trading after the company issued a weaker-than-expected outlook, noting higher costs, a stronger US dollar and Covid lockdowns in China. Estee Lauder reported better-than-expected earnings for its latest quarter.
STOCK SYMBOL: EL
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Canada Goose (GOOS) – The outerwear company cut its full-year revenue forecast, prompting a 2.4% premarket drop in its shares. Canada Goose is seeing Covid restrictions in China weigh on its sales.
STOCK SYMBOL: GOOS
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Paramount Global (PARA) – The media company’s shares slid 8.5% in the premarket after top and bottom line misses for its latest quarter.
STOCK SYMBOL: PARA
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Tupperware (TUP) – The maker of household storage products said it may not be able to comply with the covenants in its credit agreements, and that issue raises doubts about its ability to continue as a going concern. The stock plummeted 36% in premarket action.
STOCK SYMBOL: TUP
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Cheesecake Factory (CAKE) – Cheesecake Factory shares lost 3.3% in the premarket after the restaurant chain reported an unexpected quarterly loss. Cheesecake Factory pointed to higher costs, particularly for utilities and building maintenance.
STOCK SYMBOL: CAKE
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Livent (LTHM) – Livent lost 4.7% in premarket trading after the lithium producer cut its full-year sales and profit forecast. The company said inflation and other economic factors are crimping production of the metal used in electric vehicle batteries.
STOCK SYMBOL: LTHM
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Match Group (MTCH) – Match Group shares surged 14.7% in premarket trading after the dating service operator reported better-than-expected quarterly revenue, driven by a boost in paid subscriptions for its Tinder service.
STOCK SYMBOL: MTCH
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Mondelez (MDLZ) – Mondelez gained 3.3% in the premarket after the maker of Oreos, Sour Patch Kids, and other snacks raised its full-year outlook. The company has benefited from price hikes that are not hurting demand for its products.
STOCK SYMBOL: MDLZ
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Rogers Corp. (ROG) – Rogers plunged 40.8% in premarket action after DuPont (DD) ended its $5.2 billion buyout deal for the engineering materials maker. The deal was terminated because the parties could not obtain the necessary regulatory clearances in China. DuPont gained 3.6%.
STOCK SYMBOL: ROG
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Caesars Entertainment (CZR) – Caesars shares rallied 6.8% in premarket trading after the resort operator topped analyst estimates for both the top and bottom lines during its latest quarter. Caesars also said its digital betting business turned profitable on an adjusted basis for the quarter, 12 months ahead of the company’s target.
STOCK SYMBOL: CZR
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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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