Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, June the 23rd, 2022-
Stock futures gain as market attempts to rebound from 2022 sell-off
Stock futures rose on Thursday, as the market tried recover some of the steep losses suffered in 2022, even as recession risks rise on Wall Street.
Futures tied to the S&P 500 traded 0.8% higher, while the Dow Jones Industrial Average futures were up 168 points, or 0.6%. Nasdaq 100 futures rose 1%.
The major averages came into Thursday’s session posting strong gains for the week. The S&P 500 and Nasdaq Composite are up more than 2% in that time, while the Dow has risen nearly 2%.
To be sure, stocks closed slightly lower on Wednesday as investors weighed the likelihood of a recession.
Federal Reserve Chair Jerome Powell told Congress the central bank is “strongly committed” to bringing down inflation. He also noted that a recession is a “possibility,” a fear that has continued to weigh on Wall Street.
“The odds are more likely in favor of a recession than not,” Dan Greenhaus, Solus Alternative Asset Management chief strategist, said on CNBC’s “Closing Bell: Overtime.” “That speaks to the degree of tightening that the Federal Reserve is going to have to do now, having not done so in prior periods when perhaps they would have avoided some of the problems that are going to happen as a result.”
“Unfortunately, it’s going to be more economic pain than people at least six months ago anticipated, but are increasingly coming around to the reality that that’s probably what’s going to happen,” he added.
UBS is the latest investment bank this week to raise its odds of a recession to 69%, citing lackluster data last week in housing, industrial production and capital goods.
“We are now watching out for any further negative follow-through or whether we simply hit a local peak and some growth momentum in the hard data resumes,” UBS said in a Thursday note.
Citigroup increased its odds of a recession to 50%, citing a slide in consumer demand that could make it more difficult for the Federal Reserve to achieve a soft landing.
Goldman Sachs said the probability of a downturn is “higher and more front-loaded” than it was previously. In a Monday note, the firm raised its bet of a U.S. recession to 30%, up from 15%, over the next year. It increased those odds to 48%, up from 35%, over the next two years.
On Thursday, investors will be looking forward to fresh jobless claims data. Powell will also give remarks to the House, after having addressed the Senate Wednesday. The remarks are part of a congressionally mandated semiannual report on monetary policy.
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)
Accenture (ACN) – The consulting firm’s shares fell 3.3% in the premarket after its quarterly revenue beat forecasts but earnings were impacted by the cost of its Russia exit. Accenture raised its full-year revenue forecast but cut the top end of its projected earnings range due to a greater-than-expected negative impact from foreign exchange.
STOCK SYMBOL: ACN
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Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains reported better-than-expected profit and revenue for its latest quarter. It also increased its quarterly dividend by 10% and authorized a new $1 billion share repurchase program. Darden added 3.4% in premarket trading.
STOCK SYMBOL: DRI
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FactSet (FDS) – The financial information provider beat top and bottom-line estimates for its latest quarter. It also backed its prior full-year guidance, with growth projected at the upper end of its projected range.
STOCK SYMBOL: FDS
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Rite Aid (RAD) – Rite Aid shares jumped 4.3% in premarket action after reporting better-than-expected revenue and a smaller-than-expected quarterly loss.
STOCK SYMBOL: RAD
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KB Home (KBH) – KB Home reported quarterly earnings of $2.32 per share, beating the $2.03 consensus estimate, and the home builder’s revenue also came in above analyst forecasts. However, it said rising interest rates and higher prices were beginning to have a negative impact on sales growth. KB Home jumped 3% in premarket trading.
STOCK SYMBOL: KBH
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Occidental Petroleum (OXY) – Berkshire Hathaway (BRK.B) bought an additional 9.6 million shares of Occidental Petroleum, raising its stake in the energy producer to 16.3%. Occidental rallied 2.9% in premarket action.
STOCK SYMBOL: OXY
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Steelcase (SCS) – Steelcase shares rose 3.1% in premarket trading after the office furniture maker reported better-than-expected quarterly results. Higher prices and increased demand helped offset rising costs stemming in part from supply chain difficulties.
STOCK SYMBOL: SCS
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WeWork (WE) – The office-sharing company’s stock rose 3.3% in the premarket after Credit Suisse initiated coverage of the stock with an “outperform” rating. Credit Suisse feels WeWork is among the companies that will benefit from the increase in hybrid work and co-working, as well as demographic trends.
STOCK SYMBOL: WE
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Snowflake (SNOW) – The cloud computing company’s stock was upgraded to “overweight” from “neutral” at J.P. Morgan Securities, which pointed to an attractive valuation as well as extremely high satisfaction levels among Snowflake customers. Snowflake surged 6.1% in premarket trading.
STOCK SYMBOL: SNOW
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Revlon (REV) – Revlon slid 5.7% in the premarket, signaling a possible end to the three-day win streak that followed its Chapter 11 bankruptcy filing last week. The cosmetics maker’s shares have surged more than fourfold over the past 3 sessions.
STOCK SYMBOL: REV
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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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