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 19th, 2024-
Dow futures jump 500 points in delayed reaction to Fed’s big rate cut: Live updates
U.S. stock futures climbed higher Thursday as traders digested the Federal Reserve’s Wednesday decision to lower interest rates by a half percentage point.
Dow Jones Industrial Average futures rose 522 points, or 1.3%. The Dow closed Wednesday lower in the immediate aftermath of the Fed’s announcement. Futures tied to the S&P 500 climbed 1.7%, while Nasdaq 100 futures added 2.2%.
The Fed slashed its overnight lending rate to a range of 4.75% to 5% from 5.25% to 5.5% on Wednesday, which came as a surprise to some investors who criticized the size of this initial cut. This is the first rate reduction delivered by the Fed in four years.
Tech stocks rallied in premarket as the rate cut spurred investors to return to a risk-on mood. Nvidia and AMD shares popped more than 3% each. Micron Technology traded more than 2% higher. Other big tech stocks such as Meta and Alphabet climbed more than 2% higher.
Stocks leveraged to lower rates spurring the economy also jumped Thursday morning. Financial giant JPMorgan Chase rose 1.3%. Industrial stock Caterpillar and Home Depot advanced around 2% each.
“This was the best news I’ve heard from the Fed in years,” Jeremy Siegel, professor emeritus at University of Pennsylvania’s Wharton School of Business, told CNBC’s “Squawk Box” on Thursday regarding the 50bps interest rate cut. “This is fantastic news for the market, and great news for the economy.”
After seesawing for most of Wednesday afternoon, stocks ultimately closed the session lower. Both the S&P 500 and 30-stock Dow initially rallied to new record highs right after the Fed announced its interest rate cut decision.
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)
Darden Restaurants — Shares advanced nearly 11% after the restaurant operator announced a multiyear partnership with Uber for on-demand delivery later this year. The company reported weaker-than-expected quarterly earnings and revenue, however, as its sales weakened at Olive Garden and its fine dining restaurants.
STOCK SYMBOL: DRI
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NextEra Energy Partners — Shares gained 2.6% after Jefferies initiated coverage of NextEra Energy with a buy rating, saying concerns around $3.75 billion in buyouts that the energy company has to handle are already priced into the stock.
STOCK SYMBOL: NEE
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DoorDash — The food delivery stock rose more than 3% after an upgrade to buy from neutral at BTIG. The investment firm said that growth still looks strong in the third quarter despite concerns about a weakening consumer.
STOCK SYMBOL: DASH
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Nvidia, ASML, Arm Holdings, Micron — Several high-flying semiconductor companies rallied in premarket trading as the market digested the Federal Reserve’s decision to cut rates. Shares of AI darling Nvidia added 3.1%, while chipmakers ASML and Arm Holdings jumped 4.8% and 4%, respectively. Memory and storage solutions provider Micron Technology edged 2.5% higher.
STOCK SYMBOL: NVDA
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STOCK SYMBOL: ASML
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STOCK SYMBOL: ARM
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STOCK SYMBOL: MU
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Five Below — Shares slipped 1.6% following a downgrade by JPMorgan to underweight from neutral. The bank pointed to the sales decline for a basket of products over the last several quarters and said it sees potential headwinds to 2025 due to labor costs.
STOCK SYMBOL: FIVE
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Coursera — The online education platform jumped 6.1% following Bank of America’s initiation at a buy rating. The bank said Coursera should see margins continuing to grow and revenue reaccelerating.
STOCK SYMBOL: COUR
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Lennar — Shares of the homebuilder gained 3.5% ahead of its third-quarter earnings expected after market close. Analysts polled by FactSet are calling for earnings of $3.64 a share on revenue of $9.13 billion for the period, and for its deliveries to be 20,819 for the quarter, which is closer to the higher range of its guidance.
STOCK SYMBOL: LEN
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Alibaba – Shares rose more than 4% after the Chinese e-commerce company launched more than 100 open-source artificial intelligence models and a text-to-video tool. Alibaba also said it upgraded its proprietary flagship model known as Qwen-Max.
STOCK SYMBOL: BABA
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FedEx — Shares rose more than 1% ahead of the shipping giant’s first-quarter earnings report due after the bell. Analysts surveyed by FactSet called for earnings of $4.81 per share on revenues of $21.90 billion for the period.
STOCK SYMBOL: FDX
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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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