Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, August the 2nd, 2022-
Stock futures slip as U.S.-China tensions simmer over Pelosi’s expected trip to Taiwan
Stock futures fell Tuesday morning as tensions between the U.S. and China increased ahead of an expected visit to Taiwan by House Speaker Nancy Pelosi.
Futures tied to the Dow Jones Industrial Average were 166 points lower, or 0.52%. S&P 500 futures slid 0.60%, and Nasdaq 100 futures dropped 0.77%. Shares of Caterpillar are weighing on Dow futures after the company reported earnings that missed revenue expectations, sending the stock down more than 3% before the bell.
Pelosi was expected to visit Taiwan and spend Tuesday night there, Reuters reported, citing sources. Leading up to the trip, Chinese officials threatened to take action if Pelosi moved forward with the visit. Pelosi would become the first House Speaker since Newt Gingrich in 1997 to visit Taiwan.
“We would like to tell the United States once again that China is standing by, the Chinese People’s Liberation Army will never sit idly by, and China will take resolute responses and strong countermeasures to defend its sovereignty and territorial integrity,” Chinese foreign ministry spokesman Zhao Lijian said in a daily briefing Monday.
Traders are also awaiting another raft of earnings from companies such as Starbucks, PayPal and Advanced Micro Devices.
Tuesday’s moves came after the major averages fell on the first day of August. The S&P 500 shed 0.28% to end at 4,118.63 while the Nasdaq Composite inched 0.18% lower and closed at 12,368.98. The Dow Jones Industrial Average slipped 46.73 points, or 0.14%, to end at 32,798.40. Last month, the major averages posted their biggest one-month gains since 2020.
“I think for sure it remains a bear market bounce,” Kevin Simpson of Capital Wealth Planning told CNBC’s “Closing Bell: Overtime” on Monday. ”… I think it was awesome the way the markets traded in July, but I think we’re not through any type of capitulation. The headwinds are just too rampant.
On the economic data front, investors this week are awaiting the July nonfarm payrolls report slated for release Friday for further clues into the state of the economy and the job market.
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)
Caterpillar (CAT) – The heavy equipment maker’s stock fell 3.7% in the premarket after its quarterly earnings beat forecasts but revenue was slightly short of consensus. Caterpillar’s sales were hurt by its exit from Russia as well as supply chain issues, and it also saw elevated costs during the quarter.
STOCK SYMBOL: CAT
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Uber Technologies (UBER) – Uber reported a quarterly loss of $1.33 per share, including the impact of a $1.7 billion headwind from a drop in the value of its investments. The ride-hailing company’s revenue did come in better than expected, and it turned cash flow positive for the first time. Its shares rallied 10.8% in premarket action.
STOCK SYMBOL: UBER
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**Pinterest (PINS) – Pinterest shares soared 18.6% in premarket trading following its quarterly results and the news that activist investor Elliott Management is now the image-sharing site’s largest shareholder. Pinterest reported lower-than-expected earnings, but revenue was only slightly below forecasts and user numbers were somewhat better than expected.
STOCK SYMBOL: PINS
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Royal Caribbean (RCL) – Royal Caribbean fell 1.2% in premarket action after it announced the pricing of an upsized $1 billion debt offering. The cruise line operator will use the proceeds to refinance existing convertible notes.
STOCK SYMBOL: RCL
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Simon Property Group (SPG) – The shopping mall operator reported better-than-expected quarterly earnings, although its revenue was slightly below Street forecasts. Simon CEO David Simon said mall sales are doing well despite inflation concerns and that the company is positioned to do well in a potential recession. Simon shares added 2.2% in the premarket.
STOCK SYMBOL: SPG
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Cowen Group (COWN) – The financial services firm’s shares rallied 7.5% on news that it agreed to be acquired by TD Bank (TD) for $39 per share or $1.3 billion in cash.
STOCK SYMBOL: COWN
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Avis Budget (CAR) – The rental car company’s stock jumped 4% in premarket trading after it reported better-than-expected quarterly results. Avis Budget said it benefited from strong demand and “stringent” cost controls.
STOCK SYMBOL: CAR
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Arista Networks (ANET) – The cybersecurity firm reported better-than-expected profit and revenue for its most recent quarter and gave upbeat revenue guidance for the current period. Arista’s results got a boost from strong demand from cloud and data center customers, and its stock gained 5.4% in premarket action.
STOCK SYMBOL: ANET
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Zoominfo Technologies (ZM) – The business software company’s stock surged 11.3% in the premarket after it reported better-than-expected quarterly results and raised its full-year guidance.
STOCK SYMBOL: ZM
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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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