Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, June the 14th, 2022-
Stock futures rise as Wall Street looks to bounce from Monday sell-off
U.S. stock futures rose Tuesday, as the market tried to claw back some of Monday’s steep declines that pushed the S&P 500 back into bear market territory. Traders also looked ahead to a key monetary policy announcement from the Federal Reserve later in the week.
Dow Jones Industrial Average futures rose 70 points, or 0.24%. S&P 500 and Nasdaq 100 futures climbed 0.36% and 0.6%, respectively.
Shares of Oracle jumped 12% in premarket trading after the software company reported an earnings beat boosted by a “major increase in demand” in its infrastructure cloud business.
The moves came after an intense sell-off Monday. The S&P 500 slumped 3.9% to its lowest level since March 2021, closing more than 21% below its January record. Monday’s close marked bear market for the S&P 500 since March 2020. During that last bear market, the S&P 500 lost 33.9% before recovering, according to data compiled by S&P Dow Jones Indices. The data also showed that bear markets on average last more than 18 months.
Meanwhile, the Dow tumbled 2.8%, putting it roughly 17% off its record high. The Nasdaq Composite dropped nearly 4.7% and is now more than 33% off its November record.
Those losses came as expectations grow for the Fed to hike rates more than initially anticipated. CNBC’s Steve Liesman reported Monday that the Fed will “likely” consider a 75-basis-point increase, which is greater than the 50-basis-point hike many traders had come to expect. The Wall Street Journal reported the story first.
Traders now see a more than 90% chance of a 75-basis-point rate hike at this week’s Fed meeting, which concludes Wednesday, according to the CME Group’s FedWatch tool that measures pricing in the fed funds futures markets.
That change in Fed policy expectations sent rates surging, with the 10-year rate briefly topping 3.4%on Monday. The benchmark rate eased back to about 3.32% on Tuesday.
“The move in the 10-year Treasury yield toward 3.5% shows the market’s fear that the Fed may fall further behind the curve is increasing,” wrote UBS strategists led by Mark Haefele. “In turn, this will give the Fed less room to ‘declare victory’ and ease off on rate hikes. As a result, the risks of a Fed-induced recession have increased, in our view, and the chances of a recession in the next six months have risen.”
Wall Street is also expecting the latest reading on the May producer price index on Tuesday before the bell at 8:30 a.m.
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)
Continental Resources (CLR) – The oil and natural gas producer’s stock rallied 7.4% in the premarket after receiving a $70 per share “take private” bid from Chairman Harold Hamm and his family. The company’s board will establish an independent committee to evaluate the proposal.
STOCK SYMBOL: CLR
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Oracle (ORCL) – Oracle surged 12% in premarket trading after reporting better-than-expected profit and revenue for its latest quarter. Oracle is seeing strong demand for its cloud software as more businesses transition to a hybrid workplace.
STOCK SYMBOL: ORCL
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National Vision (EYE) – The optical products retailer’s stock soared 14.3% in the premarket following news that it will be added to the S&P SmallCap 600 index. The change will be effective prior to the opening of trading on Thursday.
STOCK SYMBOL: EYE
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Twitter (TWTR) – Twitter shares rose 2.7% in premarket action following news that Elon Musk would attend an all-hands employee meeting on Thursday. Musk agreed in April to buy Twitter for $44 billion but has since threatened to back out of the deal.
STOCK SYMBOL: TWTR
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Best Buy (BBY) – Best Buy fell 1.3% in premarket trading after Bank of America Securities downgraded the electronics retailer’s stock to “neutral” from “buy.” BofA points to increasing uncertainty about Best Buy’s 2023 earnings prospects.
STOCK SYMBOL: BBY
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Nokia (NOK) – Nokia was upgraded to “buy” from “neutral” at Citi, which cites improving fundamentals for the networking hardware and software maker. Citi points to particular strength for Nokia in the mobile infrastructure market. The stock added 2.8% in premarket action.
STOCK SYMBOL: NOK
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Coty (COTY) – Coty rose 1% in premarket trading after the cosmetics company reaffirmed its financial outlook for both the current quarter and the full year. Coty is set to present at Deutsche Bank’s Global Consumer Conference today.
STOCK SYMBOL: COTY
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Philip Morris (PM) – The tobacco company said it now expects a better performance from its core business than previously anticipated, and that it continues to see growth in its IQOS electronic cigarette business. The stock rose 1% in the premarket ahead of a company presentation at today’s Deutsche Bank conference.
STOCK SYMBOL: PM
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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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