Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week and a frrrrrrrrrrrrrrresh start! Here are your pre-market stock movers & news on this Monday, May 9th, 2022-
Dow futures drop more than 500 points as market sell-off continues with yields on the rise
Stock futures fell sharply early Monday, as U.S. rates continued to rise and traders struggled to find their footing after big market swings last week.
Futures tied to the Dow Jones Industrial Average dropped 450 points, or 1.4%. S&P 500 futures fell 1.8%, while those for the Nasdaq 100 lost 2.3%.
The benchmark 10-year Treasury note yield hit its highest level since late 2018 on Monday. It was last trading at 3.185%.
That rate increase put pressure on Big Tech names such as Meta Platforms and Alphabet. Shares of Meta were down 2.5% in the premarket, and Alphabet lost 2.7%. Amazon, Apple and Netflix were all down more than 2% as well.
Energy stocks fell broadly as U.S. oil futures slid more than 2% to $107.14 per barrel. Occidental Petroleum shares dipped 2.8% before the bell, and Schlumberger slipped 2.4%.
“We expect markets to remain volatile, with risks skewed to the downside as stagflation risks continue to increase,” wrote Barclays’ Maneesh Deshpande. “While we cannot discount sharp bear market rallies, we think upside is limited.”
Wall Street is coming off a wild week, as investors weighed the prospects of rising interest rates against the potential of slower economic growth.
Last week, the Nasdaq Composite lost 1.54%, while the S&P 500 and Dow dropped 0.21% and 0.24%, respectively. It was the sixth straight losing week for the Dow, and the fifth straight for the other two major indexes.
While the cumulative moves for the week were not out of the ordinary, some of the day-to-day swings were eye-popping. The Dow had its best day since 2020 on Wednesday, but then erased all those gains and more on Thursday.
The short-lived Wednesday rally came after Federal Reserve Chair Jerome Powell said the central bank was not considering a 75-basis-point rate hike at upcoming meetings. Stocks and bonds rallied following that comment but reversed course on Thursday.
Billionaire hedge fund manager David Tepper told CNBC’s Scott Wapner on Friday that Powell’s statement was an “unforced error” that contributed to market volatility.
“Our thinking is that stocks are likely to continue lower because we have not yet seen enough technical evidence to suggest a bottom process has started,” wrote JC O’Hara of MKM Partners. “Technical indicators are not oversold enough. The volume profile has shown little if any signs of real capitulation.”
First-quarter earnings season is slowing down, but there are several notable reports before the opening bell on Monday, including Palantir and vaccine-makers BioNTech and Novavax.
In other corporate news, Ford was looking to sell 8 million shares in Rivian Automotive over the weekend, sources told CNBC’s David Faber.
Investors will also be keeping an eye on the war in Ukraine. U.S. first lady Jill Biden made a surprise visit to the country on Sunday. The U.S. and Group of Seven countries announced that they would increase short-term financial support for Ukraine as the war with Russia nears the three-month mark.
STOCK FUTURES CURRENTLY:
(CLICK HERE FOR STOCK FUTURES CHARTS!)
LAST WEEK'S MARKET MAP:
(CLICK HERE FOR LAST WEEK'S MARKET MAP!)
TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
LAST WEEK'S S&P SECTORS:
(CLICK HERE FOR LAST WEEK'S S&P SECTORS CHART!)
TODAY'S S&P SECTORS:
(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)
TODAY'S ECONOMIC CALENDAR:
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR!)
THIS WEEK'S ECONOMIC CALENDAR:
(CLICK HERE FOR THIS WEEK'S ECONOMIC CALENDAR!)
THIS WEEK'S UPCOMING IPO'S:
(CLICK HERE FOR THIS WEEK'S UPCOMING IPO'S!)
THIS WEEK'S EARNINGS CALENDAR:
(CLICK HERE FOR THIS WEEK'S EARNINGS CALENDAR!)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES LINK #2!)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #2!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #3!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #4!)
FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR FRIDAY'S ANALYST UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR FRIDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
FRIDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR FRIDAY'S INSIDER TRADING FILINGS!)
TODAY'S DIVIDEND CALENDAR:
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Palantir Technologies (PLTR) – The data analytics software company’s shares plunged 15.1% in premarket trading after posting a mixed quarter. Palantir reported profit of 2 cents per share, compared to a 4 cents a share consensus estimate. Revenue was higher than expected, however, despite slowing growth in its government business. Palantir also issued a softer-than-expected current-quarter revenue forecast.
STOCK SYMBOLS: PLTR
(CLICK HERE FOR LIVE STOCK QUOTE!)
Rivian (RIVN) – Ford Motor (F) is selling 8 million of its 102 million share stake in the electric vehicle maker, according to sources who spoke to CNBC’s David Faber. The move comes as the insider lockup period for selling the stock expires. Rivian shares plummeted 15.6% in the premarket.
STOCK SYMBOLS: RIVN
(CLICK HERE FOR LIVE STOCK QUOTE!)
Uber Technologies (UBER) – Uber plans to slash spending on marketing and incentives and be deliberate about adding workers, according to a staff email obtained by CNBC. CEO Dara Khosrowshahi said the ride-hailing and food delivery company said Uber needs to become a leaner business to address a “seismic shift” in investor sentiment. Uber fell 3% in the premarket.
STOCK SYMBOLS: UBER
(CLICK HERE FOR LIVE STOCK QUOTE!)
Coty (COTY) – Coty reported quarterly earnings of 3 cents per share, beating the penny a share consensus estimate. Revenue topped forecasts as well and the cosmetics company raised its full-year outlook on strong demand for its products. The stock rose 1.7% in the premarket.
STOCK SYMBOLS: COTY
(CLICK HERE FOR LIVE STOCK QUOTE!)
Energizer (ENR) – The battery maker beat estimates by 9 cents a share, with quarterly profit of 47 cents per share. Revenue topped Street forecasts as Energizer raised prices. Its shares gained 2.3% in the premarket.
STOCK SYMBOLS: ENR
(CLICK HERE FOR LIVE STOCK QUOTE!)
Elanco Animal Health (ELAN) – Elanco fell 4.3% in premarket action after the animal health products company lowered its full-year outlook, reflecting the impact of a stronger U.S. dollar. Elanco reported slightly better-than-expected profit and revenue for its most recent quarter.
STOCK SYMBOLS: ELAN
(CLICK HERE FOR LIVE STOCK QUOTE!)
Tyson Foods (TSN) – The stock rose 1% in the premarket after the beef and poultry producer beat profit and revenue estimates for its latest quarter. Tyson earned $2.29 per share, compared to a $1.91 a share consensus estimate.
STOCK SYMBOLS: TSN
(CLICK HERE FOR LIVE STOCK QUOTE!)
BioNTech (BNTX) – BioNTech trounced Wall Street estimates for profit and revenue in its latest quarter, and also backed its prior outlook for 2022 including projections for Covid-19 vaccine sales.
STOCK SYMBOLS: BNTX
(CLICK HERE FOR LIVE STOCK QUOTE!)
Twitter (TWTR) – Elon Musk detailed his financial goals for Twitter in an investor presentation obtained by the New York Times. Among those goals: quintuple revenue by 2028, cut Twitter’s reliance on advertising and reach 931 million users by 2028 compared to 217 million at the end of 2021. Twitter fell 1.3% in premarket trading.
STOCK SYMBOLS: TWTR
(CLICK HERE FOR LIVE STOCK QUOTE!)
Shell (SHEL) – Third Point’s Daniel Loeb told investors he has added to his stake in energy giant Shell, according to a letter seen by Reuters. Loeb said in the letter that he had held “constructive” talks with management, the board and shareholders about his call for the company to split itself up. Shell shares fell 2.6% in premarket action.
STOCK SYMBOLS: SHEL
(CLICK HERE FOR LIVE STOCK QUOTE!)
Southwest Gas (SWX) – Southwest Gas reached a settlement with investor Carl Icahn that will see the utility company replace its CEO and give Icahn as many as four board seats. Southwest Gas rose 1% in the premarket.
STOCK SYMBOLS: SWX
(CLICK HERE FOR LIVE STOCK QUOTE!)
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?
Leave a Reply