Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, March the 15th, 2022-
S&P 500 futures are little changed in early volatile trading as oil prices slide further below $100
Stock futures posted strong gains early Wednesday surging in commodity prices eased while the war in Ukraine continues.
Stock futures were stable as oil prices continued to drop further below $100, boosting hopes energy prices won’t drag the U.S. economy into a recession.
Futures were held back in volatile trading as traders continued to eye the latest with ceasefire negotiations in Ukraine and China Covid lockdowns that could wreak havoc on tech supply chains. Investors were also reluctant to commit capital ahead of a big Federal Reserve monetary decision Wednesday, where the central bank is expected to hike rates for the first time since 2018.
Dow Jones Industrial Average futures traded marginally higher. S&P 500 and Nasdaq 100 futures gained 0.1% and 0.3%, respectively. Earlier in the session, futures were down slightly.
Oil prices continued to fall for a second day. U.S. crude futures slid about 8% to $94.55 per barrel, after topping $130 about a week ago. Meanwhile, the international Brent benchmark was down than 7% to $98.46 per barrel.
The drop in oil prices put pressure on energy stocks. Occidental Petroleum fell more than 5%, while Schlumberger and Halliburton each lost more than 4%.
Airline stocks got a boost in the premarket. Delta Air Lines rose about 4.5%, while United and American gained more than 3%.
The city of Kyiv, Ukraine’s capital, announced a 35-hour curfew that starts at 8 p.m. local time following Russian missile strikes. Russia and Ukraine were also set to continue talks Tuesday, following a fourth round of negotiations Monday. Meanwhile, Russia is approaching a series of deadlines to make payments on its debt.
Elsewhere, officials from the United States and China met on Monday to discuss a range of challenges facing their bilateral relationship, including Russia’s ongoing war in Ukraine.
China is also facing its worst Covid outbreak since the height of the pandemic. Shenzhen, a major city in a key manufacturing hub in China, has shut down nonessential businesses and imposed city-wide testing.
“The market is jittery,” said Gene Goldman, chief investment officer at Cetera Investment Management. “So much concern about the Russian invasion, inflation, and the Fed. With growing concerns of a bear market, investors have been skittish.”
Still, he added he doesn’t feel a bear market is in the cards, saying fundamental data support a solid economic base.
Fed meeting kicking off
The Federal Reserve is slated to kick off an important two-day meeting Tuesday, with investors expecting a quarter-point rate hike to be announced Wednesday.
Mounting inflationary concerns will weigh on the Fed meeting. A lockdown in China could worsen supply chain issues, after a surge in coronavirus cases suspended production in cities such as Shenzhen, a key manufacturing city. The Russia-Ukraine conflict had already led to a spike in commodities prices.
“With both of these factors driving prices higher, the government has no choice but to increase rates to absorb the inflation that is accelerating,” said Benjamin Tsai, president and managing partner at Wave Financial Group.
There also will be adjustments to the economic outlook, projections for the future path of rates and likely a discussion about when the Fed can start reducing its bond portfolio holdings.
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)
Delta Air Lines (DAL), United Airlines (UAL), Southwest Airlines (LUV) – Delta rallied 3.7% in the premarket while United jumped 3.9% and Southwest added 2.9%. All three airlines raised their revenue outlooks, saying air travel is rebounding from the earlier slump induced by the spread of the Covid omicron variant.
STOCK SYMBOL: DAL
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STOCK SYMBOL: UAL
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STOCK SYMBOL: LUV
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Coupa Software (COUP) – Coupa plunged 29.5% in premarket trading after the business software company issued a much weaker-than-expected full-year outlook, although Coupa reported better-than-expected profit and revenue results for its most recent quarter.
STOCK SYMBOL: COUP
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GitLab (GTLB) – Gitlab shares surged 8.9% in the premarket after the development operations platform company reported upbeat results for its latest quarter as well as issuing a better-than-expected outlook.
STOCK SYMBOL: GTLB
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Toyota Motor (TM) – Toyota announced additional production cuts due to semiconductor shortages, a few days after cutting its domestic production target by as much as 20%. Production of about 14,000 minivans would be impacted by the latest announcement. Toyota gained 2.8% in the premarket.
STOCK SYMBOL: TM
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Moderna (MRNA) – The vaccine maker’s stock rallied 4.3% in premarket action, after rising 11.9% Monday following the surge in Covid cases in China’s Shenzhen region.
STOCK SYMBOL: MRNA
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Alibaba (BABA) – Alibaba dropped 4.7% in premarket trading after falling for the past three days and losing more than 27% over the past nine trading sessions. The Chinese e-commerce giant is under pressure due to both fears of a Covid-related economic slowdown in China and the threat of a possible U.S. de-listing. Those fears have hit other China stocks that list in the U.S., such as JD.com (JD) and Bidu (BIDU). JD.com fell 3.8% while Bidu sank 5.1%.
STOCK SYMBOL: BABA
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Vimeo (VMEO) – Vimeo said its February revenue was up 23% compared to a year ago, with the video software company also reporting an 8% increase in subscribers and a 13% jump in average revenue per user. Vimeo added 2.5% in the premarket.
STOCK SYMBOL: VMEO
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Hormel (HRL) – Goldman Sachs downgraded the food producer’s shares to “sell” from “neutral,” noting its recent outperformance compared with the Staples group and pointing to worries about the impact of increasing inflationary pressures. Hormel shed 1.5% in premarket trading.
STOCK SYMBOL: HRL
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Peloton (PTON) – The fitness equipment maker’s stock rose 1.5% in the premarket after Bernstein began coverage with an “outperform” rating, noting Peloton’s healthy underlying business, new management and its recent stock price plunge.
STOCK SYMBOL: PTON
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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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