Good morning traders and investors of the r/stocks sub! Welcome to Hump Day! Here are your pre-market stock movers & news on this Wednesday, August the 3rd, 2022-
Stock futures rise as Wall Street tries to rebound from back-to-back losing sessions
U.S. stock futures traded higher Wednesday, as traders tried to regain their footing following back-to-back losing sessions.
Futures tied to the Dow Jones Industrial Average rose 143 points, or 0.44%. S&P 500 and Nasdaq 100 futures each gained 0.48%.
Those moves came as Wall Street worried that House Speaker Nancy Pelosi’s visit to Taiwan could further strain already tense U.S.-China relations. China had spent weeks warning her not to make the trip. Markets fell further after three Federal Reserve presidents hinted that further rate hikes would be necessary to combat high inflation.
Traders also digested mixed remarks from Federal Reserve officials. St. Louis Fed President James Bullard said Tuesday he was confident that the U.S. economy could achieve a “soft landing.” Meanwhile, San Francisco Fed President Mary Daly said the central bank’s work to tame inflation is “far from done,” while Chicago Fed’s Charles Evans said there’s a chance for a smaller rate hike at the next monetary policy meeting.
“Despite the fact most of today’s attention is still riveted on the Federal Reserve and its ongoing fight to bring inflation under control, many economic policies have already embarked on a new easing cycle,” said The Leuthold Group’s Jim Paulsen. “The prospect of lower inflation is not only helping to usher in a new easing cycle but is apt to stoke a private-sector confidence revival that has untapped potential.”
Traders are also anticipating another batch of second-quarter earnings. CVS, Regeneron, Under Armour and Moderna will report before the bell Wednesday.
In economic data, investors this week are awaiting mortgage demand numbers and PMI data out 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)
CVS Health (CVS) – The drug store operator and pharmacy benefits manager saw its shares rise 3.8% in the premarket after beating top- and bottom-line estimates and raising its full-year earnings forecast. Results were helped by strong sales of over-the-counter Covid-19 tests as well as an upbeat performance by its insurance unit.
STOCK SYMBOL: CVS
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Under Armour (UAA) – The athletic apparel maker gained 2% in premarket action despite cutting its full-year earnings forecast. Increased promotional activity and currency headwinds have impacted Under Armour’s profit margins, but it did report earnings for its most recent quarter that matched estimates and revenue that was slightly ahead of consensus.
STOCK SYMBOL: UAA
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Moderna (MRNA) – The vaccine maker reported better-than-expected profit and revenue for its latest quarter and also announced a $3 billion share repurchase program. Moderna also maintained its full-year sales outlook, and its stock gained 2.6% in premarket action.
STOCK SYMBOL: MRNA
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Starbucks (SBUX) – Starbucks shares rose 1.8% in the premarket after it reported better-than-expected quarterly profit and revenue. Global comparable store sales did come in below forecasts, however, due to weakness in the locked-down China market.
STOCK SYMBOL: SBUX
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Sierra Wireless (SWIR) – The provider of connectivity technology agreed to be acquired by Canadian semiconductor maker Semtech for $31 per share in cash or $1.2 billion. Sierra Wireless surged 7.8% in the premarket, while Semtech shares fell 1.5%.
STOCK SYMBOL: SWIR
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Dish Network (DISH) – The satellite TV company added 1.3% in premarket trading after reporting better-than-expected quarterly earnings. The bottom-line beat came despite a slight revenue miss and the loss of 257,000 pay TV subscribers during the quarter.
STOCK SYMBOL: DISH
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SoFi (SOFI) – The fintech company’s stock soared 10.9% in premarket action after it reported a smaller-than-expected loss and better-than-expected revenue. It also issued strong full-year revenue guidance. Results were helped by a 91% jump in personal loan origination volume.
STOCK SYMBOL: DISH
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Match Group (MTCH) – Shares of the dating service operator tumbled 21.4% in the premarket after it reported lower-than-expected quarterly results and said top-line growth would be flat during the second half of the year. Match also announced the departure of Renate Nyborg, CEO of its Tinder unit.
STOCK SYMBOL: MTCH
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Airbnb (ABNB) – Airbnb reported better-than-expected quarterly earnings with its revenue essentially in line, as travel demand boomed. However, the stock slid 7.3% in premarket trading after it issued a lighter-than-expected bookings forecast for the current quarter.
STOCK SYMBOL: ABNB
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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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