Good Tuesday 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 Tuesday, July 5th, 2022-
Stock futures fall after another losing week on Wall Street
Stock futures were lower early on Tuesday morning after the major averages finished another losing week.
Stock futures tied to the Dow Jones Industrial Average fell 332 points, or about 1%. S&P 500 futures dipped 1.1%, and Nasdaq 100 futures shed about 1.4%.
Concerns about economic growth are hanging over investors as the U.S. market looks to recover after a rough first half to the year. U.S. Treasury Secretary Janet Yellen and China’s Vice Premier Liu He held a virtual call on Monday stateside to discuss macroeconomic issues. The benchmark 10-year Treasury yield has declined in recent days even as the Federal Reserve has pledged to aggressively fight inflation.
“The US market is all about pricing in a slowdown, and pricing in the fact that the Fed is forced to hike rates into a slowdown,” Allianz chief economic advisor Mohamed El-Erian said on “Squawk Box.”
Markets finished one of the worst halves in decades on Thursday, and major averages posted their fourth week of losses in five despite modest gains during Friday’s trading session.
In this shortened holiday week, investors are looking ahead to the release of June jobs report data on Friday. According to Dow Jones estimates, job growth likely slowed in June with 250,000 nonfarm payrolls added, down from 390,000 in May. Economists surveyed expect the unemployment rate to hold at 3.6%.
This week’s economic calendar also includes Wednesday’s release of minutes from the Federal Reserve’s latest meeting. May factory orders are expected for Tuesday, with earnings from WD-40 and Levi Strauss scheduled for Friday.
The U.S. stock market was closed on Monday for the July 4 holiday, but trading in Europe was choppy ahead of the market open in New York. The Euro slid to a 20-year low against the dollar on Tuesday.
Last week, despite modest Friday gains, the Dow dipped 1.3%, the S&P 500 dropped 2.2%, and the Nasdaq fell 4.1%. During Friday’s trading session, the Dow Jones Industrial Average added 321.83 points, or 1.1%, to 31,097.26, the S&P 500 gained 1.1% to 3,825.33 and the Nasdaq Composite edged 0.9% higher to 11,127.85.
STOCK FUTURES CURRENTLY:
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LAST WEEK'S MARKET MAP:
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TODAY'S MARKET MAP:
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LAST WEEK'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:
($LEVI $BRYN $HELE $WDFC $NTIC $KRUS $SAR $SLP)
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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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FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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FRIDAY'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)
Tesla (TSLA) – Tesla delivered 254,695 vehicles during the second quarter, down 17.9% from the first quarter and below what analysts had predicted. China’s Covid-19 shutdowns were a key factor in holding back production. Tesla fell 1% in premarket trading.
STOCK SYMBOLS: TSLA
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Occidental Petroleum (OXY) – Occidental gained 1.3% in the premarket following news that Berkshire Hathaway (BRKb) once again added to its stake in the energy producer. Berkshire bought 9.9 million more shares, boosting its stake to 17.4%.
STOCK SYMBOLS: OXY
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Exxon Mobil (XOM) – Exxon rose 1.3% in premarket trading following its late Friday announcement that second-quarter earnings could be as much as $18 billion. Exxon’s results are getting a boost from rising oil and natural gas prices and higher refining margins.
STOCK SYMBOLS: XOM
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Crocs (CROX) – Crocs jumped 2.4% in premarket action after the casual shoe maker’s stock was upgraded to “buy” from “hold” at Loop Capital.
STOCK SYMBOLS: CROX
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Stellantis (STLA) – Stellantis shares slid 6% in the premarket after a union workers report said the worldwide chip shortage could cut the automaker’s Italy-based production by about 220,000 vehicles this year. Stellantis produced about 14% fewer vehicles during the first half of 2022 compared with the same period a year ago.
STOCK SYMBOLS: STLA
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Hecla Mining (HL) – The mining company announced a deal to acquire all of the Alexco Resource shares it didn’t already own in a stock swap transaction. Hecla will also pay Wheaton Precious Metals (WPM) $135 million to terminate its joint venture with Alexco. Hecla rose 1% in premarket action.
STOCK SYMBOLS: HL
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HP Inc. (HPQ) – The computer and printer maker’s shares fell 1.9% in premarket trading after Evercore downgraded the stock to “in line” from “outperform”. The downgrade comes amid a slowdown in demand for personal computers.
STOCK SYMBOLS: HPQ
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AstraZeneca (AZN) – The drug maker announced a deal to buy biotech firm TeneoTwo in a deal that could be worth up to $1.17 million if certain milestones are reached. AstraZeneca fell 1.1% in the premarket.
STOCK SYMBOLS: AZN
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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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