Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week and a frrrrrrrrrrresh start! Here are your pre-market stock movers & news on this Monday, March 21st, 2022-
S&P 500 futures are little changed after the benchmark’s best week since 2020
S&P 500 futures were little changed in early morning trading Monday after the benchmark index’s best week since 2020.
Dow Jones Industrial Average futures edged down about 80 points, or 0.2%, as Boeing dropped more than 6% in the premarket after a China Eastern Airlines Boeing 737 passenger plane crashed. S&P 500 futures were near flat. Nasdaq 100 futures ticked down 0.2%.
Last week, the three major averages notched their best week since November 2020, boosted largely by growth stocks. The S&P 500 surged 6.1% from Monday to Friday. The Dow Jones Industrial Average ended the week 5.5% higher, and the technology-focused Nasdaq Composite spiked 8.1%.
“After one of the best weeks in years, now the question is will stocks be able to hold those gains?” said Ryan Detrick of LPL Financial.
The S&P 500 recouped nearly half of its correction losses last week as investors received highly anticipated clarity from the Federal Reserve, which raised interest rates for the first time since 2018. The central bank signaled it expects to raise rates at its remaining six meetings this year.
Market participants are also monitoring the war between Russia and Ukraine. Ukraine’s President Volodymyr Zelenskyy warned if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a “third world war.”
Ukrainian and Russian officials have met intermittently for peace talks, which have failed to progress to key concessions. Ukraine has also rejected an ultimatum to surrender the city of Mariupol to Russian troops.
Oil prices rose about 4% on Monday, with Brent crude above $110 a barrel, as European Union nations considered joining the U.S. in an embargo on Russian oil.
Investors are also evaluating a rise in Covid cases in Europe stemming from an emerging variant.
Some market strategists are not convinced of the rally in stocks.
“Bear market rallies are the most vicious. The rally in equities over the past week was one of the sharpest on record. While it could go a bit higher … we remain convicted it’s still a bear market and we would use this strength to position more defensively,” Morgan Stanley’s Michael Wilson said in a note Monday.
The economic calendar is relatively light this week but several companies report earnings. Nike and Tencent Music report quarterly results on Monday.
STOCK FUTURES CURRENTLY:
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LAST WEEK'S MARKET MAP:
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TODAY'S MARKET MAP:
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LAST WEEK'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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(N/A.)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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FRIDAY'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)
Boeing (BA) – A Boeing 737-800 jet operated by China Eastern Airlines crashed in the mountains of southern China with 132 people aboard, with no immediate word on casualties. Boeing shares sank 5.8% in the premarket.
STOCK SYMBOLS: BA
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Anaplan (PLAN) – Anaplan agreed to be bought out by private-equity firm Thoma Bravo for $10.7 billion, or $66 per share in cash. The business planning software company’s stock had closed at $50.59 per share on Friday, and the stock surged 28.3% in the premarket.
STOCK SYMBOLS: PLAN
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Nielsen Holdings (NLSN) – Nielsen tumbled 18.6% in premarket trading after it rejected a $9.13 billion takeover bid, worth $25.40 per share, from a private-equity consortium. Nielsen said the bid significantly undervalues the company, best known for its TV ratings.
STOCK SYMBOLS: NLSN
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Alleghany (Y) – Berkshire Hathaway (BRK.B) is buying the insurance company for $11.6 billion in cash, or $848.02 per share, compared to Alleghany’s Friday close of $676.75 per share. Alleghany will operate as an independent subsidiary of Berkshire.
STOCK SYMBOLS: Y
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General Motors (GM) – GM bought Softbank’s $2.1 billion stake in its Cruise driverless-car division. It also announced it would invest an additional $1.35 billion in cruise, replacing funds that Softbank had pledged to provide. GM initially fell more than 1% in the premarket but then pared those losses.
STOCK SYMBOLS: GM
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SAP (SAP) – SAP fell 2% in the premarket. Chief Financial Officer Luka Mucic is departing the German business software company at the end of March 2023.
STOCK SYMBOLS: SAP
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Manchester United (MANU) – Deutsche Bank upgraded the soccer team’s shares to “buy” from “hold,” saying Manchester United is undervalued relative to its peers in the sports and live events category. Manchester United gained 1.6% in premarket action.
STOCK SYMBOLS: MANU
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Nio (NIO) – Nio said it had no immediate plans to raise prices on its electric vehicles, although China-based carmaker said it would be flexible on pricing. Rivals like Tesla (TSLA) and BYD have recently raised prices due to higher materials costs.
STOCK SYMBOLS: NIO
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BlackBerry (BB) – The communication software company’s stock added 2.1% in the premarket after RBC upgraded it to “sector perform” from “underperform,” saying the stock’s price is now more aligned with BlackBerry’s fundamentals.
STOCK SYMBOLS: BB
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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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