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 Tuesday, April the 4th, 2023-
Stock futures rise as Dow and S&P 500 look to extend 4-day winning streak: Live updates
Stock futures rose slightly Tuesday as the market remained resilient even after a spike in oil prices.
Futures tied to the Dow Jones Industrial Average were up by 48 points, or 0.1%. S&P 500 futures and Nasdaq-100 futures climbed 0.3% and 0.4%, respectively.
The Dow and S&P 500 are coming off their fourth straight day of gains, rising nearly 1% and 0.4% on Monday. The Nasdaq, meanwhile, slipped 0.3%.
Markets have been resilient of late, with the major averages rising even when faced by persistent inflation, a banking crisis and higher rates.
This week, the energy market became another potential source of uncertainty, after OPEC+ announced it was slashing output by 1.16 million barrels of oil per day. West Texas Intermediate futures had their biggest daily gain in nearly a year on the news. On Tuesday, crude rose another 1%.
“Given the transition the world is undergoing as it embraces ‘clean and green energy,’ OPEC+ understands all too well that its still highly valued ‘liquid gold’ will at some point begin to lose its shine,” said Quincy Krosby, chief global strategist for LPL Financial.
“Until then, as the countries dominating OPEC+ prepare for the future by spending trillions of dollars rebuilding infrastructure and refocusing away from crude oil as their primary source of income, managing the price of crude will be used more directly and aggressively than was anticipated,” she added.
Analysts say the prospect of higher oil prices could stoke inflation and recession fears, but Mona Mahajan, senior investment strategist at Edward Jones, said she doesn’t expect markets to price in a recession a second time after the “pretty severe” bear market in 2022. If there is some volatility, it’s more likely to be a “normal” correction of between 5% and 15% that sets the market up for a better second half, she said on CNBC’s “Closing Bell: Overtime.”
“We do think we’re headed toward a period of consolidation, maybe some volatility,” she said, highlighting earnings, market expectations of Fed policy and a slowdown in lending amid the banking crises as three incremental headwinds.
On Tuesday investors will get the latest number from the monthly Job Openings and Labor Turnover Survey, or JOLTS, at 10 a.m. ET.
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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THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
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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)
Etsy — The e-commerce company’s shares rose 3.9% after Piper Sandler upgraded them to overweight from neutral. The firm said that it thinks Etsy’s marketplace strengths will “help reaccelerate active buyer growth.” Shares are down 9.6% in 2023.
STOCK SYMBOL: ETSY
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Virgin Orbit — The satellite launch company sank 14% in the premarket after filing for Chapter 11 bankruptcy protection. Virgin Orbit also said it would lay off nearly all of its workforce.
STOCK SYMBOL: VORBW
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Boeing — The aerospace manufacturer’s stock dropped 0.8% after Northcoast Research downgraded shares to a sell rating. The research firm cited expected changes to commercial aircraft production, resetting of consensus forecasts and volume headwinds ahead for Boeing this quarter after communicating with its contacts in the sector.
STOCK SYMBOL: BA
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Tesla — Shares of the electric vehicle maker ticked up nearly 1% in premarket trading. Tesla stock declined 6.1% a day earlier, with investors seemingly responding to the company’s vehicle delivery report from the weekend. Concerns remain that Tesla could slash prices yet again in order to stoke sales at the cost of smaller margins. The company’s first quarter deliveries were below Wall Street expectations, but largely met the outlook that Tesla itself compiled.
STOCK SYMBOL: TSLA
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Burlington Stores — The apparel retailer’s shares rose 1.6% after Loop Capital upgraded the stock to buy from hold. Analyst Laura Champine wrote in a note that “improved values and brands in stores” will likely result in market share gains for the company.
STOCK SYMBOL: BURL
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Comcast — Shares were up 1.5% after KeyBanc upgraded the telecom giant to overweight. “We are above [consensus] on Cable EBITDA on strong ARPUs and operating efficiency drives our adj. EBITDA margins higher,” KeyBanc said. The firm’s price target implies upside of 16% for Comcast. The media company’s shares have jumped 7.8% year to date.
STOCK SYMBOL: CMCSA
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Prudential Financial — The financial services company rose 2.6% after JPMorgan upgraded the stock to overweight. The firm said that although its long-term fundamental outlook for the life insurance industry is negative, it expects healthy near-term results for lower-risk stocks with strong balance sheets.
STOCK SYMBOL: PRU
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Sarepta Therapeutics — Sarepta gained 2.5% after Citi initiated coverage of the biotechnology stock at a buy rating. The firm said the recent selloff may be overdone.
STOCK SYMBOL: SRPT
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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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