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, April the 5th, 2023-
Stock futures are flat after Dow, S&P 500 snap four-day win streaks: Live updates
U.S. stock futures were lower on Wednesday as traders assess the state of the global economy following a losing session.
The Dow Jones Industrial Average futures fell by 15 points, or less than 0.1%, while S&P 500 and Nasdaq-100 futures were also down less than 0.1% each.
Johnson & Johnson shares rose nearly 3% in premarket trading after the pharmaceutical company said Tuesday it would pay $8.9 billion over the next 25 years to settle claims that its talc products caused cancer.
Wednesday’s moves come as concern over higher rates simmered once again. New Zealand’s central bank overnight hiked rates by 50 basis points, noting that inflation was “too high and persistent.”
On Tuesday, the Dow shed nearly 200 points, snapping a four-day win streak as broader economic concerns weighed on equities. The S&P 500 fell by 0.58%, also snapping a string of four consecutive winning sessions. The Nasdaq Composite dropped by 0.52%.
Investors digested the latest job openings report that suggested the Federal Reserve’s efforts to cool the labor market might finally be having an effect. In February, the number of available positions fell below 10 million for the first time in nearly two years.
Meanwhile, the energy market added to uncertainty this week after OPEC+ said it would cut output by 1.16 million barrels of oil per day.
“I think it’s some consolidation after a stellar rally that we had last week,” Anastasia Amoroso, chief investment strategist at iCapital, said Tuesday on CNBC’s “Closing Bell.”
“But that still doesn’t deter me from saying that I think we can have a more positive tone to April because if you look at the broader picture, we sort of have the recipe for a soft landing, which is inflation expectations are coming down. And broadly speaking, economic data is surprising to the upside. So that actually still supports a resilient stock market,” Amoroso added.
On Wednesday, traders are expecting the latest ADP private payrolls report before the bell. Economists polled by Dow Jones are expecting a rise of 210,000 jobs in March, down from an increase of 242,000 in the previous month.
The latest reading of the ISM Services Index is also set to release. Economists are forecasting a reading of 54.3, according to Dow Jones consensus estimates. That’s down slightly from 55.1 in the previous release.
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)
Johnson & Johnson — The pharmaceutical giant climbed 2.6% after announcing Tuesday it will pay $8.9 billion over the next 25 years to settle claims that the talc in its baby powder and other products caused cancer. J&J also refiled for bankruptcy protection for its LTL Management subsidiary and said it continues to believe the claims lack merit.
STOCK SYMBOL: JNJ
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Zions Bancorporation — Shares of Zions Bancorporation rose 3.2% after Baird upgraded the regional bank stock to an outperform rating. The firm said shares are trading at attractive levels not seen since the global financial crisis.
STOCK SYMBOL: ZION
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Clean Energy Fuels — The stock was 3.6% higher after Raymond James upgraded Clean Energy Fuels to outperform and assigned it a $6 price target, suggesting shares stand to gain about 42.8% from Tuesday’s close.
STOCK SYMBOL: CLNE
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Albemarle — Albemarle shed 3.3% after Bank of America downgraded the chemicals manufacturing stock to underperform from neutral. The bank significantly cut its earnings forecast for Albemarle and lowered its price target to $195. The new target implies the stock could fall about 7% from Tuesday’s close.
STOCK SYMBOL: ALB
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Lamb Weston — Shares of the potato processing giant were up about 1% ahead of the company’s scheduled earnings release on Thursday. Bank of America included Lamb Weston in its recent list of short-term stock picks for the second quarter, saying it is optimistic the company will beat consensus earnings estimates.
STOCK SYMBOL: LW
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FedEx — Shares of the shipping company gained 3.1% in premarket trading after FedEx announced a dividend hike and a corporate reorganization. FedEx said it will raise its dividend by 10%, consolidate its different business divisions and change its executive compensation packages.
STOCK SYMBOL: FDX
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Exelixis — Shares of the biotech company added 1% after The Wall Street Journal reported that hedge fund Farallon Capital Management is planning to wage a proxy battle at Exelixis.
STOCK SYMBOL: EXEL
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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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