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 climb on Friday as S&P 500 tries to snap 3-week losing streak: Live updates
U.S. stock futures rose Friday as investors pondered the Federal Reserve’s rate-hiking path in light of fresh commentary from central bank speakers.
Nasdaq-100 futures were up 0.3%, and S&P 500 futures advanced 0.2%. Dow Jones Industrial Average futures were up 33 points.
Those moves come as U.S. Treasury yields retreated. The benchmark 10-year yield fell more than 6 basis points to 4%. The 2-year rate dipped to 4.855%.
The major averages are on their way to a positive week. The S&P 500 is up 0.28%, on pace to snap a three-week decline, while the Nasdaq has a 0.6% gain. The Dow is also up 0.6% on the week.
The Dow on Thursday had its best day since Feb. 13, closing 1.1% higher. The S&P 500 rose 0.8%, and the Nasdaq Composite climbed 0.7%. These gains came after Atlanta Fed President Raphael Bostic said that he thinks the central bank can keep its interest rate hikes to 25 basis points rather than the half-point increase favored by some other officials.
However, Fed Governor Christopher J. Waller struck a tougher tone in his comments to the Mid-Size Bank Coalition of America, raising the possibility of a higher terminal rate if inflation numbers don’t cool.
He referred to January’s big payrolls report, which showed the economy added 517,000 jobs, as well as the latest reading from the consumer price index and personal consumption expenditures reports.
“If those data reports continue to come in too hot, the policy target range will have to be raised this year even more to ensure that we do not lose the momentum that was in place before the data for January were released,” Waller said.
The road ahead is a tough one for the central bank, regardless of the messaging they’re relaying to the public.
“No matter how slow the Fed goes, no matter how much they ‘communicate’ what they want to do, there is no avoiding the potholes of reversing extraordinary easing,” Bleakley chief investment officer Peter Boockvar wrote in a note.
“When markets and the economy have been addicted and medicated for so long on low rates and QE, there will never be the right time to ease up,” he said.
On the economic data front, the Institute of Supply Management is due to release its Non-Manufacturing Purchasing Managers’ Index (PMI) report on Friday morning. Investors will also listen for further commentary from central bank officials, including Fed Governor Michelle Bowman and Richmond Fed President Thomas Barkin.
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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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)
C3.ai — Shares surged 17% after C3.ai reported third-quarter results that topped expectations. The enterprise artificial intelligence company posted a narrower-than-expected loss of 6 cents per share ex-items, compared with estimates for a 22 cent loss, according to Refinitiv. It also reported revenue of $66.7 million, surpassing expectations of $64.2 million.
STOCK SYMBOL: AI
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Hewlett Packard Enterprise — The tech stock added nearly 3% after Hewlett Packard Enterprise’s latest quarterly results surpassed Wall Street estimates. The company reported adjusted earnings of 63 cents per share on revenue of $7.81 billion. Analysts polled by Refinitiv were expecting earnings of 54 cents per share on revenue of $7.43 billion.
STOCK SYMBOL: HPE
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ChargePoint Holdings — Shares plummeted 11% after ChargePoint Holdings reported a quarterly revenue miss. The electric vehicle infrastructure company posted revenue of $152.8 million in the fourth quarter, less than the forecasted $164.6 million, according to consensus estimates from FactSet. The company also issued lackluster guidance.
STOCK SYMBOL: CHPT
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Zscaler — Shares of the cybersecurity company slid 11% in premarket trading despite Zscaler beating estimates on the top and bottom lines for the fourth quarter. The company earned an adjusted 37 cents per share, above the 29 cents expected by analysts, according to Refinitiv. However, several analysts pointed to billings guidance as a sign of weakness, with Stifel analyst Adam Borg saying in a note to clients said that the guidance was “muted.”
STOCK SYMBOL: ZS
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First Solar — Shares gained 1.6% after UBS upgraded First Solar to buy from neutral, and raised his price target, saying tax credits will help the stock gain more than 20%.
STOCK SYMBOL: FSLR
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Marvell Technology — The chip stock slid 8% after Marvell Technology reported mixed fourth-quarter results. The semiconductor company reported adjusted earnings of 46 cents per share, just one cent shy of analysts’ estimates, according to Refinitiv. It posted revenue of $1.42 billion, topping the $1.40 billion consensus estimate.
STOCK SYMBOL: MRVL
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Apple — Shares rose 1% after Morgan Stanley reiterated an overweight rating on Apple, saying investors should look past Apple’s near-term challenges for strong catalysts. His $180 price target implies more than 20% upside from Thursday’s close.
STOCK SYMBOL: AAPL
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Procter & Gamble — The consumer staples company gained more than 1% in the premarket following an upgrade to overweight from neutral by JPMorgan. The Wall Street firm said the consumer is resilient and believes Procter & Gamble will become an earnings compounder in the second half of the year.
STOCK SYMBOL: PG
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Broadcom — Shares climbed 1.5% after Broadcom beat Wall Street estimates on the top and bottom lines. The semiconductor manufacturing company reported first quarter earnings of $10.33 per share ex items on revenues of $8.92 billion. Analysts polled by Refinitiv expected earnings per share of $10.10 on revenues of $8.90 billion.
STOCK SYMBOL: AVGO
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Nordstrom — Shares rose 0.6% after Nordstrom reported an earnings per share beat in its fourth quarter, according to consensus estimates from Refinitiv. Revenue, however, missed estimates.
STOCK SYMBOL: JWN
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Costco Wholesale — Shares declined 2.6% after Costco Wholesale reported a revenue miss in its fiscal second-quarter earnings. The wholesale retailer reported revenue of $55.27 billion, less than the consensus estimate of $55.54 billion, according to Refinitiv. Costco otherwise beat earnings per share expectations.
STOCK SYMBOL: COST
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Dell Technologies — The stock dropped more than 3% even after Dell Technologies reported fourth-quarter earnings of $1.80 per share ex-items on revenue of $25.04 billion. That beat Wall Street expectations of per-share earnings of $1.63 on revenue of $23.39 billion.
STOCK SYMBOL: DELL
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Victoria’s Secret — Shares slid 3% after Victoria’s Secret reported mixed fourth-quarter results. The lingerie retailer posted earnings of $2.47 per share ex-items on revenue of $2.02 billion. Analysts polled by Refinitiv were forecasting per-share earnings of $2.34 on revenue of $2.02 billion.
STOCK SYMBOL: VSCO
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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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