Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, May the 26th, 2022-
Dow futures gain as the market tries to snap long weekly losing streaks
Futures tied to the Dow Jones Industrial Average and S&P 500 rose slightly Thursday, as Wall Street tried to rebound from a long string of weekly declines.
Dow futures rose 141 points, or 0.6%. S&P 500 climbed 0.6%. Nasdaq advanced 0.3%.
The Dow has fallen the last eight weeks, while the S&P 500 and Nasdaq are riding seven-week losing streaks.
However, the market seems to have somewhat regained its footing this week, as investors hope inflation is starting to peak and that there’s good value to be found at these levels. The Dow and S&P 500 are up 2.75% and 2%, respectively, for the week. The Nasdaq is also up 0.7%.
The Dow has also posted gains in the last four sessions.
The move in futures comes after strong earnings from the retail sector. Macy’s shares surged 15% in premarket trading after the company raised its 2022 profit outlook, and Williams-Sonoma rose 8.3% after beating estimates on the top and bottom lines.
Discount retailers Dollar Tree and Dollar General jumped 12% and 10%, respectively, after posting earnings beats.
On the flipside, shares of chipmaker Nvidia dropped 5.6% in the premarket after the company delivered weaker-than-expected guidance for the second quarter and the company’s CFO said Nvidia would slow hiring. Similarly, software stock Snowflake tumbled 14% after the company’s guidance for operating margin came in narrower than expected.
Though first-quarter earnings for the market as a whole have been largely in line with historical trends, there have been dramatic pullbacks for some major stocks after earnings reports as investors look for the impact of inflation and slowing economic growth.
“If there’s any reason to sell, they’re embracing it,” said Jeremy Gonsalves, national director of portfolio management at BNY Mellon Wealth Management.
Elsewhere, Twitter shares jumped more than 5% after Elon Musk increased his commitment in his takeover bid to $33.5 billion, which analysts have said indicates a new seriousness and increased probability that he’ll complete the deal.
Chipmaker Broadcom announced plans to buy cloud company VMware in a $61 billion deal, which would be one of the biggest tech acquisitions of all time. Broadcom shares fell more than 1%, while VMWare shares inched higher.
Stocks rose Wednesday, with the Nasdaq gaining 1.5% to lead the way. The S&P 500 added 0.9%, while the Dow gained 0.6%.
Investors will get an updated look at weekly jobless claims and a second read on first-quarter GDP. Data on pending home sales will follow later in the morning.
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)
Macy’s (M) – Macy’s surged 15% in the premarket after reporting better-than-expected profit and revenue for the first quarter and raising its full-year earnings forecast. Results got a boost from strong apparel demand as people returned to work and other out-of-home activities.
STOCK SYMBOL: M
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Dollar General (DG) – Dollar General shares rallied 10.1% in premarket trading after its quarterly results beat Wall Street forecasts, and comparable-store sales fell less than expected. Dollar General also boosted its same-store sales forecast as more shoppers turn to discount stores amid elevated inflation.
STOCK SYMBOL: DG
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**Dollar Tree (DLTR) – Like its competitor Dollar General, Dollar Tree reported better-than-expected top and bottom-line results for its latest quarter with its comparable-store sales increase doubling Street forecasts. Dollar Tree surged 12.3% in premarket trading.
STOCK SYMBOL: DLTR
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Twitter (TWTR) – Twitter shares rose 5.6% in the premarket, following news that Elon Musk will commit more of his own wealth to finance his $44 billion takeover deal for the company. An SEC filing showed Musk committed $33.5 billion in equity, up from the prior $27.25 billion.
STOCK SYMBOL: TWTR
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Medtronic (MDT) – The medical device maker’s latest quarterly results fell short of analyst estimates as it felt the impact of global supply chain issues. Medtronic fell 3.3% in the premarket.
STOCK SYMBOL: MDT
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Alibaba (BABA) – The China-based e-commerce giant’s latest quarterly earnings and revenue beat analyst estimates, helped by increased online demand amid China Covid-19 lockdowns. Alibaba shares added 4.5% in premarket action.
STOCK SYMBOL: BABA
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Baidu (BIDU) – Baidu jumped 5.6% in premarket trading, as the search engine giant beat estimates in its latest quarter despite a negative impact from Covid lockdowns in China. Baidu saw strong growth during the quarter for its cloud-based services.
STOCK SYMBOL: BIDU
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Nvidia (NVDA) – Nvidia slid 4.2% in the premarket after the graphics chip maker issued weaker-than-expected guidance for its current quarter, pointing to supply chain issues and slower business in Russia. Nvidia reported better-than-expected profit and revenue for its latest quarter.
STOCK SYMBOL: NVDA
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Williams-Sonoma (WSM) – Williams-Sonoma jumped 8.2% in premarket trading, following a quarterly earnings and revenue beat and a comparable-sales increase that more than tripled consensus estimates. The home furnishings retailer reiterated its prior full-year guidance and — unlike many other retailers —expects profit margins to hold steady.
STOCK SYMBOL: WSM
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Snowflake (SNOW) – Snowflake reported better-than-expected profit and revenue for its latest quarter, but the cloud data platform provider said some of its customers are spending more cautiously because of an uncertain macroeconomic environment. As a result, the shares slumped 13.3% in premarket action.
STOCK SYMBOL: SNOW
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Nutanix (NTNX) – Nutanix stock plunged 35.4% in premarket trading after the cloud computing company issued a weaker-than-expected forecast. Nutanix cited supply chain issues that impacted its hardware partners, among other factors.
STOCK SYMBOL: NTNX
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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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