Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, December the 13th, 2022-
Stock futures rise as investors await key November inflation report
Stock futures rose Tuesday as Wall Street braced for November’s key inflation report and the beginning of the Federal Reserve December policy meeting.
Futures tied to the Dow Jones Industrial Average gained 197 points, or 0.57%. S&P 500 and Nasdaq-100 futures added 0.53% and 0.55%, respectively.
Investors are looking ahead to the release of November’s consumer price index report, and hoping for signs of easing inflation. Economists surveyed by Dow Jones expect a 0.3% increase on a monthly basis or an annual pace of 7.3%. That would be a step down from October’s 0.4% monthly increase and annual gain of 7.7%.
Tuesday’s inflation report could play a key role in the Federal Reserve’s next rate-hiking decision expected at the conclusion of its two-day policy meeting on Wednesday.
Traders are largely pricing in a 50 basis point increase, a slight decline from the previous four hikes. They will also monitor updated economic projections and commentary out of Chair Jerome Powell’s press conference for signs of a potential policy pivot as fears of a recession linger on Wall Street.
Monday’s overnight moves follow a solid session for all the major averages after a tough down week. The Dow gained more than 528 points, or 1.58%, while the S&P and Nasdaq rose 1.43% and 1.26%, respectively.
All S&P 500 sectors finished with gains, led to the upside by energy stocks, which rose as oil prices gained.
“I think this is a reflection of what’s anticipated out of the CPI number tomorrow, and a hope that the Fed will confirm a 50 basis point raise on Wednesday,” said Kevin Philip, partner at Bel Air Investment Advisors.
“I think the market, as it’s done before, is banking, in my opinion, a little too heavily on some sort of Fed pivot and this bounce we got today is fragile at best.”
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)
Oracle (ORCL) – Oracle gained 3% in the premarket after the business software giant posted top and bottom line beats for its latest quarter. Oracle continues to make significant progress in shifting more of its business to the cloud.
STOCK SYMBOL: ORCL
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Boeing (BA) – Boeing rose 2.2% in premarket action after United Airlines (UAL) announced a 200-jet order that includes 100 787 Dreamliners and 100 737 Max jets, with options for further purchases. The order is worth $43 billion at list prices.
STOCK SYMBOL: BA
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Moderna (MRNA) – The drugmaker announced that its experimental melanoma vaccine combined with Merck (MRK) cancer treatment Keytruda cut the risk of skin cancer recurrence by 44% compared with a treatment of only Keytruda. Moderna rallied 7.5% in the premarket, while Merck gained 1.9%.
STOCK SYMBOL: MRNA
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First Solar (FSLR) – First Solar rose 1.1% in premarket trading following news that it will replace Fortune Brands Home & Security (FBHS) in the S&P 500. Fortune Brands is spinning off a division and will then replace First Solar in the S&P MidCap 400.
STOCK SYMBOL: FSLR
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Mirati Therapeutics (MRTX) – Mirati Therapeutics surged 8.6% in premarket trading after the drugmaker’s new lung cancer treatment adagrasib received Food and Drug Administration approval.
STOCK SYMBOL: MRTX
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Pinterest (PINS) – Pinterest was upgraded to “overweight” from “neutral” at Piper Sandler, which believes the image-sharing website operator can expand its profit margins. Pinterest rose 2.8% in premarket action.
STOCK SYMBOL: PINS
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Gold Fields (GFI) – The gold mining company’s stock slid 3.1% in the premarket after the company announced that CEO Chris Griffith would step down on Dec. 31. Company chairman Yunus Suleman said Griffith felt responsible for the company’s failure to acquire rival miner Yamana Gold (AUY).
STOCK SYMBOL: GFI
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Fiverr (FVRR) – Fiverr added 1.1% in premarket trading after Citi initiated coverage of the stock with a “buy” rating. Citi feels certain internet stocks like Fiverr – which connects freelancers with businesses and individuals who need services – already reflect concerns about macroeconomic weakness.
STOCK SYMBOL: FVRR
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Affirm (AFRM) – Bank of America Securities downgraded the “buy now pay later” lender to “neutral” from “buy,” saying investor concerns over credit risk and discretionary spending cutbacks are likely to remain for several more quarters. Affirm fell 1% in the premarket.
STOCK SYMBOL: AFRM
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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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