Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week and a fresh start! Here are your pre-market stock movers & news on this Monday, August 15th, 2022-
Stock futures fall on slowing China economy concern, following 4 straight weeks of S&P gains
U.S. equity futures were lower Monday, putting Wall Street on track to take a breather after another positive week, as traders braced for big retail earnings.
Futures tied to the Dow Jones Industrial Average fell 149 points, or 0.44%. S&P 500 futures and Nasdaq 100 futures dipped 0.5% each.
Monday’s moves come after disappointing economic data out of China overnight. The country’s central bank also cut rates unexpectedly, raising concern over China’s economic recovery.
“The clouds of recession are gathering globally. The Chinese economy contracted in 2Q. The US notched a “technical recession.” The flow of natural gas to Western Europe is restricted. In the past three months, we have revised down our forecast for global growth to 2.5%Y in 2022, which is about 50bp below consensus and 40bp lower than in May. We are edging closer to the bear scenario from our May Mid-year Outlook,” wrote Morgan Stanley’s Seth Carpenter in a note to clients Sunday.
Last week the S&P 500 advanced 3.25% to notch its fourth positive week in a row and its longest winning streak since 2021. The Nasdaq Composite ended the week 3.08% higher, also for its fourth straight week. The Dow added 2.9%.
The gains came after economic data showed inflation pressures could be easing a bit. The consumer price index was flat from June to July, the producer price index showed a surprise decline and import prices fell more than expected.
That helped relax investors that have been eager to call the mid-June lows the bottom of the cycle. Just as many have been quick to call out that the data from one month doesn’t necessarily make it a reliable trend.
Investors are looking ahead to a week of earnings from big retailers including Home Depot, Walmart and Target, and listening for clues on how their businesses have been affected by inflation and other macro challenges in the most recent quarter.
Retail sales data is also scheduled to be released this week.
STOCK FUTURES CURRENTLY:
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LAST WEEK'S MARKET MAP:
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TODAY'S MARKET MAP:
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LAST WEEK'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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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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FRIDAY'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)
Honest Company (HNST) – Honest Company’s stock rose 1.6% in the premarket in spite of a wider-than-expected quarterly loss. The natural consumer products maker now sees a wider full-year loss than previously thought, due to cost pressures, but expects improvement as the year goes on, including positive adjusted earnings for the fourth quarter.
STOCK SYMBOLS: HNST
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Rivian Automotive (RIVN) – Rivian shares fell 1% in premarket trading after the electric vehicle maker widened its loss estimate for 2022. It also affirmed prior production guidance.
STOCK SYMBOLS: RIVN
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Illumina (ILMN) – Illumina tumbled 14.7% in the premarket after the gene-sequencing technology company reported quarterly profit and revenue that was lower than expected, and issued an outlook that was well short of analyst estimates. Illumina said a challenging economic environment is offsetting growth in the use of its gene-sequencing platform.
STOCK SYMBOLS: ILMN
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Toast (TOST) – Toast surged 12.9% in premarket action after the restaurant payment technology company raised its full-year earnings outlook. Toast reported a quarterly loss, but it was narrower than analysts had predicted, with Toast noting a record number of new locations using its technology.
STOCK SYMBOLS: TOST
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Poshmark (POSH) – Poshmark fell 1.4% in the premarket after the online fashion retailer issued weaker revenue guidance than expected for the current quarter. Poshmark reported a loss for its latest quarter on increased marketing and research and development expenses, but sales were better than analysts had anticipated.
STOCK SYMBOLS: POSH
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Wheels Up (UP) – The private jet company’s stock added 2% in premarket action after it reported better-than-expected quarterly revenue, although its loss was slightly wider than anticipated. Wheels Up also saw a 16% jump in active users.
STOCK SYMBOLS: UP
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Olo (OLO) – Olo plunged 33% in premarket trading after the restaurant software maker issued a weaker-than-expected current quarter and full-year revenue outlook.
STOCK SYMBOLS: OLO
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LegalZoom (LZ) – LegalZoom added 2.1% in the premarket after the purveyor of online legal forms reported better than expected quarterly earnings.
STOCK SYMBOLS: LZ
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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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