Good morning traders and investors of the r/stocks sub! Welcome to Wednesday! Here are your pre-market stock movers & news on this Wednesday, July the 13th, 2022-
Stock futures tick higher with all eyes on June’s inflation report
Stock futures rose slightly Wednesday as investors awaited a key inflation report that is expected to show a fresh high.
Futures tied to the Dow Jones Industrial Average advanced 82 points, or 0.26%. S&P 500 futures climbed 0.31%, and Nasdaq 100 futures gained 0.41%.
The consumer price index, slated for at 8:30 a.m. ET, is expected to climb by 8.8% in June on a year-over-year basis, according to Dow Jones’ survey of economists. That would be even higher than May’s 8.6% reading, which was the biggest increase since 1981.
“The market is anticipating that June will be the new peak,” said Lindsey Bell, Ally’s chief markets and money strategist. “The reading is likely to confirm what the jobs report on Friday told us – that the Fed will stick to their aggressive rate tightening timeline.”
The likely hot reading could prompt the central bank to hike another 75 basis points during this month’s meeting. Last month, the Fed raised its benchmark interest rates three-quarters of a percentage point to a range of 1.5%-1.75% in its most aggressive hike since 1994.
“The Fed’s credibility will be tested in coming months with the release of inflation numbers and corporate earnings,” said Andy Sparks, head of portfolio management research at MSCI. “The Fed’s recent aggressive actions to bring down inflation also run the risk of overshooting, pushing an economy that had been showing signs of weakness into a full scale recession.”
Meanwhile, investors will monitor second-quarter corporate earnings as major banks are set to report this week. JPMorgan and Morgan Stanley are slated to post results Thursday before the bell. Delta Air Lines reports before the bell Wednesday.
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)
Delta Air Lines (DAL) – Delta shares slid 2.9% in the premarket after reporting a mixed quarter. The airline earned an adjusted $1.44 per share for the second quarter, shy of the $1.73 consensus estimate. Revenue exceeded estimates on strong travel demand, but margins took a hit from higher fuel prices and higher operational costs.
STOCK SYMBOL: DAL
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Twitter (TWTR) – Twitter added 2% in premarket trading after the company sued Elon Musk to force him to adhere to the terms of their $44 billion takeover. Musk said earlier this week he was backing out of the deal, alleging that Twitter had violated the terms of their agreement.
STOCK SYMBOL: TWTR
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Snap (SNAP) – The social media company is set to introduce a feature that would allow NFT artists to showcase their designs on Snapchat, according to people familiar with the situation who spoke to the Financial Times. Snap initially rose 1.7% in premarket action before paring those gains.
STOCK SYMBOL: SNAP
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Stitch Fix (SFIX) – The clothing styler’s shares rallied 9.5% in the premarket following news that Benchmark Capital’s Bill Gurley bought one million shares. Gurley paid an average of $5.43 per share, according to an SEC filing. Gurley, who serves on the Stitch Fix board, already owned 1.22 million shares prior to the latest purchase.
STOCK SYMBOL: SFIX
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Unity Software (U) – The provider of interactive software technology announced an all-stock merger agreement with ironSource (IS), an Israel-based software publisher. The transaction values ironSource at approximately $4.4 billion. Unity also announced it was cutting its full-year revenue guidance. Unity slumped 8.2% in premarket trading, while ironSource soared 57%.
STOCK SYMBOL: U
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Novavax (NVAX) – The drug maker’s stock added 2.4% in premarket action after Politico reported the company’s Covid-19 vaccine could receive FDA approval as soon as today.
STOCK SYMBOL: NVAX
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DigitalOcean (DOCN) – The cloud computing company’s stock received a double-downgrade at Goldman Sachs, which cut its rating to “sell” from “buy.” Goldman’s move is based on expectations of softening demand, especially in international markets, as well as fading tailwinds in segments that have done well over the past 12 to 18 months. DigitalOcean fell 3.5% in the premarket.
STOCK SYMBOL: DOCN
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Gap (GPS) – The apparel retailer’s stock fell 1.3% in the premarket as Deutsche Bank downgrades the stock to “hold” from “buy.” Deutsche Bank said there is little visibility about a sales recovery at Old Navy, as well as concern about an elevated level of promotions at both Gap and Old Navy. The stock fell 5% Tuesday following news that CEO Sonia Syngal was stepping down.
STOCK SYMBOL: GPS
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Fastenal (FAST) – The maker of industrial fasteners saw its stock slide 7% in premarket trading after it said it saw signs of softening demand in May and June. Fastenal’s comments came as it reported quarterly numbers that were generally in line with analyst forecasts.
STOCK SYMBOL: FAST
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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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