Good morning traders and investors of the r/stocks sub! Welcome to Wednesday! Here are your pre-market stock movers & news on this Wednesday, June the 22nd, 2022-
Dow futures decline more than 300 points as market rebound fizzles
U.S. stock index futures fell early Wednesday after the major averages jumped in regular trading hours, attempting to claw back some losses following weeks of selling.
Futures contracts tied to the Dow Jones Industrial Average fell 343 points or 1.1%, while S&P 500 futures declined 1.3%. Nasdaq 100 futures fell 1.6%.
The Dow on Tuesday surged 641 points, or 2.15%. The S&P 500 added 2.45%, turning in its best day since May 4. The jump comes after the benchmark index slumped 5.79% last week in its worst weekly performance since March 2020.
The Nasdaq Composite advanced 2.51% on Tuesday, following its tenth week of losses in the last 11 weeks.
Growing fears that the economy will tip into a recession have recently weighed on stocks. The Federal Reserve last week hiked interest rates by three-quarters of a percentage point, the central bank’s largest rate increase since 1994.
The move came as the Fed tries to cool inflation, which has surged to a 40-year high.
“We don’t see a U.S. or global recession in ’22 or ’23 in our base case, but it’s clear that the risks of a hard landing are rising,” UBS said Tuesday in a note to clients.
“Even if the economy does slip into a recession, however, it should be a shallow one given the strength of consumer and bank balance sheets,” the firm added.
Goldman Sachs, meantime, believes a recession is becoming increasingly likely for the U.S. economy, saying that the risks of a recession are “higher and more front-loaded.”
“The main reasons are that our baseline growth path is now lower and that we are increasingly concerned that the Fed will feel compelled to respond forcefully to high headline inflation and consumer inflation expectations if energy prices rise further, even if activity slows sharply,” the firm said in a note to clients.
Tuesday’s rally begs the question of whether the action is short-term relief after weeks of selling, or a meaningful change in sentiment. Tuesday’s strength was broad-based. All 11 S&P sectors registered gains on the day, with energy leading the way, climbing 5.8%.
“Our expectations are that market volatility will likely persist near term until the actions taken by the Federal Reserve thus far … and the actions it takes going forward have had time to work through the system,” Oppenheimer said Tuesday in a note to clients.
Fed Chair Jerome Powell will appear before Congress on Wednesday, kicking off two days of testimony. On the earnings front, KB Home will post results after the market closes on Wednesday.
STOCK FUTURES CURRENTLY:
(CLICK HERE FOR STOCK FUTURES CHARTS!)
YESTERDAY'S MARKET MAP:
(CLICK HERE FOR YESTERDAY'S MARKET MAP!)
TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
YESTERDAY'S S&P SECTORS:
(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)
TODAY'S S&P SECTORS:
(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)
TODAY'S ECONOMIC CALENDAR:
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR!)
THIS WEEK'S ECONOMIC CALENDAR:
(CLICK HERE FOR THIS WEEK'S ECONOMIC CALENDAR!)
THIS WEEK'S UPCOMING IPO'S:
(CLICK HERE FOR THIS WEEK'S UPCOMING IPO'S!)
THIS WEEK'S EARNINGS CALENDAR:
(CLICK HERE FOR THIS WEEK'S EARNINGS CALENDAR!)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES!)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES!)
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #3!)
YESTERDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS!)
TODAY'S DIVIDEND CALENDAR:
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #3!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Winnebago (WGO) – The recreational vehicle maker saw its stock jump 3.4% after it beat top and bottom-line estimates for its latest quarter. Winnebago earned an adjusted $4.13 per share, compared with a consensus estimate of $2.96, helped by higher prices and a jump in its gross profit margins.
STOCK SYMBOL: WGO
(CLICK HERE FOR LIVE STOCK QUOTE!)
La-Z-Boy (LZB) – La-Z-Boy rallied 8.2% in premarket trading after posting better-than-expected quarterly results that included record sales for the furniture maker. The company also said it is focusing efforts to reduce its backlog and shorten lead times.
STOCK SYMBOL: LZB
(CLICK HERE FOR LIVE STOCK QUOTE!)
Revlon (REV) – Revlon shares surged 32% in premarket trading, continuing a rally that began after the cosmetics maker filed for Chapter 11 bankruptcy protection last week. Revlon soared 91% Friday and jumped another 62% yesterday.
STOCK SYMBOL: REV
(CLICK HERE FOR LIVE STOCK QUOTE!)
Korn Ferry (KFY) – The consulting firm reported an adjusted quarterly profit of $1.75 per share, beating consensus estimates by 20 cents, with revenue also topping Wall Street forecasts. Results were boosted by a 30% jump in fee revenue compared with a year earlier. Korn Ferry also announced a 25% dividend increase, and its stock rallied 3.1% in premarket trading.
STOCK SYMBOL: KFY
(CLICK HERE FOR LIVE STOCK QUOTE!)
Airbnb (ABNB) – Airbnb fell 2.4% in the premarket after JMP Securities downgraded it to “market perform” from “market outperform,” saying that the post-pandemic jump in travel demand is already reflected in Airbnb’s valuation.
STOCK SYMBOL: ABNB
(CLICK HERE FOR LIVE STOCK QUOTE!)
Dow Inc. (DOW) – The chemical maker’s shares fell 4.2% in premarket action after Credit Suisse downgraded the stock to “underperform” from “neutral.” Credit Suisse said several pandemic-related factors that boosted Dow and its peers could be in the process of reversing.
STOCK SYMBOL: DOW
(CLICK HERE FOR LIVE STOCK QUOTE!)
PulteGroup (PHM) – PulteGroup slid 3.2% in premarket trading after RBC Capital Markets downgraded the home builder’s stock to “sector perform” from “outperform.” RBC also cut earnings estimates on the expectation that the housing market will further deteriorate as mortgage rates continue to rise.
STOCK SYMBOL: PHM
(CLICK HERE FOR LIVE STOCK QUOTE!)
Equity Residential (EQR) – Equity Residential was upgraded to “outperform” from “sector perform” at RBC Capital Markets. RBC feels the residential property REIT will benefit from its focus on affluent renters.
STOCK SYMBOL: EQR
(CLICK HERE FOR LIVE STOCK QUOTE!)
New Relic (NEWR) – The data analysis platform company’s stock jumped 3.4% in the premarket after Jana Partners disclosed a 5.4% stake. In an SEC filing, Jana said it believes the stock is undervalued and represents an attractive investment opportunity.
STOCK SYMBOL: NEWR
(CLICK HERE FOR LIVE STOCK QUOTE!)
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?
Leave a Reply