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 17th, 2024-
Stock futures rise as Wall Street awaits retail sales data, Fed policy meeting: Live updates
Stock futures rose Tuesday as Wall Street readied for key retail sales data and the start of the Federal Reserve’s September policy meeting.
Futures tied to the S&P 500 added 0.4%, while Nasdaq-100 futures gained 0.6%. Dow Jones Industrial Average advanced 131 points, or 0.3%.
Microsoft rose 2% after the tech giant hiked its quarterly dividend by 10.7% to 83 cents per share. The company also approved a $60 billion buyback program.
Intel shares popped about 7% in premarket trading after the company said it plans to make its foundry business a subsidiary. The Biden administration also awarded the company up to $3 billion in funding through the Chips Act.
Investors on Tuesday will parse retail sales data for August for one final glimpse into the health of the U.S. consumer ahead of the Fed rate decision. Economists polled by Dow Jones are bracing for a 0.2% decline. Excluding autos, they see a 0.2% gain. The results could affect the rate cut outcome.
Wall Street is on standby for the Fed’s long-anticipated rate cut, a move that could help boost earnings growth for companies following a backdrop of steep borrowing costs and high inflation. The Fed first embarked on its aggressive hiking campaign in March 2022.
While Wall Street expects a cut Wednesday, the market is divided on the size of the potential reduction. Traders are currently pricing in a 67% chance that the central bank eases rates by 50 basis points, according to CME Group’s Fed Watch tool. That’s up from a roughly 47% chance Friday.
“Market expectations are split between a 25 basis point and a 50 basis point rate cut, as the decision is complicated by conflicting signals of solid economic activity but a weakening labor market,” said Principal Asset Management’s Seema Shah. “Rarely have market expectations been so torn, so close to a [Federal Open Market Committee] meeting.”
While a 50 basis point cut isn’t out of the question, the chief global strategist thinks that the Fed should take a more cautious approach to cutting and ease rates by 25 basis points. She is forecasting additional 25 basis point cuts in November and December.
Wall Street is coming off a mixed trading session. The 30-stock Dow rose more than 228 points, or 0.55%, to close at a record high, while the S&P 500 added 0.13%. The Nasdaq Composite lost 0.52% as Apple and prominent chip stocks declined.
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)
Microsoft — Shares were up about 2% after the tech giant increased its quarterly dividend by 10.7% to 83 cents per share. The new dividend is payable Dec. 12. The company also approved a new $60 billion share repurchase program.
STOCK SYMBOL: MSFT
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SolarEdge Technologies — Shares fell more than 6% after Jefferies downgraded the solar company to underperform from hold. The firm sees rising domestic competition and high inventory levels overseas putting pressure on SolarEdge.
STOCK SYMBOL: SEDG
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Intel — The stock jumped roughly 7% after the chipmaker announced it is creating a separate entity for its foundry business, a structure that will allow the unit to have its own board and raise outside funding.
STOCK SYMBOL: INTC
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Dell Technologies — The personal computing and technology stock added 2% after Mizuho Securities initiated coverage with an outperform rating. The firm said Dell is a market leader with a robust supply chain and is gaining share in artificial intelligence servers.
STOCK SYMBOL: DELL
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Shopify — Shares of the e-commerce stock gained 2.6% after Redburn Atlantic upgraded Shopify to buy from neutral. Shopify should continue gaining market share as the U.S. social e-commerce market appears poised for explosive growth over the next few years.
STOCK SYMBOL: SHOP
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Flutter Entertainment — Shares ticked slightly higher after Flutter Entertainment, the online sports betting company behind FanDuel, said it’s buying Playtech Plc’s Italian gambling business Snaitech S.p.A. for €2.3 billion, or $2.56 billion, in cash.
STOCK SYMBOL: FLUT
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AppLovin — The mobile software company rose more than 2% after UBS upgraded shares to buy from neutral. “We have been warming to APP’s execution on the gaming opportunity for a while … and believe the [e-commerce total addressable market] could drive upside to our above St. estimates,” UBS said.
STOCK SYMBOL: APP
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Gannett — Citi upgraded the newspaper company to neutral from sell, sending shares higher by 4%. “In 1H24, Gannett made solid progress slowing the rate of topline declines. If trends continue, the firm may generate flattish revenue growth in 4Q24 or early 2025. This may result in multiple expansion,” the bank said.
STOCK SYMBOL: GCI
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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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