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, September the 11th, 2024-
Stock futures fall as traders brace for August consumer inflation report: Live updates
U.S. stock futures slipped Wednesday as investors looked toward the August consumer inflation report.
Dow Jones Industrial Average futures fell 100 points, or nearly 0.3%. S&P 500 futures and Nasdaq 100 futures each dipped about 0.1%.
The CPI report and Thursday’s producer price index could help determine the size of a widely expected rate cut at the end of the Federal Reserve’s two-day meeting on Sept. 18. Economists polled by Dow Jones expect the headline CPI to have risen 0.2% from the previous month and 2.6% from a year earlier.
Fed funds futures trading suggests a 69% chance of a 25-basis-point rate cut and a 31% likelihood of a 50-basis-point reduction, according to CME’s FedWatch Tool.
“I think what we’re going to see next week is a Fed that gives us a 25-basis-point rate cut because to give us a 50-basis-point cut will set off alarm bells and would also be an admission of guilt,” said Kristina Hooper, chief global market strategist at Invesco, on CNBC’s “Closing Bell.”
“I don’t think that the Fed keeping us at very restrictive monetary policy levels for a long time creates damage that is irreparable, but I do believe every day that we have rates at these levels the odds of a recession increase,” Hooper added.
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)
Trump Media & Technology – Shares slid more than 11% in the wake of the debate between Republican nominee Donald Trump and Democratic Vice President Kamala Harris. Trump Media is majority owned by the former president.
STOCK SYMBOL: DJT
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Rentokil Initial – Shares plummeted about 20% following the Terminix parent’s profit warning. Rentokil now expects second-half organic sales growth for North America to slow to around 1% due to weaker-than-expected trading in the region in July and August. Shares of fellow pest control company Rollins fell nearly 5% in sympathy.
STOCK SYMBOL: RTO
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Dave & Buster’s – The entertainment stock popped more than 13% after topping earnings estimates for the recent quarter by 15 cents a share. Revenues came up short of Wall Street’s expectations.
STOCK SYMBOL: PLAY
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GameStop – The video game retailer’s shares plunged more than 10% in premarket trading after the company reported a steep decline in sales. Revenue of $798 million in the latest quarter marked a more than 20% drop from the $1.16 billion in sales a year ago. GameStop also announced an “at-the-market” stock offering of up to 20 million shares.
STOCK SYMBOL: GME
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Williams-Sonoma – The home furnisher popped 3% on the heels of a Jefferies upgrade to buy from hold. Jefferies said the company has “hidden gems” within its portfolio and can benefit from even a modest recovery in the housing market.
STOCK SYMBOL: WSM
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Novartis – U.S.-listed shares of the Swiss pharmaceutical company shed 2% following a downgrade at Bank of America to hold from buy. The bank sees fewer catalysts for growth ahead for Novartis.
STOCK SYMBOL: NVS
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Viking Therapeutics – Shares jumped mor than 4%. JPMorgan initiated coverage of the biotech company competing in the GLP-1 space with an overweight rating, saying an upcoming data readout in November will be a positive catalyst for the stock. The Wall Street firm issued an $80 price target implying more than 40% upside.
STOCK SYMBOL: VKTX
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Morgan Stanley – Shares of the major bank were down more than 1% after Goldman Sachs downgraded the stock to neutral from buy. Goldman said that Morgan Stanley looks expensive relative to its peers.
STOCK SYMBOL: MS
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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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