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 5th, 2022-
Stock futures slip in early morning trading after tech-led rally
Stock futures slipped in early morning trading Tuesday as traders continue to assess the bond market’s warning signals and the latest developments in the Ukraine-Russia war.
Futures on the Dow Jones Industrial Average traded 60 points lower, or 0.18%. S&P 500 futures and Nasdaq 100 futures were down more than 0.1% each.
Treasury yields rose broadly Tuesday, but rates on some shorter-term bonds continued to trade above their longer-dated counterparts. The 5-year yield climbed to 2.6%, while the 30-year rate traded around 2.525%. However, the key part of the yield curve briefly uninverted Tuesday, with the 2-year yield trading marginally below its 10-year counterpart.
These so-called yield curve inversions have historically preceded recessions, so they are closely watched by investors.
Investors also kept an eye on Europe, as the war between Ukraine and Russia dragged on. Ukraine President Volodymyr Zelenskyy pledged to pursue allegations of war crimes against Russian forces, noting that more than 300 people were killed and tortured in a suburb near the capital of Kyiv. (Click here for the latest.)
“Markets have been resilient given the war in Ukraine, continued price pressures, and uncertain global economic outlook, with investors’ ‘buy the dip’ mentality driving equity returns,” said Mark Hackett, Nationwide’s chief of investment research.
Oil prices, which have shot up since the onset of the war amid concerns over supply disruptions, climbed Tuesday. West Texas Intermediate futures were up 0.9% at $104.23 per barrel. Brent crude gained 0.7% to $108.30.
Those moves come after a tech-led rally that saw the Nasdaq Composite rise 1.9% on Monday. Shares of Twitter surged 27% for its best day ever after Elon Musk disclosed a 9.2% passive stake in the social media company. On Tuesday, the stock was up another 1.8%.
The blue-chip Dow rose about 100 points to begin the trading week, while the S&P 500 advanced 0.8%, both posting their second straight day of gains.
“In the near-term, we believe indiscriminate selling has created attractive entry points, particularly into some high-growth-potential stocks,” Tony DeSpirito, CIO of U.S. fundamental equities at BlackRock, said in a note.
The new quarter has kicked off after the major averages finished their worst quarter in two years. Investors are awaiting the Federal Reserve meeting minutes Wednesday for further clues on the central bank’s rate-hike path. Meanwhile, the first-quarter corporate earnings season is set to begin next week.
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)
Carvana (CVNA) – Carvana was downgraded to “sector perform” from “outperform” at RBC Capital Markets, with the price target for the online car seller’s stock cut to $138 per share from $155 per share. RBC bases its call both on valuation and potential difficulty in integrating its recent acquisition of car auction company Adesa. Carvana slid 3.4% in the premarket.
STOCK SYMBOL: CVNA
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First Solar (FSLR) – The solar company’s stock fell 4.8% in premarket trading after Bank of America Securities downgraded it to “underperform” from “neutral.” BofA said investors may be overly optimistic about growth prospects and that a new Commerce Department anti-dumping inquiry into Asian module manufacturers is unlikely to drive pricing power.
STOCK SYMBOL: FSLR
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Generac (GNRC) – The maker of backup generators and other energy-related equipment was put on the “Americas Buy List” at Goldman Sachs. Goldman points to a broad product portfolio, an increasing distribution footprint, and the idea that many of Generac’s products are in the early stages of adoption. Generac added 2.1% in premarket trading.
STOCK SYMBOL: GNRC
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Carnival (CCL) – Carnival rallied 3.6% in the premarket after the cruise line operator said the seven-day period from March 28 through April 3 was the busiest week for new cruise bookings in the company’s history.
STOCK SYMBOL: CCL
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Twitter (TWTR) – Twitter was up another 1.5% in premarket action after soaring 27.1% Monday. That followed Tesla CEO Elon Musk’s disclosure that he had taken a 9.2% stake in the social media company.
STOCK SYMBOL: TWTR
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Nio (NIO) – Nio gained 1.1% in the premarket following a report in the Financial Times that the China-based electric car maker is speaking with peers about licensing its battery swapping technology.
STOCK SYMBOL: NIO
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Farfetch (FTCH) – The luxury fashion e-commerce company will take a $200 million minority stake in Neiman Marcus as part of a global partnership.
STOCK SYMBOL: FTCH
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Acuity Brands (AYI) – The maker of lighting products and building management systems reported quarterly earnings of $2.57 per share, 20 cents a share above estimates. Revenue also topped Wall Street forecasts. The company said it was able to offset significant increases in materials and freight costs with price increases and productivity improvements.
STOCK SYMBOL: AYI
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Teva Pharmaceutical (TEVA) – The drugmaker was upgraded to “overweight” from “equal weight” at Barclays, which cited several factors including increased estimates for Teva’s biosimilar version of the immunosuppressive drug Humira. Teva added 1.5% in premarket trading.
STOCK SYMBOL: TEVA
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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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