Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, April the 26th, 2022-
Stock futures dip slightly as market attempts to build on Monday’s comeback
Stock futures fell slightly on Tuesday a day after a big reversal in markets gave some traders hope the April sell-off was nearing an end.
Futures tied to the Dow Jones Industrial Average eased about 140 points, or 0.4%. S&P 500 futures were down about 0.4%. Nasdaq 100 futures fell 0.4%.
On Monday, the Dow advanced more than 200 points, after cutting a near 500-point loss from earlier in the day. The dramatic market reversal pushed the Nasdaq Composite higher by 1.3% and the S&P 500 up by 0.6%.
“Quite an impressive reversal, unfortunately we don’t believe that [Monday’s] low is the end of the market’s drawdown,” wrote Rob Ginsberg, technical analyst with Wolfe Research. “The sell-off still feels a bit too orderly to us.”
The bounce was welcomed by investors after stocks ended the previous week on a sour note, with the Dow falling to its fourth losing week in a row and the S&P and Nasdaq hitting three-week losing streaks Friday. The tech-heavy Nasdaq fell into bear market territory last week, but after Monday’s comeback sits 19.8% from its record. For April, the S&P 500 is off by 5% and the Nasdaq is down more than 8%.
Monday’s reversal was led by names like Microsoft, Alphabet and Meta Platforms, which rallied in the afternoon amid falling interest rates and ahead of an intense week of earnings for mega cap tech stocks. Twitter also jumped after its board accepted Tesla CEO Elon Musk’s offer to take it private.
Alphabet and Microsoft were slightly higher in premarket trading Tuesday before their quarterly reports after the bell. Meta, Amazon and Apple will report later in the week.
UPS shares added more than 1% in premarket trading after the shipper’s quarterly earnings and revenue topped expectations. The company also reaffirmed its guidance. 3M shares were marginally higher in premarket trading after first-quarter results topped expectations.
“A third of the S&P is reporting [earnings] this week, and you’re probably going to see much of the same: lots of top- and bottom-line beats. Companies are going to talk about margin pressures and passing on price increases to the consumer, but they’re still going to highlight there’s still overall optimism about the economy,” Edward Moya, senior market analyst at Oanda, told CNBC.
Between the continuation of strong earnings and a quiet period from the Federal Reserve, there will likely be a relief rally in the market, Moya added.
“We’re not going to be getting more nervousness about Fed tightening, because we won’t be hearing much more about it until the May meeting,” he said.
In economic data, investors are expecting fresh numbers for new home sales and consumer confidence Tuesday morning.
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)
PepsiCo – Shares of the food and beverage giant dipped in the premarket although the company reported a beat on the top and bottom lines in the recent quarter as consumers paid more for some of the company’s key brands.
STOCK SYMBOL: PEP
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General Electric – General Electric’s stock fell 3.5% despite topping estimates in its quarterly report. The company confirmed its previous full-year profit guidance range and said it sees challenges from inflation and supply chain issues.
STOCK SYMBOL: GE
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United Parcel Services — Shares of the shipping and logistics giant gained 1.7% after beating analyst estimates on the top and bottom lines. UPS reported adjusted earnings per share of $3.05 on revenues of $24.38 billion while analysts expected $2.88 earnings per share on $23.79 billion in revenue.
STOCK SYMBOL: UPS
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3M – 3M shares were flat premarket after reporting quarterly earnings that topped estimates. The company saw revenues of $8.83 billion while analysts expected $8.74 billion in revenue.
STOCK SYMBOL: MMM
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D.R. Horton — The homebuilder stock rose 2.8% during premarket trading after beating analyst estimates in the previous quarter. D.R. Horton reported adjusted earnings of $4.03 a share on revenues of $8 billion. Analysts anticipated $3.37 adjusted earnings per share on $7.62 billion in revenue.
STOCK SYMBOL: DHI
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SeaWorld — The theme park and entertainment company’s stock surged 4.6% after Rosenblatt Securities initiated coverage with a buy and said despite pandemic headwinds the company has faired well under the vision of big investor Scott Ross.
STOCK SYMBOL: SEAS
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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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