Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your pre-market stock movers & news on this Wednesday, August the 2nd, 2023-
Stock futures fall after Fitch downgrades U.S. rating, earnings season continues: Live updates
U.S. stock futures fell Wednesday after Fitch downgraded the long-term rating for the U.S. and traders continued to assess the latest batch of second-quarter earnings results.
Dow Jones Industrial Average futures slid by 105 points, or 0.3%. S&P 500 and Nasdaq-100 futures dipped 0.5% and 0.7%, respectively.
Fitch Ratings lowered the long-term foreign currency issuer default rating for the U.S. to AA+ from AAA Tuesday night, citing “expected fiscal deterioration over the next three years.”
A busy earnings week carried on. Advanced Micro Devices rose 2% before the bell on better-than-expected results. CVS Health gained 2% on strong earnings as it trims costs. Meanwhile, SolarEdge Technologies tumbled 12% after missing second-quarter revenue expectations.
Those moves came after a lackluster first day of trading to start August. On Tuesday, the S&P 500 fell 0.27%, while the Nasdaq Composite declined 0.43%. The Dow Jones Industrial Average added 71.15 points, or 0.2%, and reached its highest level since February 2022 at one point in the session.
Earnings season is more than halfway through with results coming in stronger than expected. Of the S&P 500 companies that have reported, about 82% have posted positive surprises, according to FactSet data. The earnings beats have added to bullish investor sentiment, continuing this year’s recovery.
“I think in the last five or six weeks, the lack of the ’23 bear case isn’t the only explanation. I think now it’s a more more plausible 2024, 2025 bull case,” Trivariate Research’s Adam Parker told CNBC’s “Closing Bell” on Tuesday.
“There’s an emerging number of possibilities that seems to make people think, ‘Alright, maybe 2024 earnings … could represent the beginning of a new multi year trend.’ And so that, I think, is gaining steam among investors,” Parker added.
CVS Health, Yum! Brands and Humana are set to report earnings before the open Wednesday.
Traders are also anticipating the July ADP jobs report Wednesday before the open. Economists polled by Dow Jones expect a 175,000 increase, which would be lower than the 497,000 rise in the prior month.
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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THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
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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:
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(TO BE POSTED LATER THIS MORNING.) — (TO BE POSTED LATER THIS MORNING.).
STOCK SYMBOL: SPY
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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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