Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, March the 2nd, 2023-
S&P 500 futures fall Thursday as rates march higher: Live updates
S&P 500 futures slid Thursday, as traders fretted over a continued rise in interest rates.
Futures tied to the S&P 500 fell 0.5%, while Nasdaq-100 futures dropped 0.8%. Dow Jones Industrial Average futures bucked the trend, eking out a small gain as Salesforce shares popped on a strong quarter and forward guidance.
Along with Salesforce, Okta shares jumped in overnight trading on solid earnings and guidance. Silvergate Capital, meanwhile, shares plunged more than 30%, after the company delayed its 10-K annual report.
Tesla shares, popular with retail investors, lost 5% after the company failed to unveil details of any next-generation vehicles during its much-anticipated investor day Wednesday. The decline put pressure on S&P 500 and Nasdaq-100 futures.
Rates, meanwhile, pressed higher, with the benchmark 10-year note yield trading above 4%. The 2-year note yield reached levels not seen in more than a decade.
Wall Street is coming off a mixed session, with the S&P 500 and Nasdaq Composite falling Wednesday, while the Dow posted a small gain. The S&P 500 and the Nasdaq are on pace for their second consecutive losing week for the first time since December. The Dow, meanwhile, is on track for its fifth consecutive negative week, a first since May 2022.
The rise in bond yields and concerns of a potentially larger-than-expected hike from the Federal Reserve have fueled investor concern in recent days, putting a dent in the early 2023 rally.
“You have a situation where if rates stay high, multiples need to come in, and it likely leads to a further downfall down the line in the economy because there is a lag effect to these rate hikes,” Cantor Fitzgerald’s Eric Johnston said on CNBC’s “Closing Bell: Overtime” on Wednesday. “And then once the economy falls, then earnings would have a fairly long way to go to the downside.”
On the economic front, investors await jobless claims, and unit labor costs and productivity data. A speech from Fed Governor Christopher Waller is also slated for Thursday afternoon.
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)
Salesforce — Shares of the cloud software maker soared nearly 16% in premarket after the company beat Wall Street estimates across the board in its latest earnings report and issued a better-than-expected forecast. Salesforce also said it is expanding its share buyback program after introducing it last year.
STOCK SYMBOL: CRM
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Best Buy — The consumer electronics retailer shed 1.9% after its fiscal year earnings and revenue guidance came in lighter than expected. Best Buy said it expects a sales decline of 3% to 6% for the year, citing the macro environment. However, its quarterly earnings beat estimates.
STOCK SYMBOL: BBY
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Macy’s — The retailer advanced 7.3% after beating expectations on per-share earnings and meeting them on revenue, according to Refinitiv. Macy’s recorded $1.71 in earnings per share for the fourth quarter, above the $1.57 anticipated. Revenue was in line with analyst expectations at $8.26 billion.
STOCK SYMBOL: M
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Silvergate Capital — The bank for digital currencies plummeted 37.6% following two downgrades from analysts on the back of new financial fillings from the company. JPMorgan moved the stock to underperform from neutral, citing future challenges ahead after the firm cited a warning that it may not be able to meet its financial obligations without liquidating in the next yea. Canaccord Genuity downgraded the stock to hold from buy, saying the firm has been managed well but it wants to move to the sidelines while the dust from the recent filling settles.
STOCK SYMBOL: SI
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Okta — The digital authentication company added 15.8% after it beat top and bottom line expectations for the fourth quarter. The company also issued current-quarter guidance that was ahead of expectations, while guiding full-year revenue to come in line with expectations and per-share earnings above them. Cowen upgraded Okta to outperform from market perform as a result.
STOCK SYMBOL: OKTA
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Dollar Tree — Shares of the discount retailer dipped about 2% in premarket trading after JPMorgan downgraded Dollar Tree to neutral from overweight. The investment firm said in a note to clients that Dollar Tree could see growth slow this year as the company laps price increases and makes investments for 2024 and beyond.
STOCK SYMBOL: DLTR
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Snowflake — The cloud data platform provider’s shares fell more than 7% on Thursday premarket despite Snowflake posting a beat on top and bottom lines, according to Refinitiv. Snowflake’s revenue guidance for the current period was lighter than investors had expected. The company also announced a $2 billion stock repurchase program.
STOCK SYMBOL: SNOW
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Nio — The Chinese electric-vehicle maker slid 1.6%, continuing to fall after Nio reported a wider-than-expected loss for the fourth quarter on Wednesday. JPMorgan downgraded the stock to neutral from overweight Thursday and said the company’s expectations are too high.
STOCK SYMBOL: NIO
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Anheuser-Busch Inbev — Shares of the beer maker slipped 1% following a weak earnings report. Normalized per-share earnings came in 1 cent under the consensus estimate of analysts polled by StreetAccount at 98 cents. Revenue also came in under expectations, with the company posting $14.67 billion compared with the $15.21 billion anticipated.
STOCK SYMBOL: BUD
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Getaround — The car sharing company added 1.7% after getting initiated at buy by Roth MKM. The firm said Getaround was a market disruptor and can help increase utilization of legacy cars.
STOCK SYMBOL: GETR
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MarketAxess — Shares of the fintech company were up 1.7% after Atlantic Equities upgraded them to overweight from neutral, saying it is at a “near inflection point for growth.” The stock has popped almost 25% in 2023, but has dropped 8.5% during the past 12 months.
STOCK SYMBOL: MKTX
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On Semiconductor — The semiconductor maker dropped 7.2% following a downgrade to outperform from strong buy by Raymond James. The firm said it sees near-term headwinds, while also noting the stock’s valuation is currently above historical levels.
STOCK SYMBOL: ON
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Tesla — The electric-vehicle maker lost 6.2% after its investor day. Some saw the event as lacking specifics.
STOCK SYMBOL: TSLA
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C/oinbase — The c/rypto platform lost 2.8% after Bank of America reiterated its underperform rating and said not to expect clarity on U.S. regulatory changes to c/ryptocurrencies in the near term.
STOCK SYMBOL: C/OIN
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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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