Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, August the 4th, 2022-
Stock futures tick up as Wall Street awaits new economic data
Stock futures rose Thursday as investors wait for new economic data that could further support the idea that the U.S. labor market is strong, shaking off recession fears.
Futures tied to the Dow Jones Industrial Average gained 42 points or 0.1%. S&P 500 futures increased 0.14% and Nasdaq 100 futures rose 0.24% ahead of Thursday’s weekly jobless claims report, due at 8:30 am ET.
Wall Street was coming off a strong session. On Wednesday, the Dow advanced more than 400 points, while the S&P 500 hit its highest level since June. The tech-heavy Nasdaq Composite jumped about 2.5%.
Investors got the green light to jump back into beaten up tech names after a surprise rebound in July services PMI and comments from St. Louis Federal Reserve President James Bullard. Bullard said he does not think the U.S. is in a recession, citing job gains and low unemployment.
“U.S.-China tensions remain high and the Fed continues to talk tough on inflation, but earnings were enough to catalyze the next leg of the rebound,” according to Barclays. “A wave of Tech quarterlies came in better than expected, and the [technology, media and entertainment, and telecommunications] complex led the S&P 500 to a new QTD high.”
Investors will get another batch of earnings on Thursday. Eli Lilly, Kellogg, Alibaba and ConocoPhillips are among those scheduled to report quarterly results before the bell.
In economic data, investors are looking forward to weekly jobless claims in the morning. Federal Reserve Bank of Cleveland President Loretta Mester speaks at the Economic Club of Pittsburgh.
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)
Eli Lilly (LLY) – The drug maker’s stock fell 3.6% in the premarket after it missed estimates with its quarterly results and cut its full-year forecast. Lilly’s performance during the quarter was impacted by lower prices for insulin and falling sales of its Covid-19 treatment.
STOCK SYMBOL: LLY
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Cigna (CI) – The insurance company reported better-than-expected profit and revenue for the second quarter and raised its full-year outlook. Cigna was helped by lower costs resulting from a slow rebound in non-urgent medical procedures. Cigna rose 2.6% in premarket trading.
STOCK SYMBOL: CI
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Restaurant Brands (QSR) – The parent of Popeyes, Tim Hortons and Burger King beat top- and bottom-line estimates for its latest quarter, with comparable restaurant sales also rising more than expected. Restaurant Brands added 1.8% in premarket action.
STOCK SYMBOL: QSR
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Alibaba (BABA) – Shares of the China-based e-commerce giant jumped 5.2% in premarket trading after better-than-expected quarterly results. That came despite flat revenue growth for the first time ever, due to Covid-19-related lockdowns in China.
STOCK SYMBOL: BABA
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Paramount Global (PARA) – Paramount fell 4% in the premarket despite better-than-expected quarterly results, which got a boost from the success of “Top Gun: Maverick.” Paramount did note that it spent more on its direct-to-consumer services during the quarter, with its flagship Paramount+ streaming service gaining 4.9 million subscribers.
STOCK SYMBOL: PARA
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Shake Shack (SHAK) – The restaurant chain’s shares slid 5.7% in the premarket despite avoiding an expected loss with a breakeven quarter on an adjusted basis. Shake Shake’s revenue missed Wall Street forecast, and the company said June sales were below its expectations after April and May sales came in as expected.
STOCK SYMBOL: SHAK
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Booking Holdings (BKNG) – The parent of Priceline and other travel services reported better-than-expected quarterly profit, but revenue missed forecasts and the company said travel difficulties like flight cancellations cut into its July growth. Booking Holdings fell 3.1% in the premarket.
STOCK SYMBOL: BKNG
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Clorox (CLX) – Clorox shares slid 5.9% in premarket trading as higher costs offset price hikes for the company’s consumer products in its latest quarter. Revenue fell slightly below estimates, though earnings did match Wall Street forecasts.
STOCK SYMBOL: CLX
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Toyota Motor (TM) – The automaker’s shares fell 3.5% in premarket action after it reported a 42% drop in profit from a year ago for its latest quarter. Toyota was impacted by supply chain issues and rising costs, which prevented it from producing as many cars as it had intended.
STOCK SYMBOL: TM
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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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