Good morning traders and investors of the r/stocks sub! Welcome to the final trading day of March and Q1! Here are your pre-market stock movers & news on this Thursday, March the 31st, 2022-
Dow and S&P 500 futures are little changed as Wall Street gets set to end a wild quarter
Stock futures were little changed in early morning trading Thursday as traders wrap up a month and quarter.
Futures on the Dow Jones Industrial Average slipped 26 points, or less than 0.1%. S&P 500 futures were flat, and Nasdaq 100 futures added 0.2%.
Some tech stocks were under pressure Thursday amid analysts concerns over the PC market going forward. AMD shares slipped more than 1% in the premarket after analysts at Barclays downgraded the stock to equal weight from overweight. Meanwhile, HP Inc and Dell dipped 3.8% and 2%, respectively, after being downgraded to equal weight from overweight at Morgan Stanley.
Oil prices fell sharply, with West Texas Intermediate futures dropping 5% to $102.18 per barrel. That comes as President Joe Biden’s administration considers a plan to release 1 million barrels of oil per day from the strategic petroleum reserve for about six months, a source told NBC News.
Volatile oil prices have loomed over equities, with U.S. crude prices climbing more than 3% on Wednesday. Germany warned of potential rationing of natural gas due to disputes with Russia, and U.S. crude stockpiles fell.
“We’re going to be bouncing around between good news and bad news, unfortunately,” said George Mateyo, Key Private Bank chief investment officer. “That’s going to create some volatility.”
Thursday marks the last trading day of March and of the first quarter.
The S&P 500 and Nasdaq are on pace to finish the month up about 5% each, while the Dow is nearly 4% higher in March. For the first quarter, the Dow and S&P 500 are both down about 3% and the Nasdaq is off more than 7%.
Those moves come as traders grapple with the Federal Reserve’s plans to tighten monetary policy this year to fight a spike in U.S. inflation, while the Ukraine-Russia war rages on.
Investors are awaiting weekly jobless claims and personal income and spending data to be released Thursday morning.
Stocks are coming off a down session Wednesday in which the Dow and S&P 500 each snapped four-day win streaks. The Dow shed 65.38 points, or 0.2%. The S&P 500 fell 0.6% and the Nasdaq lost 1.2%.
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)
Walgreens (WBA) – The drug store operator reported an adjusted quarterly profit of $1.59 per share, 19 cents above estimates, with revenue also topping Wall Street forecasts. Comparable pharmacy sales rose 7.3%, helped by demand for Covid vaccines. Walgreens shares initially rose in the premarket but lost their gains and dipped negative.
STOCK SYMBOL: WBA
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Baidu (BIDU) – Baidu lost 2.2% in premarket trading after the SEC added the search engine company to its list of U.S.-traded China stocks that could be delisted if they don’t allow American regulators to review three years’ worth of financial audits. Online entertainment company iQYI (IQ) was also added to that list, with its shares sliding 6.6%.
STOCK SYMBOL: BIDU
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Novavax (NVAX) – The drug maker’s shares gained 1.3% in premarket trading after it asked EU regulators to clear its Covid-19 vaccine for use in teenagers.
STOCK SYMBOL: NVAX
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Advanced Micro Devices (AMD) – Advanced Micro Devices was downgraded to “equal weight” from “overweight” at Barclays, which points to cyclical risk in several different end markets for the semiconductor maker. AMD fell 2.2% in premarket action.
STOCK SYMBOL: AMD
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HP Inc. (HPQ), Dell Technologies (DELL) – Morgan Stanley downgraded both computer equipment makers, predicting companies will shift spending away from hardware due to macroeconomic uncertainty. HP was cut to “underweight” from “equal-weight” while Dell was cut to “equal-weight” from “overweight.” HP fell 4.5% in premarket trading, while Dell lost 2.6%.
STOCK SYMBOL: HPQ
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STOCK SYMBOL: DELL
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Kinross Gold (KGC) – The gold mining company is in talks to sell a Russian mine to Russia-backed investment firm Fortiana Holdings, according to people familiar with the matter who spoke to The Wall Street Journal. It would be the first sale of an asset left behind in Russia by a Western company.
STOCK SYMBOL: KGC
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Amylyx Pharmaceuticals (AMLX) – An FDA panel voted against recommending the approval of an experimental ALS drug developed by Amylyx. The panel said study data failed to prove that the drug was effective in fighting the disease. Amylyx erased early premarket losses to rise by 2.5%.
STOCK SYMBOL: AMLX
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Robinhood Markets (HOOD) – Robinhood won a favorable ruling in a Massachusetts case, with a judge deciding the state overstepped its authority in adopting a new fiduciary standard for brokerages operating in the state. The brokerage firm had been accused by regulators of encouraging its customers to take undue risks.
STOCK SYMBOL: HOOD
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Expensify (EXFY) – Expensify tumbled 14.3% in the premarket after the online expense management company reported a lower-than-expected quarterly profit and issued a weaker-than-expected revenue forecast for the current quarter.
STOCK SYMBOL: EXFY
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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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