Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of the week. Here are your pre-market movers & news on this Friday, September the 6th, 2024-
S&P 500 futures fall as traders gear up for big August jobs report: Live updates
S&P 500 futures fell on Friday as investors look to Friday’s key jobs report for further clues about the state of the U.S. economy.
Futures tied to the broad market index were down 0.6%. Dow Jones Industrial Average futures dropped 160 points, or 0.4%. Nasdaq 100 futures slid 1%.
Broadcom dropped more than 7% after forecasting fiscal fourth-quarter revenue just shy of analysts’ estimates.
“The global equity mood remains somber, as prices extend their recent declines amid continued concerns about the outlook for growth (after ADP on Thurs and ahead of BLS this morning) and fading AI optimism,” said Vital Knowledge’s Adam Crisafulli.
The August jobs report is set for release at 8:30 a.m. ET. Economists surveyed by Dow Jones are calling for nonfarm payrolls growth of 161,000 and a slight decline in the unemployment rate to 4.2%. The report is expected to inform the Federal Reserve’s next monetary policy decision later this month.
Despite concerns stemming from the recent labor data, markets remain optimistic that the Fed will begin lowering interest rates by at least a quarter-percentage point at the conclusion of the September policy meeting.
Stocks head into Friday’s report on track for a losing week. The S&P 500 and Nasdaq are so far lower by 2.6% and 3.3%, respectively. The 30-stock Dow is down 1.9% this week.
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 MONTH'S ECONOMIC CALENDAR:
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NEXT WEEK'S UPCOMING IPO'S:
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NEXT 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)
Bowlero – Shares gained more than 12% after the bowling alley chain’s revenue for the fiscal fourth quarter revenue topped Wall Street’s expectations. Revenue for the period came in at $283.9 million. According to FactSet, analysts had expected $273.4 million. The higher end of the company’s revenue outlook for fiscal 2025 was also above estimates.
STOCK SYMBOL: BOWL
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UiPath – The stock rose more than 8% following the software company’s better-than-expected second-quarter results. UiPath posted adjusted earnings of 4 cents per share on $316 million in revenue. Analysts surveyed by LSEG estimated 3 cents per share and revenue of $304 million. The company also raised its full-year forecast and expanded its stock repurchase program.
STOCK SYMBOL: PATH
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Broadcom – Shares of the chipmaker fell 7% after the company’s revenue guidance for the current quarter was less than expected. Broadcom projected $14 billion of revenue for its fiscal fourth quarter, slightly below the $14.04 billion estimated by analysts, according to LSEG. Broadcom did beat third-quarter estimates on the top and bottom lines.
STOCK SYMBOL: AVGO
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Smartsheet – Shares moved more than 4% higher after the work management software company’s second-quarter earnings beat estimates. Smartsheet posted adjusted earnings of 44 cents per share on revenue of $276.4 million. Analysts had expected 29 cents per share and $274.2 million in revenue, per FactSet. On Thursday, Reuters reported, citing people familiar, that Vista and Blackstone are in talks to buy Smartsheet.
STOCK SYMBOL: SMAR
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Super Micro Computer – The artificial intelligence server producer’s stock slipped 2.5% following a downgrade by JPMorgan to neutral from overweight. The bank, which also drastically cut its price target by $450 to $500, said there is no rationale to buy shares while uncertainty exists around regaining compliance.
STOCK SYMBOL: SMCI
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Guidewire Software – Shares jumped more than 7% after the company surpassed the Street’s expectations. Guidewire earned 62 cents per share, excluding items, and revenue of $291.5 million. Analysts polled by FactSet had estimated 54 cents per share on $283.8 million in revenue.
STOCK SYMBOL: GWRE
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Samsara – The stock popped more than 5% after the software company’s full-year forecast beat expectations. Samsara estimated adjusted earnings of between 16 cents and 18 cents per share and revenue of $1.224 billion to $1.228 billion. That’s above the consensus estimate of 13 cents per share on revenue of $1.21 billion, per LSEG.
STOCK SYMBOL: IOT
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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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