Good morning traders and investors of the r/stocks sub! Welcome to CPI Print Day! Here are your pre-market stock movers & news on this Wednesday, August the 10th, 2022-
Stock futures nudge higher as investors brace for July inflation report
Stock futures were slightly higher early on Wednesday as investors looked ahead to a key inflation report.
Dow Jones Industrial Average futures gained 73 points, or 0.2%. S&P 500 futures added 0.2% and Nasdaq 100 futures climbed 0.3%.
The moves come after the S&P 500 and Nasdaq fell for a third straight day on Tuesday. The Nasdaq Composite led the declines, falling 1.2% after Micron, Novavax and Upstart warned that future earnings and revenue may come in lower than previously thought. The S&P 500 fell 0.42%, and the Dow Jones Industrial Average shed 0.18%.
Inflation report looms
Investors are awaiting the latest consumer price index report, which could confirm or dash hopes that rising prices have started to slow. Economists expect the report to show that inflation has cooled slightly, led by slipping oil prices.
“In terms of reactions, the market will initially get more excited by a downside core CPI surprise than an upside surprise, especially as it relates to risk appetite,” Alan Ruskin of Deutsche Bank wrote in a Tuesday note. “A downside surprise plays to ‘hopes’ that an oil/food commodities peak, plus slower demand, will filter quickly into US inflation data.”
The Federal Reserve will weigh the report, along with other key economic data, ahead of its September meeting where it is slated to hike interest rates again.
Earnings season also continues, with Disney’s quarterly results due after the bell Wednesday.
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)
Wendy’s (WEN) – Wendy’s shares fell 1% in premarket trading following a mixed quarter, which saw the restaurant chain report better-than-expected earnings while revenue fell short of Street forecasts. U.S. same-restaurant sales rose 2.3%, less than analysts had estimated, as consumers spent more cautiously.
STOCK SYMBOL: WEN
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Buzzfeed (BZFD) – The digital media company reported a wider-than-expected quarterly loss amid a pressured advertising market and rising expenses. Buzzfeed fell 3.7% in premarket trading.
STOCK SYMBOL: BZFD
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Twitter (TWTR) – Twitter added 3.6% in premarket action following news that Elon Musk sold nearly $7 billion in Tesla (TSLA) shares over the past few days. The move comes amid uncertainty over whether a court will force Musk to follow through on his $44 billion deal to buy Twitter. Tesla shares gained 1.3%.
STOCK SYMBOL: TWTR
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Roblox (RBLX) – The videogame company’s stock tumbled 15.1% in the premarket after Roblox reported a quarterly loss that was wider than expected and bookings – a key sales metric – fell short of analyst forecasts.
STOCK SYMBOL: RBLX
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Wynn Resorts (WYNN) – The resort operator reported a smaller-than-expected quarterly loss, but revenue was shy of expectations as results in Macau continue to be pressured by Covid-related shutdowns. Wynn Resorts fell 2.9% in premarket trading.
STOCK SYMBOL: WYNN
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Trade Desk (TTD) – The digital advertising firm’s stock surged 16.3% in the premarket after it reported better-than-expected quarterly revenue and gave an upbeat forecast for the current quarter. The company said its performance gives it confidence that it can gain market share in any economic environment.
STOCK SYMBOL: TTD
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H&R Block (HRB) – The tax preparation firm’s stock jumped 4% in premarket action after quarterly results were better than expected, helped by a strong tax season. H&R Block also announced a 7% dividend increase and a new $1.25 billion stock buyback program.
STOCK SYMBOL: HRB
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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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