Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your pre-market stock movers & news on this Wednesday, March the 8th, 2023-
Stock futures are flat following a selloff fueled by Powell’s comments: Live updates
U.S. stock futures were little changed Wednesday, a day after a selloff spurred by Federal Reserve Chairman Jerome Powell’s comments indicating interest rates may need to go higher for longer.
Dow Jones Industrial Average futures ticked higher by 35 points, or 0.1%. S&P 500 and Nasdaq-100 futures rose marginally.
The Dow closed nearly 575 points lower on Tuesday. The S&P 500 slid 1.53% to close below the key 4,000 threshold, and the Nasdaq Composite lost 1.25%. The sharp decline for stocks was accompanied by a spike in bond yields, with the rate on the 2-year Treasury surpassing 5% and touching the highest level since 2007.
The shakeup in markets came after Fed Chair Powell spoke before the Senate Banking, Housing and Urban Affairs Committee. He cautioned lawmakers that the central bank’s terminal rate will likely be higher than previously anticipated due to stubbornly high economic data in recent weeks.
″[Powell] is being very, very clear that if you look at what happened over the past year and a half, the call on inflation didn’t pan out,” Morgan Stanley’s global chief economist Seth Carpenter said on CNBC’s “Closing Bell: Overtime.”
“I think now Powell is very much on board with the idea that he does not want to get caught flat-footed again, and so opening the door very wide for a 50 basis point hike was exactly what he did,” Carpenter added.
On Wednesday, investors will be closely watching Powell speak before the House Financial Services Committee. Separately, Richmond Fed President Tom Barkin will also be speaking on the labor market Wednesday morning. January’s job openings and labor turnover data is due, as is the ADP jobs report for February.
STOCK FUTURES CURRENTLY:
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YESTERDAY'S MARKET MAP:
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TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
YESTERDAY'S S&P SECTORS:
(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)
TODAY'S S&P SECTORS:
(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)
TODAY'S ECONOMIC CALENDAR:
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(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR LINK #2!)
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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(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
YESTERDAY'S INSIDER TRADING FILINGS:
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TODAY'S DIVIDEND CALENDAR:
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(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: [cnbc.com]())
(N/A.) — (N/A.).
STOCK SYMBOL: (N/A.)
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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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