Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, July the 14th, 2022-
Dow futures fall more than 400 points as traders weigh potential for big rate hikes
Stock futures fell Thursday as traders assess the possibility of even tighter U.S. monetary policy on the back of a hot inflation report. Traders also pored over key quarterly results.
Dow Jones Industrial Average futures shed 481 points, or 1.56%. S&P 500 futures were 1.49% lower, and Nasdaq 100 futures lost 1.13%.
Futures added to their losses after JPMorgan Chase reported quarterly earnings that missed analyst expectations. The stock fell more than 4% in premarket trading. Morgan Stanley is also set to report Thursday.
The consumer price index rose 9.1% on the year in June, higher than a Dow Jones estimate for an 8.8% year-over-year increase. Core CPI, which excludes volatile prices of food and energy, was 5.9%, also ahead of a 5.7% estimate.
In addition, the Beige Book, released Wednesday by the Fed showed worries of an upcoming recession amid high inflation.
The CPI report also impacted treasuries, sending the 2-year Treasury yield up nine basis points to about 3.138% while the yield on the 10-year Treasury fell about 4 basis points to 2.919. An inversion of the two is a popular signal of a recession.
The report also opened the door for a big Federal Reserve rate increase later this month, with the fed funds futures market now pricing in a hike of as much as 1% — or 100 basis points.
“The takeaway for investors is that Fed policy remains data-dependent and the central bank will continue on an aggressive tightening path until inflationary pressures peak decisively,” strategists at BCA Research wrote in a note. “Persistent price pressures call for another jumbo hike at the July 26-27 FOMC, but there is still room for the data to improve before the September meeting, 8 weeks later.”
Weekly jobless claims and the June producer price index report, which measures prices paid to producers of goods and services, will also be released Thursday. Both reports will give further insight into the economy.
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)
JPMorgan Chase (JPM) – JPMorgan Chase was down 2.9% in premarket trading after falling 12 cents shy of estimates with a quarterly profit of $2.76 per share. It also announced it was temporarily suspending share buybacks. CEO Jamie Dimon said inflation, waning consumer confidence and other factors were likely to have a negative effect on the global economy.
STOCK SYMBOL: JPM
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Morgan Stanley (MS) – Morgan Stanley reported quarterly earnings of $1.39 per share, 14 cents shy of consensus estimates, with the investment bank’s revenue also falling short. The bank saw weaker investment banking activity during the quarter, although it said results in equity and fixed income were strong. Morgan Stanley lost 2.6% in the premarket.
STOCK SYMBOL: MS
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Taiwan Semiconductor (TSM) – The chip maker’s stock rose 1.5% in the premarket after second-quarter earnings beat analyst estimates. Taiwan Semi also raised its revenue forecast for the year. Results got a boost from strong markets for automotive and IoT chips.
STOCK SYMBOL: TSM
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Ericsson (ERIC) – The Sweden-based telecom equipment company reported a profit that missed analyst estimates, hurt by higher costs for components and logistics. Ericsson shares tumbled 9.1% in premarket trading.
STOCK SYMBOL: ERIC
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Twitter (TWTR) – Twitter added 1.1% in premarket action, on top of a 12.6% jump over the past 2 sessions. Wednesday’s nearly 8% gain came after Twitter sued Elon Musk to force him to go through with a $44 billion takeover deal. Twitter also said in an SEC filing that it is not planning company-wide layoffs but may continue to restructure the company.
STOCK SYMBOL: TWTR
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Conagra (CAG) – The food producer reported an adjusted quarterly profit of 65 cents per share, 2 cents above estimates, with revenue essentially in line with forecasts. Conagra saw an impact from higher costs, with operating margins falling by 310 basis points.
STOCK SYMBOL: CAG
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Cisco Systems (CSCO) – J.P. Morgan Securities downgraded the networking equipment maker’s stock to “neutral” from “overweight,” based in part on what it sees as downside risks to enterprise spending levels. Cisco fell 2.2% in the premarket.
STOCK SYMBOL: CSCO
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Dollar General (DG) – The discount retailer’s stock fell 2.3% in the premarket after Citi downgraded it to “neutral” from “buy,” noting that the shares are within 4% of its price target. Citi also feels the recently announced CEO transition will be smooth and does not impact its view of the stock.
STOCK SYMBOL: DG
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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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