Good morning traders and investors of the r/stocks sub! Welcome to Hump Day! Here are your pre-market stock movers & news on this Wednesday, March the 30th, 2022-
Stock futures edge lower after Dow and S&P 500 notch a fourth straight day of gains
U.S. equities futures dipped slightly Wednesday after stocks extended their rally in the previous session, even as fears of an inverted yield curve sparked recession concerns and investors continued watching developments play out in Ukraine.
Futures tied to the Dow Jones Industrial Average slipped by 95 points, or 0.3%. S&P 500 futures fell 0.3%, and Nasdaq 100 futures lost 0.4%.
Russia said late Tuesday it would reduce its military presence in some parts of Ukraine, but several countries — including the U.S. and U.K. — remain skeptical over Moscow’s pledge. Meanwhile, Russian attacks on Ukraine continued Wednesday.
Crude prices, which have soared since the war began, climbed more than 2% to $106.57 per barrel on Wednesday. Germany warned of potential rationing of natural gas due to disputes with Russia.
Wall Street is coming off a strong session, with the Dow and S&P 500 positing their fourth straight day of gains on Tuesday. The Nasdaq Composite climbed 1.8% in the previous session and now sits less than 10% from its record.
“The market’s now up almost 10% in the last 10 days, so we’ve had a pretty incredible rally in a very short time with not a whole lot of news change except that we actually have more rate hikes priced into the market,” Stephanie Lang, chief investment officer at Homrich Berg, told CNBC.
“This has been a nice ride,” she added. “But I wouldn’t get too comfortable for the rest of this year, because I think we’re going to continue to see a lot of volatility.”
Several retail stocks were under pressure in premarket trading after disappointing quarterly reports, including Five Below and Chewy.
On the positive side, shares of chipmaker Micron rose 4% after the company beat estimates on the top and bottom lines. Apparel stock Lululemon jumped 7% after issuing upbeat guidance and announcing a share buyback program.
All eyes were on the bond market Tuesday as the U.S. 5-year and 30-year Treasury yields inverted Monday for the first time since 2016. Historically, this inversion has been a sign of a coming recession, though it hasn’t been a good indicator of when the recession would come. Still, investors largely shrugged off the event.
On Tuesday, the main yield spread traders watch, that between the 2-year and the 10-year rate, came close to inverting but stayed positive. On Wednesday, the spread climbed back to about 7 basis points.
“The big talk right now is that at any given point in time, recession can be on the horizon,” Lang said. “Typically, you won’t see a recession for an average of 20 months once a yield curve inverts. Our antennas are up that recession risk is heightened; that doesn’t necessarily mean that there’ll be one this year, though next year is more of a concern for us.”
Investors will be watching economic data scheduled to be released Wednesday, including economic growth data, home sales data and ADP’s national employment report.
Esther George, president of the Federal Reserve Bank of Kansas City, will speak to the Economic Club of New York.
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)
BioNTech (BNTX) – The drug maker’s shares jumped 5.9% in the premarket after reporting significantly better-than-expected revenue and profit for the fourth quarter. BioNTech also reiterated its prior vaccine revenue guidance for 2022.
STOCK SYMBOL: BNTX
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Five Below (FIVE) – The discount retailer’s stock slid 3.4% in premarket trading following a mixed quarterly report. Five Below beat estimates by a penny with quarterly earnings of $2.49 per share, but both revenue and comparable sales came in below analyst forecasts.
STOCK SYMBOL: FIVE
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RH (RH) – RH fell 2.8% in premarket trading after the high-end furniture retailer reported lower-than-expected revenue for its latest quarter, although its profit came in slightly above Wall Street forecasts. RH also announced a 3-for-1 stock split.
STOCK SYMBOL: RH
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Lululemon (LULU) – Lululemon rallied 7.4% in premarket action despite a quarterly revenue miss. The athletic apparel company reported an adjusted quarterly profit of $3.37 per share, 9 cents above estimates, and issued upbeat guidance for 2022. Lululemon also announced a $1 billion share buyback program.
STOCK SYMBOL: LULU
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Micron Technology (MU) – Micron reported an adjusted quarterly profit of $2.14 per share, 17 cents above estimates. The computer chip maker also reported better-than-expected revenue as data center and smartphone chip sales showed strong growth. Micron issued an upbeat revenue forecast for the current quarter, and the stock jumped 4.1% in the premarket.
STOCK SYMBOL: MU
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Chewy (CHWY) – Chewy stock was slammed by 13.5% in premarket trading after top and bottom line misses for its latest quarter. The pet products seller lost 15 cents per share, wider than the 8-cent loss that analysts were anticipating, as labor costs rose and profit margins shrunk.
STOCK SYMBOL: CHWY
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Norfolk Southern (NSC) – Norfolk Southern rose 2.1% in premarket trading after the railroad operator announced a new $10 billion share buyback program.
STOCK SYMBOL: NSC
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WeWork (WE) – WeWork Chief Executive Officer Sandeep Mathrani has added the additional role of chairman at the office-sharing company. He fills the void created when former Chairman Marcelo Claure left earlier this year. WeWork added 3% in the premarket.
STOCK SYMBOL: WE
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Pearson (PSO) – The educational publisher’s stock slumped 7.1% in the premarket after private equity firm Apollo said it was unable to reach an agreement with Pearson on a possible takeover bid, and does not intend to make an offer.
STOCK SYMBOL: PSO
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Wayfair (W) – The furniture and home decor retailer’s shares took a 4.5% hit in premarket trading after Loop Capital downgraded the stock to “sell” from “hold,” predicting a negative impact from Fed tightening and the end of Covid-related stimulus.
STOCK SYMBOL: W
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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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