Good morning traders and investors of the r/stocks sub! Welcome to Hump Day! Here are your pre-market stock movers & news on this Wednesday, September the 7th, 2022-
Stock futures are flat, weighed down by fears the Fed will keep raising rates aggressively
Stock futures fell Wednesday as investors worry that the Federal Reserve will hand out another large rate hike in September in a bid to tame high inflation.
Futures tied to the Dow Jones Industrial Average slipped 86 points, giving up earlier gains. S&P 500 futures also retreated, edging lower by 0.30%, and Nasdaq 100 futures fell 0.27%. If the slide continues into the trading day, it could be the eighth negative session in a row for the Nasdaq Composite.
Stock futures dipped into negative territory after a Wall Street Journal article suggested that Federal Reserve Chairman Jerome Powell’s commitment to reduce inflation could mean that the central bank hikes rates by 0.75 percentage point in September, which would be the third consecutive increase of that size. Markets have been hoping that the Fed would start to hand out smaller increases starting in September, but are now pricing in an 86% chance of a 0.75 percentage point hike.
Stocks added to their three-week slide Tuesday. The Dow fell about 173 points, or 0.5%, and the S&P 500 slid 0.4%. The Nasdaq Composite dropped 0.7% to notch its first seven-day losing streak since 2016.
The moves came amid a surge in bond yields that saw the 10-year U.S. Treasury yield jump to its highest level since June. The rate on the 30-year Treasury closed at its highest level since 2014. Bond yields move inversely to prices. Rates dipped slightly Wednesday, with the 10-year trading at 3.321%. The 2-year and 30-year yields traded at 3.47% and 3.472%, respectively.
Investors are split on how to approach the market entering the first post-Labor Day week in September, a notoriously cruel month for stocks. All eyes are on the 3,900 level on the S&P 500. Some see the index falling to even lower lows, while others are optimistic about a year-end rally.
“With equities back to June lows and the rates path reset higher, more inflation easing along with decisive EU government intervention to tackle the energy crisis could prompt another bear squeeze,” Emmanuel Cau of Barclays wrote in a Wednesday note. “Big picture, we think stocks remain in a tough spot given a poor growth-policy trade-off.”
On Wednesday, the Federal Reserve will give its summary on current economic conditions, also known as the Beige Book. Elsewhere, Fed presidents Loretta Mester of Cleveland and Tom Barkin of Richmond, as well as Fed Vice Chair Lael Brainard are scheduled to speak at various events.
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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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)
Coupa Software — Shares surged 11.6% after the business management software company surpassed earnings estimates in its recent quarter, and issued strong full-year earnings and revenue guidance. Coupa earned 20 cents per share compared with estimates of 9 cents per share, according to Refinitiv.
STOCK SYMBOL: COUP
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UiPath — Shares plunged 22.4% after UiPath issued third-quarter and full-year revenue guidance that was below expectations, though the robotic process automation software company beat earnings and revenue expectations in its most recent quarter.
STOCK SYMBOL: PATH
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Nio — The stock dropped 5.7% after the Chinese electric vehicle maker lost $409.8 million in the second quarter, implying significantly widening losses. Nio CFO Steven Wei Fang said the company dealt with cost pressures during Covid shutdowns in April and May.
STOCK SYMBOL: NIO
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Newell Brands — Shares dropped 5.4% after Newell lowered its third-quarter revenue guidance. The parent company behind brands such as Yankee Candle and Rubbermaid cited a “significantly greater than expected pullback” in orders as consumers deal with inflation.
STOCK SYMBOL: NWL
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Pinterest — Pinterest jumped 4.1% after Wolfe Research upgraded the social media stock to outperform, saying the company can execute on long-term user and monetization goals under its new CEO.
STOCK SYMBOL: PINS
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ChargePoint — Shares advanced 3.3% after Credit Suisse initiated coverage of ChargePoint with a buy rating, saying the stock can surge nearly 50% as the market for electric vehicle charging stations gets a boost from the Inflation Reduction Act.
STOCK SYMBOL: CHPT
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AstraZeneca — Shares declined 2.6% after Morgan Stanley downgraded the stock to equal weight from overweight, saying the stock has a “more balanced” risk-reward profile.
STOCK SYMBOL: AZN
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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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