Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week and a fresh start! Here are your pre-market stock movers & news on this Monday, September 16th, 2024-
Stock futures are little changed as investors await major Fed decision: Live updates
Stock futures were little changed Monday morning as investors await the Federal Reserve’s highly anticipated policy meeting, during which central bankers are expected to cut rates for the first time since 2020.
S&P 500 futures slipped less than 0.4%, while futures tied to the Dow Jones Industrial Average rose 104 points, or 0.2%. Meanwhile, Nasdaq-100 futures pulled back 0.3%.
Apple shares fell more than 2% in early trading after analysts at firms, including Bank of America and JPMorgan, noted that shipping times could point to lighter demand for iPhone 16 Pro models than the prior year.
The S&P 500 is less than 1% away from its July record and could notch a new all-time high this week. After a rough start to a historically weak September, the three major U.S. indexes ended last week’s trading session in the green, with the S&P 500 and tech-heavy Nasdaq Composite just closing their best week of 2024.
The Fed is set to meet on Tuesday and Wednesday and are widely anticipated to make their first interest rate cut since they began hiking rates in March 2022. A cut this week would be a pivotal move, as many investors hope the decision could lower borrowing costs for companies and improve overall earnings growth — boosting economic growth.
The overnight lending rate is currently at 5.25% to 5.5%. Traders are split on whether the central bank will cut rates by 25 or 50 basis points, per the CME Group’s FedWatch tool.
Stocks typically post strong gains during cycles where initial rate cuts are able to sustain economic expansion, BMO Capital chief investment strategist Brian Belski said.
“So long as nothing breaks in the economy, U.S. stocks remain firmly within a bull market, but with significantly strong trailing one-year performance headed into this initial rate cut, future gains are likely to be more muted relative to historical norms, in our view,” he said in a Friday note ahead.
STOCK FUTURES CURRENTLY:
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LAST WEEK'S MARKET MAP:
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TODAY'S MARKET MAP:
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LAST WEEK'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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FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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FRIDAY'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 rose more than 1%, extending the 11% gain from Friday. The stock jumped by as much as 25% in the previous session after Republican nominee and majority owner Donald Trump said he’s “not selling” his stake at a press conference at his California golf club Friday afternoon. Following his comments, trading was halted twice during that session due to volatility.
STOCK SYMBOL: DJT
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Upstart Holdings — The personal finance stock fell more than 4% after Upstart announced a $300 million debt offering. The company said it will sell convertible notes due in 2029, and that the money will go toward repurchasing some other bonds and for general corporate purposes, among other uses.
STOCK SYMBOL: UPST
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Apple — The technology stock fell more than 2% following analyst reports that early shipping data may signal softer demand for iPhone 16 Pro models.
STOCK SYMBOL: AAPL
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Bausch + Lomb — The contact lens provider jumped 11.5% after the Financial Times reported the company was working on a possible sale. Bausch + Lomb is expected to catch the eye of private equity, per the FT.
STOCK SYMBOL: BLCO
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Alcoa — The aluminum company popped 1.4% after announcing the sale of its stake in the Ma’aden mining joint venture. Alcoa will relinquish its 25.1% ownership position for around $1.1 billion.
STOCK SYMBOL: AA
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Intel — The semiconductor stock rose 1.3% before on the bell. Bloomberg reported late on Friday that Intel will qualify for as much as $3.5 billion in grants to make chips for America’s military.
STOCK SYMBOL: INTC
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Micron Technology — The semiconductor stock slid 2.8% after Morgan Stanley cut its price target by a whopping $40 to $100. Morgan Stanley’s new target implies less than 10% in upside from Friday’s closing level.
STOCK SYMBOL: MU
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ASE Technology — The semiconductor packager added 1.7% on the heels of a Morgan Stanley upgrade to overweight from equal weight. The firm said ASE is a defensive name that also has growth potential tied to artificial intelligence.
STOCK SYMBOL: ASX
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Colgate-Palmolive — The consumer packaged goods maker shed 1.5% in the wake of Wells Fargo’s downgrade to underweight from equal weight. Wells Fargo said growth should normalize after what it called an “epic run.”
STOCK SYMBOL: CL
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Ally, Synchrony Financial — The financial stocks each lost about 1% following BTIG downgrades to neutral from buy. The firm also removed its designation for Ally as a top pick in the second half of the year.
STOCK SYMBOL: ALLY
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STOCK SYMBOL: SYF
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Sprouts Farmers Market — The organic-focused retailer advanced 1.2% on the back of Evercore ISI’s upgrade to outperform from in line. Evercore ISI said Sprouts should stand to gain from a broader healthy eating trend.
STOCK SYMBOL: SFM
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Yelp — Shares dropped 1.7%. Bank of America initiated coverage of Yelp with an underperform rating, saying declining usage will continue to hurt the company’s growth outlook. The Wall Street firm’s $30 price objective implies a more than 12% slide from Friday’s close.
STOCK SYMBOL: YELP
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Zillow — The real estate stock rose more than 2% after an upgrade to outperform from neutral from Wedbush. The investment firm said that falling mortgage rates combined with a growing software and services business could spur a rally for Zillow.
STOCK SYMBOL: ZG
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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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