Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of this week. Here are your pre-market movers & news this AM-
S&P 500 futures are flat ahead of key jobs report
Stock futures were little changed on Friday following a rally on Wall Street as investors await a key jobs report Friday.
Futures tied to the Dow Jones Industrial Average were flat, while S&P 500 futures dipped about 0.2%. Nasdaq 100 futures slipped nearly 0.5%.
The action in futures followed a winning session Thursday in which the S&P 500 posted a four-day positive streak, matching its longest of the year thus far. The index is now down about 19% from its all-time high in January.
The June employment report due on Friday is expected to show another month of strong hiring as the labor market bucks any signs of an impending recession or economic slowdown. Economists expect that the U.S. economy added 250,000 jobs last month and that the unemployment rate will remain flat at 3.6%, according to Dow Jones.
In May, employers added 390,000 jobs, which was better than economists expected.
“With the set up of a tough Fed on the basis of wanting to aggressively tame inflation with the comfort of a strong labor market … today’s number is especially relevant,” Peter Boockvar, chief investment officer of Bleakley Financial Group, said in a note Friday morning. “If the unemployment rate starts to rise from here, I expect the Fed’s tough talk to be tempered in the months to come.”
The S&P 500 is up about 2% during this holiday-shortened week, and it’s on pace for its second positive week in the last three.
The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite are up 0.92% and 4.4% this week, respectively. Both indexes are also on track for their second positive week in the last three.
Shares of Levi Strauss gained more than 3% in the premarket after the retailer reported quarterly earnings that exceeded expectations and boosted its dividend.
GameStop fell about 6% in premarket trading as the company fired its chief financial officer and said it would lay off employees as part of a turnaround plan. The stock notched a 15% gain in the prior session after the video game retailer announced a 4-for-1 stock split.
Energy stocks led gains during Thursday’s trading, as the price of oil reversed from a recent dip. Exxon Mobil climbed nearly 3.2%, while Occidental Petroleum added close to 4%. Chipmakers boosted the tech sector after strong earnings from Samsung.
“You just don’t see the capitulation just yet, I think there’s a little bit more that needs to happen between now and the July Fed meeting,” Mark Newton, head of technical strategy at Fundstrat, said on CNBC’s “Closing Bell: Overtime” on Thursday. He added that stocks could pull back as early as Friday’s session.
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)
Levi Strauss (LEVI) – Levi Strauss rallied 3.9% in the premarket after reporting better-than-expected sales and profit for its latest quarter, helped by higher prices and strong demand for its denim offerings. Levi Strauss also raised its quarterly dividend by 20%.
STOCK SYMBOL: LEVI
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GameStop (GME) – GameStop fell 5.6% in premarket trading after the video game retailer fired Chief Financial Officer Mike Recupero and told employees in an internal memo that it is cutting staff, as it tries to turn its business around.
STOCK SYMBOL: GME
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Twitter (TWTR) – Twitter shares lost 4% in premarket action, following a Washington Post report that Elon Musk’s deal to buy Twitter may be in jeopardy. People familiar with the matter told the paper that Musk’s team doesn’t think Twitter’s figures on spam accounts aren’t reliable, although officials defended their numbers in a call with reporters.
STOCK SYMBOL: TWTR
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Upstart Holdings (UPST) – The lender’s stock plunged 16.3% in premarket trading after it said it would not meet already-reduced financial targets for its second quarter. Upstart points to a constrained lending marketplace as well as moves during the quarter to convert loans into cash.
STOCK SYMBOL: UPST
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Spirit Airlines (SAVE) – Spirit Airlines once again delayed a special shareholder meeting to vote on its planned merger with Frontier Group (ULCC), this time until July 15. The postponement comes as Spirit continues talks with both Frontier and rival suitor JetBlue (JBLU). Spirit jumped 3.2% in the premarket.
STOCK SYMBOL: SAVE
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Occidental Petroleum (OXY) – Berkshire Hathaway (BRKb) bought another 12 million Occidental Petroleum shares, raising its stake in the energy producer to 18.7%. Occidental gained 2% in premarket action.
STOCK SYMBOL: OXY
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WD-40 (WDFC) – The lubricant maker reported a quarterly profit and sales that fell short of analyst forecasts, impacted by inflationary pressures and a number of global disruptions. Shares slumped 10.6% in the premarket.
STOCK SYMBOL: WDFC
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Nu Skin Enterprises (NUS) – Shares of the health products company skid 4% in premarket trading after it gave lighter-than-expected guidance for the current quarter. Nu Skin cited several negative factors, including the Russia/Ukraine conflict, Covid-related factors in China and the general global economic downturn.
STOCK SYMBOL: NUS
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Kura Sushi (KRUS) – The Japanese restaurant chain operator’s stock surged 13% in the premarket after it reported an unexpected quarterly profit and raised its sales guidance for the full year.
STOCK SYMBOL: KRUS
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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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