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 Tuesday, September the 10th, 2024-
Stock futures are flat as September sluggishness continues, traders await inflation data: Live updates
Stock futures were mostly flat Tuesday after the major averages rebounded from their worst week in 2024.
Futures tied to the S&P 500 and Nasdaq 100 futures each added about 0.1%. Dow Jones Industrial Average futures dipped 16 points, or less than 0.1%.
Cloud platform company Oracle surged about 8% after posting fiscal first-quarter results that topped expectations. Oracle also announced a partnership with Amazon Web Services to provide database services.
On Monday, the three major averages made a sharp comeback after posting their worst week this year as investors bought the dip. The S&P 500 popped 1.16% to snap a four-day run of losses and post its first winning day in September. The Nasdaq Composite also closed 1.16% higher, aided by a jump in Nvidia. The Dow climbed 484 points, or 1.2%.
These moves come as investors bet that a widely anticipated interest rate cut at the Federal Reserve’s Sept. 17-18 meeting could help assuage concerns over a weakening economy. August’s payrolls report, which came out last Friday, reflected growth of 142,000, below economists’ expectations. The results helped fuel a sell-off that day.
Traders have their eyes on two key economic reports that will likely be the next catalysts for stocks. The consumer price index report for August is due out Wednesday, followed by the producer price index on Thursday.
September is historically a weak month for equities. Investors remain cautious about seasonality’s effect on stock performance as well as uncertainty around the approaching U.S. presidential election on Nov. 5.
“We concur with the view that the market is likely to remain choppy at least until the election,” Bank of America equity and quantitative strategist Ohsung Kwon wrote Monday. “Macro data have been weakening, especially in manufacturing/goods, which represent 50% of earnings for the S&P 500.”
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:
(source: cnbc.com)
Mission Produce — The avocado producer surged 21.6% after reporting revenue for the fiscal third quarter jumped 24% from a year ago. The company reported sales of $324 million, compared with $261.4 million in the same three-month period one year before. Rival avocado producer Calavo Growers climbed 6.5% after earning 57 cents a share in its fiscal third quarter against analyst estimates of 43 cents a share, and doubling its quarterly dividend to 20 cents a share.
STOCK SYMBOL: AVO
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Oracle — The cloud infrastructure platform rallied 8% after beating expectations in its fiscal first quarter, when it earned an adjusted $1.39 a share on $13.31 billion in revenue, while analysts polled by LSEG forecast $1.32 a share on $13.23 billion.
STOCK SYMBOL: ORCL
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Boot Barn — Shares rose 6% after the Western-style retailer provided an update on its recent performance ahead of a Piper Sandler Growth Frontiers Conference presentation. Boot Barn announced preliminary consolidated same-store sales growth of 4% in its fiscal second quarter.
STOCK SYMBOL: BOOT
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Apple — Shares slipped nearly 1% after the European Union’s top court ruled that Apple must pay $13 billion in back taxes. That comes on the heels of the company unveiling the iPhone 16 and other products during an event in California.
STOCK SYMBOL: AAPL
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Hewlett Packard Enterprise — The tech hardware company saw shares drop more than 5% in premarket trading on plans to sell $1.35 billion of Series C mandatory company convertible preferred stock. Proceeds will be used to fund the acquisition of Juniper Networks.
STOCK SYMBOL: HPE
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Rubrik — The data management software stock dropped nearly 7% despite topping Wall Street’s quarterly estimates. The company posted a smaller-than-expected loss of 40 cents a share. Revenue came in at $205 million, ahead of the $196 million seen by analysts polled by LSEG.
STOCK SYMBOL: RBRK
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Patterson-UTI Energy — The oil and gas service provider climbed more than 7% after saying it had an average of 107 rigs operating in the U.S. in August.
STOCK SYMBOL: PTEN
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Alibaba — U.S.-traded shares of the China-based e-commerce company rose more than 2% after Alibaba’s Hong Kong shares were added to the stock connect programs linking exchanges in Shanghai and Shenzhen. The move is expected to bring in more investments from mainland China, according to Reuters.
STOCK SYMBOL: BABA
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Johnson Controls International — Shares rose nearly 2% after JPMorgan upgraded the stock to buy from neutral. The bank cited the company’s data center business and search for a new CEO as catalysts.
STOCK SYMBOL: JCI
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Anheuser-Busch Inbev SA — The beer maker added 1.7% after being named a top pick among global brewers by Morgan Stanley. The Wall Street bank said there’s upside to valuation, despite the stock presenting a “mixed picture” in the near term.
STOCK SYMBOL: BUD
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Equity Residential — The real estate investment trust rose 1.3% on the back of a Wells Fargo upgrade to overweight from equal weight. Wells Fargo said the imprved recommendation comes after Equity Residential beat expectations for earnings over the summer.
STOCK SYMBOL: EQR
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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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