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 5th, 2024-
Stock futures are flat after two straight down days for S&P 500, Nasdaq: Live updates
Stock futures were flat Thursday as Wall Street looks to regain momentum after a rocky start to September. Key labor market data is also on deck this week.
Futures for the S&P 500 were up marginally, while Nasdaq 100 futures hovered near the flatline. Futures tied to the Dow Jones Industrial Average edged up 50 points.
The moves come after the S&P 500 and Nasdaq Composite each closed lower for the second straight session, dipping 0.16% and 0.30%, respectively. The Dow squeezed out a gain of 38 points, or 0.09%, on Wednesday.
All three averages are down for the week, with key employment reports looming. On Thursday morning, investors will get to sift through weekly jobless claims data, while the August nonfarm payrolls report is due out Friday.
The market has appeared to be sensitive to potential growth scares in recent weeks, including Tuesday’s sell-off on the heels of weak manufacturing data. That could put increased importance on the jobless claims data, BMO Wealth Management chief investment officer Yung-Yu Ma said on “Closing Bell.”
“That’s more of a forward-looking indicator. As long as those stay low — people have jobs, people remain confident in the ability to find jobs or comfortable in the jobs that they have — we think that they will continue to spend. So as long as those numbers stay low, if we get some blips in the overall monthly jobs report that shows weakness on the edges, we’re not quite as concerned,” Ma said.
The employment data could play a key role in the Federal Reserve’s interest rate decision later this month. Ma said he still believes the U.S. economy is on track for a “soft landing” and that the market rally should eventually broaden out. However, he added that there is likely to be continued market turbulence in the near term.
“We believe in it, we just think it’s going to be on pause for a few months because this high degree of uncertainty we have right now. There’s just too much that needs to resolved over the coming months. … It’s just very hard for the broadening-of-the-market theme to really gather momentum,” Ma said.
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)
C3.ai — The technology stock tumbled 19.2% after on weaker-than-expected subscription revenue during the company’s fiscal first quarter. C3.ai posted $73.5 million for the top line, while analysts polled by FactSet had penciled in $79.2 million.
STOCK SYMBOL: AI
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Verizon, Frontier Communications — Verizon announced it will purchase Frontier Communications in an all-cash deal valued at $20 billion, confirming earlier reports of the transaction. Frontier shares fell 9.7%, while Verizon’s stock advanced 1.2%. The deal is expected to close in the next 18 months.
STOCK SYMBOL: VZ
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STOCK SYMBOL: FYBR
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Tesla — The electric vehicle stock rose nearly 3% after the company said it would roll out its “Full Self Driving” driver assistance program in Europe and China in the first quarter of 2025.
STOCK SYMBOL: TSLA
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JetBlue — The airline gained 4.6% after raising its guidance for third-quarter revenue. JetBlue said to expect somewhere between a loss of 2.5% and a gain of 1% relative to the same period a year ago. Previously, the company had said to anticipate a decrease of between 5.5% and 1.5%.
STOCK SYMBOL: JBLU
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Topgolf Callaway — The golf company popped 4.1% after announcing it will split into two separate businesses. Callaway will focus on golf equipment and consumers having an active lifestyle, while Topgolf will key in on golf entertainment.
STOCK SYMBOL: MODG
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Hewlett Packard Enterprise – Shares lost 3% even after the company’s fiscal third-quarter results beat estimates. Hewlett Packard Enterprise showed ongoing robust artificial intelligence demand but had a decline in gross margins from a year ago.
STOCK SYMBOL: HPE
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Verint Systems — The automation stock slid 13.5% following a weaker-than-expected earnings report for the second quarter. Verint earned an adjusted 49 cents per share on $210 million in revenue, while analysts surveyed by LSEG had anticipated 53 cents and $213 million.
STOCK SYMBOL: VRNT
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ChargePoint — Shares of the electric vehicle charging company plunged nearly 8% after ChargePoint reported second-quarter revenue of $109 million while Wall Street was expecting $114 million, according to LSEG. The company also announced it would be cutting 15% of its workforce and guided for a fiscal third-quarter revenue much below analysts’ forecasts.
STOCK SYMBOL: CHPT
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XPO — The trucking company retreated by 5.4% after reporting that preliminary less-than-truckload tonnage was 4.6% lower in August compared with the same month a year prior. Management acknowledged soft demand.
STOCK SYMBOL: XPO
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Copart — The digital car auction stock dropped 5.4% on disappointing fiscal fourth-quarter earnings. Copart earned 33 cents per share. Analysts expected a profit of 37 cents per share, per FactSet.
STOCK SYMBOL: CPRT
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Dick’s Sporting Goods — The sports retailer shed 2.7% in premarket trading, building on Wednesday’s decline of nearly 5%. Dick’s felt downward pressure from full-year earnings guidance, which didn’t come in ahead of Wall Street expectations despite a stronger-than-expected quarterly report.
STOCK SYMBOL: DKS
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StoneCo — The financial technology stock pulled back by 8.3% on the heels of a Morgan Stanley downgrade to underweight from equal weight. The firm warned of a potential decline in the payments business as the market gets more saturated.
STOCK SYMBOL: STNE
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Dollar Tree — Shares eased 1.3% after JPMorgan downgraded Dollar Tree to neutral from overweight, following the discount retailer’s weak second quarter results and guidance. On Wednesday, the day of its results, shares of Dollar Tree tumbled more than 22%.
STOCK SYMBOL: DLTR
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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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