Good Tuesday morning traders and investors of the r/stocks sub! Welcome to the new trading week and month of September and a fresh start! Here are your pre-market stock movers & news on this Tuesday, September 3rd, 2024-
Stock futures slide to kick off September trading: Live updates
U.S. stock futures declined Tuesday as traders braced for a potentially tough month ahead after a strong but volatile August.
Futures tied to the Dow Jones Industrial Average slipped 197 points, or 0.5%. S&P 500 futures lost 0.5%, and Nasdaq-100 futures fell 0.6%.
U.S. markets were closed Monday due to the Labor Day holiday.
The major averages are coming off a winning session, securing a gain for major averages in the month. Notably, the S&P 500 clinched its fourth straight winning month.
Those moves came after a steep sell-off to begin the month. Concern over the U.S. economy falling into a recession, along with the unwinding of a popular hedge fund trade involving the Japanese yen, sent stocks tumbling in early August. At one point, the S&P 500 was down more than 7% for the month before recovering.
“August got off to an incredibly rough start,” wrote Deutsche Bank macro strategist Henry Allen. “But after August 5, calm began to return to markets. In part, that was helped by more positive data on the US economy, which helped to ease fears about an imminent recession.”
Investors will get their first major economic report of the month on Friday, when the U.S. government releases the August jobs report. Wall Street will also have to contend with seasonal headwinds, as September has been the worst month on average for the S&P 500 over the last 10 years.
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)
United States Steel — The industrial stock plunged 6% after Vice President Kamala Harris opposed the planned sale of United States Steel to Japan’s Nippon Steel. She made these statements during a Labor Day rally in front of union members in Pittsburgh, Pennsylvania, where she said that United States Steel was “an historic American company and it is vital for our country to maintain strong American steel companies.”
STOCK SYMBOL: X
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Boeing — Shares slipped 3% after Wells Fargo downgraded the aircraft maker to underweight from equal weight. Analyst Matthew Akers cited the company’s peaking free cash flows as a reason for the downgrade.
STOCK SYMBOL: BA
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Unity Software — The video game maker rallied 6% after Morgan Stanley upgraded the stock to overweight from equal weight. The bank pointed to Unity’s position as “the clear game engine” and derisked forward estimates as catalysts for the stock.
STOCK SYMBOL: U
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NetApp — The data storage stock added 1.6% following an upgrade to buy from hold at Loop Capital. Loop analyst Ananda Baruah listed several catalysts, including NetApp’s cloud storage software partnerships and a recent pullback.
STOCK SYMBOL: NTAP
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Novartis — Shares were down 1.7% following a Jefferies downgrade to hold from buy. Analyst Peter Welford noted that although he’s optimistic in the pharmaceutical stock’s long-term trajectory, Novartis will need time into 2025 to ramp up its approvals.
STOCK SYMBOL: NVS
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Bank of America — The bank stock was down fractionally. Warren Buffett’s Berkshire Hathaway, which began cutting its holdings of Bank of America this summer, revealed Friday it sold more shares last week.
STOCK SYMBOL: BAC
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Merck — The pharmaceutical giant announced Tuesday that the European Commission has approved a combination of drugs including Merck’s Keytruda as a treatment for bladder cancer. Shares of Merck were little changed.
STOCK SYMBOL: MRK
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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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