Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week and a frrrrrrrrrrresh start! Here are your pre-market stock movers & news on this Monday, April 25th, 2022-
Dow futures fall about 200 points as the April sell-off in markets continues
U.S. stock futures fell on Monday, pointing to a continuation of an April market sell-off that has pushed the Dow Jones Industrial Average lower for four-straight weeks.
Fear about a global economic slowdown loomed as Asian stock markets cratered Monday amid concerns about Covid case spikes in China. Oil prices declined and yields retreated on the fears.
Wall Street is also bracing for a stacked week of earnings, including reports from major technology companies like Amazon and Apple.
Dow futures lost about 250 points, or 0.7%. S&P 500 futures dipped 0.9%, and Nasdaq 100 futures declined 1%.
The Dow posted its worst one-day performance since October 2020 on Friday, dropping more than 900 points and pushing the average to its fourth straight weekly loss. For the week, the S&P 500 and the Nasdaq dropped 2.8% and 3.8% respectively, posting their third straight weekly declines.
“Stocks are kicking off the week deeply in the red as all the anxiety and negativity from Thurs/Fri carried over the weekend,” wrote Adam Crisafulli of Vital Knowledge in a note to clients. “The dramatic shift in [central bank] tightening expectations last week remains a huge overhang, but China is quickly rising the top of the list of market fears as COVID shutdown concerns spread to Beijing.”
After a late March comeback, stocks returned to their losing ways in April. The Nasdaq Composite is down nearly 10% for the month while the S&P 500 and Dow are off by 5.7% and 2.5% respectively. The S&P 500 is back in correction territory, down 11% from its high. The Nasdaq is off by more than 20% from its record.
About 160 companies in the S&P 500 are expected to report earnings this week, and all eyes will be on reports from mega-cap tech names, including Amazon, Apple, Google-parent Alphabet, Meta Platforms and Microsoft.
“This week may easily be a fork in the road of equities. We have nearly a third of the S&P 500 and half of the Dow Jones set to report. Bottom-up drivers will either confirm or reject what the challenging macro backdrop has given us over the last three weeks,” MKM’s JC O’Hara said in a note.
Coca-Cola reported better-than-expected quarterly earnings before the bell Monday and shares rose about 1% in the premarket.
Investors are watching Twitter as well, which reportedly is re-examining Elon Musk’s takeover bid. The social media company is nearing a deal to sell itself to the billionaire investor, The New York Times reported, citing unnamed sources. Twitter shares were more than 4% higher in the premarket.
China’s Shanghai composite dropped more than 5% on Monday as China struggles to contain a Covid breakout in Shanghai. Beijing reported a spike in cases over the weekend.
WTI Crude oil fell more than 5% back below $100 on fears of a global slowdown. The 10-year Treasury yield, which has undergone a rapid rise this year that has worried investors, dropped nearly 10 basis points to the 2.8% level (1 basis point equals 0.01%).
Energy and commodity-related stocks dropped in premarket trading as oil prices pulled back.
STOCK FUTURES CURRENTLY:
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LAST WEEK'S MARKET MAP:
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TODAY'S MARKET MAP:
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LAST WEEK'S S&P SECTORS:
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TODAY'S S&P SECTORS:
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TODAY'S ECONOMIC CALENDAR:
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THIS WEEK'S ECONOMIC CALENDAR:
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THIS WEEK'S UPCOMING IPO'S:
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THIS WEEK'S EARNINGS CALENDAR:
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THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
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($KO $ATVI $OTIS $PHG $DORM $BOH $LII $BMRC $HBT $LKFN $CBU $WASH)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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FRIDAY'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)
Coca-Cola — Shares of Coca-Cola rose about 1% after the company beat analysts’ expectations on the top and bottom lines in the recent quarter. The beverage giant reported adjusted earnings of 64 cents per share on revenues of $10.5 billion, while analysts expected 58 cents per share on $9.83 billion in revenue.
STOCK SYMBOLS: KO
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Twitter — Twitter ticked 5% higher on reports that the social media giant is close to a deal with Elon Musk. It comes a day after the company’s board reportedly met Sunday to discuss a takeover bid from Elon Musk, who has already secured $46.5 billion in financing.
STOCK SYMBOLS: TWTR
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Oil stocks —Shares of energy companies fell on Monday as oil prices fell on fears of a global slowdown amid lockdowns in Shanghai. Chevron, ConocoPhillips, and Marathon Oil dipped 2.2%, 2.6% and 2.8% respectively.
Kellogg — Shares of Kellogg dipped 1.8% after Deutsche Bank downgraded the stock to a hold. The bank cited the impact from workers’ strikes, rising inflation and supply chain disruptions among the reasons for the downgrade.
STOCK SYMBOLS: K
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Verizon — Verizon shares fell 1% after Goldman Sachs downgraded the stock to neutral. The bank said Verizon is situated well for 5G growth but offers a lower potential return compared to peers like AT&T.
STOCK SYMBOLS: VZ
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Penn National Gaming — The gaming stock rose 2.8% after Morgan Stanley named it a buy despite its recent underperformance. The bank also sees opportunities in its Barstool Sports and theScore businesses.
STOCK SYMBOLS: PENN
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Warner Bros. Discovery — Warner Bros. Discovery’s stock fell 2.5% as investors continued to digest the news that the company would shutter its CNN+ service weeks after its launch.
STOCK SYMBOLS: WBD
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Deere — The equipment manufacturer’s stock fell 3.4% after Bank of America downgraded the stock to neutral. The bank said it remains cautious on the farm economy and agricultural equipment space amid ongoing supply chain issues and other macro trends.
STOCK SYMBOLS: DE
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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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