Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of this week and for this month of July. Here are your pre-market movers & news this AM-
S&P 500 futures gain after strong Apple, Amazon reports as index heads for best month since 2020
Stock futures rose Friday as Wall Street looked to finish the week and the month higher.
S&P 500 futures climbed 0.7%, while Nasdaq 100 futures added 1%. Futures tied to the Dow Jones Industrial Average gained 66 points, or 0.2%.
Wall Street was set to post strong weekly gains. The Dow is now up nearly 2% for the week, while the S&P 500 the Nasdaq Composite are up 2.8%.
The major averages were also on pace for their best month of 2022. The Dow is on track for a more than 5% gain for July, while the S&P 500 could finish higher by 7.5%. The Nasdaq Composite, while still in bear market territory, is up more than 10% for the month.
That performance is a stark contrast from the previous six months when stocks tumbled to their June bear market. The market reversed as investors fears about the aggressive pacing of the Federal Reserve’s interest rate increases started to wane and the idea that inflation has peaked began to settle in.
Futures Thursday were supported by gains from two of the market’s biggest stocks. Amazon shares popped 12% after the e-commerce giant reported stronger-than-expected sales for the previous quarter, while Apple climbed 2.6% after posting better-than-expected iPhone revenue.
Chevron and Exxon Mobil also posted better-than-expected results for the previous quarter, sending their shares higher.
However, the latest batch of corporate results has been mixed.
Shares of Roku sank more than 20% after the company missed estimates and warned of a slowdown in advertising. Chipmaker Intel dropped 7% after its quarterly results fell short of expectations.
These moves come after a three-quarters of a percentage point hike from the Federal Reserve on Wednesday and a negative GDP reading on Thursday.
“The market is taking on a hope that slowing economic growth is going to result in a more dovish Fed moving forward, even if it’s a little further out. So it would make sense to me that weaker rates expectations moving forward would result in a little buoyancy in the equity markets,” said Lauren Goodwin, economist and portfolio strategist of New York Life Investments.
However, Goodwin cautioned that the unusual economic environment and the long period before the next Fed meeting make it difficult to predict the central bank’s path from here.
Investors will get updated looks at a key inflation reading and second-quarter employment costs on Friday, which could be key data points for the Fed as it considers its next move.
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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NEXT WEEK'S ECONOMIC CALENDAR:
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NEXT WEEK'S UPCOMING IPO'S:
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NEXT WEEK'S EARNINGS CALENDAR:
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(T.B.A. THIS WEEKEND.)
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)
Amazon.com (AMZN) – Amazon shares rallied 12.5% in premarket trading after it posted better-than-expected quarterly revenue and issued an upbeat outlook. Amazon logged an overall quarterly loss, owing largely to a $3.9 billion negative impact from its investment in electric vehicle maker Rivian (RIVN).
STOCK SYMBOL: AMZN
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Roku (ROKU) – Roku stock was slammed 23.2% in premarket trading after it reported a larger-than-expected quarterly loss and its revenue missed estimates as well. Roku also issued weaker-than-expected guidance as both ad sales and sales of its video streaming devices remain under pressure.
STOCK SYMBOL: ROKU
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Intel (INTC) – Intel shares tumbled 11.2% in premarket action after the chip maker’s quarterly profit and revenue fell short of Wall Street forecasts. Its revenue drop from a year ago was its largest in more than a decade, and its current-quarter guidance fell short of forecasts. Intel said supply chain issues and delays in the rollout of new data center chips were among the factors weighing on results.
STOCK SYMBOL: INTC
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Chevron (CVX) – Chevron rallied 3.6% in premarket trading after beating top and bottom line estimates for its latest quarter, and increasing the top end of its share buyback guidance to $15 billion from the prior $10 billion.
STOCK SYMBOL: CVX
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Procter & Gamble (PG) – Procter & Gamble missed estimates by a penny a share, with quarterly profit of $1.21 per share. Revenue exceeded forecasts. The shares fell 3.6% in the premarket as the consumer products giant predicts organic sales growth of 3% to 5% for the current fiscal year, the slowest since 2019 as consumers grow more cautious.
STOCK SYMBOL: PG
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Exxon Mobil (XOM) – Exxon Mobil added 2% in premarket action after the company posted a better-than-expected second-quarter profit. As with rival Chevron, Exxon benefited from higher prices for oil and natural gas as well as strong margins.
STOCK SYMBOL: XOM
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Apple (AAPL) – Apple gained 2.3% in the premarket, after reporting quarterly profit and revenue that exceeded Wall Street forecasts. Earnings were down from a year ago, but Apple did see iPhone sales continue to grow.
STOCK SYMBOL: AAPL
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Newell Brands (NWL) – The company behind consumer brands like Sunbeam, Mr. Coffee and Crockpot reported better-than-expected earnings for its latest quarter. Its shares fell 2.9% in the premarket, however, after it issued weaker-than-expected current-quarter and full-year guidance, amid a weak macroeconomic environment.
STOCK SYMBOL: NWL
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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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