Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of this week. Here are your pre-market movers & news this AM-
Stock futures rise as S&P 500 looks for second straight positive week
U.S. stock futures rose Friday morning as the S&P 500 looked to close out its second consecutive positive week.
Futures tied to the Dow Jones Industrial Average gained about 95 points, or 0.3%. S&P 500 futures added 0.4%, while Nasdaq 100 futures ticked up 0.4%.
The move comes after a solid session for stocks on Wednesday in which the S&P rose 1.4%, the Nasdaq Composite gained 1.9% and the Dow added 349 points.
For the week, the S&P 500 and Nasdaq are up 1.3% and 2.1%, respectively. Both are on track for their second-straight winning week. The Dow is down marginally week to date.
The S&P 500 is now up more than 3% in March, more than erasing its losses since Russia invaded Ukraine late last month.
The rebound has come even as the war in Ukraine continues and the Federal Reserve is set to hike interest rates several more times this year.
“Equities are rallying despite a hawkish Fed and stagflation concerns, as many believe there is no alternative to stocks,” said Mark Haefele, chief investment officer at USB Global Wealth Management.
Traders are keeping an eye on Europe as the Ukraine-Russia continues. The European Union on Friday struck a gas deal with the U.S. in an effort to reduce its dependency on Russian energy.
The news comes after President Joe Biden said Thursday at a NATO summit in Brussels that the U.S. would respond if Russia used chemical weapons in Ukraine.
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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NEXT WEEK'S ECONOMIC CALENDAR:
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NEXT WEEK'S UPCOMING IPO'S:
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NEXT WEEK'S EARNINGS CALENDAR:
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(T.B.A. THIS WEEKEND.)
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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(N/A.)
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)
Bed Bath & Beyond (BBBY) – Bed Bath & Beyond is close to reaching a settlement with investor Ryan Cohen, according to people familiar with the matter who spoke to Bloomberg. The agreement would see three new directors appointed to the housewares and personal care products retailer’s board. Cohen’s RC Ventures holds a 9.8% stake in Bed Bath & Beyond. The stock added 1.4% in premarket trading.
STOCK SYMBOL: BBBY
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Nio (NIO) – Nio shares fell 3.6% in premarket action after the China-based electric car maker reported better-than-expected quarterly sales but saw deliveries fall below analyst estimates.
STOCK SYMBOL: NIO
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Honest Company (HNST) – Honest Company posted a wider-than-expected quarterly loss as sales of masks and sanitizing products dropped significantly. It also issued guidance for the current quarter that was weaker than expected. Shares slumped 19.5% in the premarket.
STOCK SYMBOL: HNST
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Shaw Communications (SJR) – Shaw’s shares added 2% in premarket trading after Canadian regulators gave conditional approval to a $16 billion takeover of Shaw’s broadcasting services by Canadian telecom giant Rogers Communications (RCI).
STOCK SYMBOL: SJR
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U.S-listed China stocks – These stocks continue to be volatile amid concerns about tighter regulation by Chinese authorities and potential U.S. delistings. Alibaba (BABA) lost 3.4% in premarket action, with JD.com (JD) losing 4.2%, Pinduoduo (PDD) sliding 6% and Didi Global (DIDI) falling 7.1%.
Teva Pharmaceutical (TEVA) – Bernstein upgraded the generic drug maker’s stock to “outperform” from “market perform,” noting an improved balance sheet, new product launches and the potential of settling opioid litigation. Teva rallied 4.2% in the premarket.
STOCK SYMBOL: TEVA
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Switch (SWCH) – The technology infrastructure company was downgraded to “equal weight” from “overweight” at Wells Fargo Securities, which said a buyout of Switch is possible but the price would likely be no higher than $32 to $34 per share. Switch closed at $30.24 Thursday and dropped 2.2% in premarket trading.
STOCK SYMBOL: SWCH
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Fortinet (FTNT) – The cybersecurity company’s shares fell 2.1% in the premarket after Bank of America Securities downgraded Fortinet to “neutral” from “buy,” saying strong results are already reflected in the stock’s price.
STOCK SYMBOL: FTNT
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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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