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, July the 6th, 2022-
S&P 500 futures are little changed after a late day rally and ahead of Fed minutes
U.S. equities futures were little changed on Wednesday morning after the market staged a big midday reversal on Tuesday, with falling bond yields giving a boost to growth stocks, and ahead of a batch of economic data.
Futures tied to the Dow Jones Industrial Average were close to the flatline. S&P 500 futures and Nasdaq 100 futures were also about flat.
In regular trading, the Dow lost 129 points to start the holiday-shortened week, trimming steeper losses from earlier in the session. The S&P 500 rallied back from a 2% loss in the final hour of trading and finished the day up 0.2%. The tech-heavy Nasdaq Composite outperformed, jumping 1.75%.
Whether the economy is about to fall into a recession continued to worry investors after the benchmark 10-year U.S. Treasury yield fell below the 2-year yield. The so-called yield curve inversion historically has been a warning sign that the economy may be falling or has already fallen into recession.
Oil prices tumbled below $100 a barrel Tuesday, further reflecting a potential economic slowdown. Energy stocks were the top decliners Tuesday. The sector as a whole fell 4%. It was the top performing sector in the S&P 500 for the first half of they year, the benchmark index’s worst first half since 1970.
However, Wall Street analysts say a recession could be mild. On Tuesday Credit Suisse said it sees the U.S. dodging a recession as it slashed its year-end S&P 500 target to reflect the effect of higher capital cost on stock valuations.
″[The market] has been bracing for [a recession], and now it may actually be embracing it, the idea being: let’s just get it over with, we’re going have a recession, let’s do it. Let’s clean out the excesses and start all over again,” said Ed Yardeni of Yardeni Research on CNBC’s “Closing Bell: Overtime.”
“The market starting to look ahead into next year and that could very well be a recovery year from whatever this recessionary environment turns out to be,” he added. “We’re all kind of doing a Hamlet recession – to be or not to be. I’m kind of thinking that there’s going to be a mild recession.”
NewEdge Wealth chief investment officer Cameron Dawson echoed that sentiment.
“Do we have a kind of drawdown that looks to be in that 30% range, which is the average for recessions, or something that looks closer to down 50%, which is what we saw back in the early 2000s and 2008 where we had two debt crises?” she said. “We don’t see a debt crisis. We think that we could start to find some value around that 3,400-3,500 level because that’s what gets us back to the pre-Covid highs.”
There are no major earnings reports scheduled for Wednesday, but there will be a slew of economic reports coming out, including the minutes of the Federal Reserve’s June meeting in the afternoon.
Mortgage demand fell week over week even as rates declined, according to the Mortgage Bankers Association. The latest Markit and Institute for Supply Management manufacturing PMI data will be released at 9:45 a.m. and 10:00 a.m., respectively. The Job Openings and Labor Turnover Survey, or JOLTS, will also be released at 10:00 a.m.
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:
($LEVI $BRYN $HELE $WDFC $NTIC $KRUS $SAR $SLP)
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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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(NONE.)
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)
Uber (UBER), DoorDash (DASH) – Uber fell 3.1% in the premarket while DoorDash tumbled 7.5%, following the news that Amazon (AMZN) struck a deal to add membership in rival food delivery service Grubhub as a free benefit for its “Prime” members. Amazon’s deal also gives it the option to take a stake in Grubhub.
STOCK SYMBOL: UBER
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Spirit Airlines (SAVE) – Spirit won the right to operate peak-hour afternoon and evening flights at Newark-Liberty International Airport. Spirit had been trying to win the slots that Southwest Airlines (LUV) vacated when it stopped operating at Newark in 2019, but the FAA initially opted not to award them while it assessed traffic conditions at the airport.
STOCK SYMBOL: SAVE
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Altria (MO) – Altria gained 2.7% in the premarket after the FDA temporarily suspended its ban on Juul e-cigarette products. Altria has a 35% stake in Juul, which will be allowed to keep its products on the market while it appeals the FDA’s ban.
STOCK SYMBOL: MO
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Rocket Companies (RKT) – Rocket Companies rallied 4.4% in premarket trading after Wells Fargo Securities upgraded the fintech company’s stock to “overweight” from “equal weight.” Rocket shares have fallen about 41% so far this year.
STOCK SYMBOL: RKT
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Sempra Energy (SRE) – Sempra Energy was upgraded to “buy” from “neutral” at Goldman Sachs, which feels the energy company’s stock is undervalued after falling more than 9% over the past month.
STOCK SYMBOL: SRE
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Resolute Forest Products (RFP) – The paper and wood products maker agreed to be acquired by Montreal-based paper products producer Paper Excellence Group for $20.50 per share, plus a contingent value right. Resolute Forest Products soared 66.8% in premarket action.
STOCK SYMBOL: RFP
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Kornit Digital (KRNT) – The Israel-based developer of digital printing technologies for the apparel industry saw its stock tumble 24.3% in the premarket. That came after Kornit slashed its current-quarter guidance almost in half and said the third quarter may see a similar slowdown, due to a pullback in e-commerce following the pandemic-induced surge.
STOCK SYMBOL: KRNT
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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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