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 Thursday, September the 12th, 2024-
Stock futures rise as investors brace for more inflation and labor data: Live updates
U.S. stock futures inched higher Thursday as investors brace for more inflation and labor data, following a volatile session spurred by the release of the August consumer price index.
Dow Jones Industrial Average futures rose 64 points, or 0.2%. S&P 500 futures gained nearly 0.2% and Nasdaq 100 futures added 0.1%.
Nvidia shares climbed 0.9% higher in premarket trading, continuing the chipmaker’s rally that almost singlehandedly led Wednesday’s market turnaround after CEO Jensen Huang touted the company’s “great” demand.
Investors are coming off a choppy trading session session that saw a late-day advance in tech shares help the major benchmarks rebound from their lows. The S&P 500 ended the day higher by 1.07%, even after falling more than 1% on an intraday basis — a first for the broader index since October 2022.
At the same time, the 30-stock Dow gained 124.75 points, or 0.31%, after losing as much as 743.89 points earlier in the session. The Nasdaq Composite closed 2.17% higher, making a comeback from a decline of more than 1%.
Stocks dropped earlier in the day when August’s consumer price index showed an uptick in core inflation, which excludes volatile food and energy prices. The reading spooked investors hoping for a half-percentage point cut from the Federal Reserve at its Sept. 17-18 meeting.
“The inflation report that we saw today is confirming a trend that we’ve acknowledged over the past couple of months, where now that the Fed is — and I think appropriately so — focused less on inflation and more on economic growth, that completely changes market reactivity,” Lauren Goodwin, chief market strategist at New York Life Investments, told CNBC’s “Closing Bell” on Wednesday.
“It means that now good economic news — and I would include today’s inflation report as relatively good news, a little stronger than the markets were expecting — that’s going to be good news for the market,” Goodwin continued.
Wall Street is anticipating the release of the August producer price index on Thursday. Economists polled by Dow Jones anticipate a rise of 0.2% last month in the headline and core readings, up from 0.1% and 0.0% previously.
Initial jobless claims data for the week ending Sept. 7 is also on deck, and is expected to have slid to 225,000, down from 227,000 the previous week, according to Dow Jones.
On the earnings front, Kroger is slated to report results before the open on Thursday. Adobe will release its quarterly report after the close.
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)
Alaska Air Group — Shares gained 5% after Alaska Air Group raised its third-quarter outlook, citing strong summer demand. The airline guided for per-share earnings in the range of $2.15 and $2.25, greater than prior guidance of $1.40 to $1.60 earnings per share.
STOCK SYMBOL: ALK
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Moderna — Shares shed more than 6% after the drugmaker announced plans to slash expenses by $1.1 billion by 2027. Moderna also said it anticipates the launch of 10 new products through 2027.
STOCK SYMBOL: MRNA
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Oxford Industries — Shares dropped 10% after the clothing company behind Tommy Bahama posted second-quarter figures that missed expectations. Oxford Industries posted adjusted earnings of $2.77 per share, lower than the FactSet consensus estimate of $3 earnings per share. Revenue of $419.9 million came in below the $438.2 million forecast.
STOCK SYMBOL: OXM
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Interpublic Group of Companies — The advertising stock slid 2% on the heels of a UBS downgrade to sell from neutral. UBS said investors are not fully pricing in the potential that IPG is losing clients for structural reasons, or that the current strategic initiatives might not fix the company’s issues in a timely manner.
STOCK SYMBOL: IPG
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U.S. Bancorp — The bank stock rose more than 1% after announcing a dividend hike. U.S. Bancorp also announced a $5 billion stock buyback plan.
STOCK SYMBOL: USB
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Kroger — Shares of the supermarket chain were slightly higher ahead Kroger’s fiscal second quarter results this morning.
STOCK SYMBOL: KR
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Diageo — Shares popped 1.4% after Bank of America upgraded the alcohol beverage company to buy from neutral, saying the “worst is behind” it.
STOCK SYMBOL: DEO
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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!
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