Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week and a fresh start! Here are your pre-market stock movers & news on this Monday, May 8th, 2023-
Dow futures rise slightly to start the week as banks gain, investors look ahead to inflation data: Live updates
Futures tied to the Dow Jones Industrial Average rose slightly Monday as bank shares climbed, and investors looked ahead to a key inflation data release later in the week.
Dow futures were up 78 points, or 0.2%. S&P 500 futures gained 0.2%. Nasdaq-100 futures were flat.
Regional bank stocks rose broadly in the premarket, with the SPDR S&P Regional Banking ETF (KRE) climbing 2.6%. Shares of PacWest outperformed, surging 31%, after the bank cut its dividend. Big banks Citigroup, Wells Fargo, JPMorgan Chase and Morgan Stanley also rose.
On the inflation front, investor attention this week turns to April’s consumer price index due out Wednesday, followed by the producer price index on Thursday.
Both reports “could help analysts decipher the direction of the more stubborn crevices of the economy where inflation remains sticky,” said Quincy Krosby, chief global strategist at LPL Financial.
Following last week’s rate decision from the Federal Reserve, traders are pricing in just a 9% chance for a hike at the central bank’s next policy meeting, according to CME’s FedWatch tool.
“Financial markets are hoping that it continues to remain subdued, but only if inflation cooperates,” Krosby said.
Stocks are coming off a volatile week that saw the Dow Jones Industrial Average and S&P 500 notch their worst weekly stretches since March. The losses came despite a late-week rally that saw volatile regional bank stocks jump off their lows.
Over the weekend, billionaire investor Warren Buffett commented on a slew of topics, including the latest banking crisis that rocked Wall Street, at Berkshire Hathaway’s annual meeting in Omaha, Nebraska. The latest results from the conglomerate showed operating earnings increase 12% in the first quarter, while its cash hoard topped $130 billion.
Despite recent fears, Buffett said deposits should be safe in the banking sector, while also noting that commercial real estate is beginning to experience the consequences of higher borrowing costs. Even with its more than 20% stake in Occidental Petroleum, Buffett also indicated that Berkshire has no plans to take over the oil giant.
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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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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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)
PacWest — The regional bank popped 39% in premarket trading, adding to its nearly 82% gain on Friday. PacWest said its business is “fundamentally sound” and cut its dividend by just 1 cent per share. Western Alliance gained about 11% while Zions Bancorp added nearly 6%.
STOCK SYMBOL: PACW
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Occidental Petroleum — The energy stock dipped less than 1% in premarket after Warren Buffett said Berkshire Hathaway doesn’t plan on taking full control of the oil giant. The “Oracle of Omaha” has amassed a stake of 23.5%, while receiving approval to purchase up to 50% of the company.
STOCK SYMBOL: OXY
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Berkshire Hathaway — The conglomerate’s B shares rose 1.4% in premarket after Buffett’s company reported a 12.6% jump in operating earnings in the first quarter. The strong performance was driven by a rebound in the conglomerate’s insurance business. Overall earnings also rose sharply thanks in part to gains in its equity portfolio, led by Apple.
STOCK SYMBOL: BRK.B
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Estee Lauder — Shares jumped 4.2% in premarket trading following a Sunday report from the New York Post that activist investor Nelson Peltz was contemplating a “possible shakeup” at the beauty products company. The campaign would reportedly target CEO Fabrizio Freda.
STOCK SYMBOL: EL
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AMC — AMC slid 3% in the premarket after the movie theater chain said it reached an agreement to settle a shareholder class action against the conversion of AMC Preferred Equity Units into common company shares, as well as a reverse stock split. Investors approved the decision in March.
STOCK SYMBOL: AMC
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American Airlines — Shares gained about 3% in premarket trading Monday after JPMorgan upgraded the stock to overweight from neutral. Analyst Jamie Baker highlighted the company’s attractive valuation and said the “Big 3” airlines, which encompasses American, Delta and United, are pulling away from the broader field of providers.
STOCK SYMBOL: AAL
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Tyson Foods — Shares of the food production company tumbled 9% after Tyson cut its annual sales outlook and posted an unexpected loss for its latest quarter, according to FactSet. It also warned of a 4% decrease from the previous year in domestic beef production and flat pork production.
STOCK SYMBOL: TSN
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Viatris — Shares added 2.4% after the health-care stock topped earnings expectations and reaffirmed full-year guidance, despite a shortfall in revenue. Viatris posted $932.9 million in adjusted net income for the first quarter, ahead of the consensus estimate of $835.8 million from analysts polled by FactSet. Revenue, came in at $3.72 billion against a forecast of $3.8 billion.
STOCK SYMBOL: VTRS
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Fortinet — The cybersecurity company added 3.3% after being upgraded to buy from neutral by Bank of America. The Wall Street firm cited Fortinet’s solid execution and strong underlying demand.
STOCK SYMBOL: FTNT
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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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