Good morning traders and investors of the r/stocks sub! Welcome to Thursday! Here are your pre-market stock movers & news on this Thursday, August the 18th, 2022-
Stock futures tick higher as Wall Street tries to resume rally
Stock market futures were slightly higher Thursday as investors tried to regain their footing a day after the Dow Jones Industrial Average snapped a five-day winning streak and a recent market rally appeared to fade.
Futures contracts tied to the Dow were 39 points higher, or 0.11%. S&P 500 futures gained 0.16% along with Nasdaq 100 futures.
On Wednesday, the Dow fell roughly 172 points, or 0.5%. The S&P 500 declined 0.7% for its first negative session in four. The Nasdaq Composite was the relative underperformer, dipping 1.25%. The tech-heavy index and S&P 500 are now both on track to snap a four-week winning streak.
Those moves came as traders parsed through the minutes from the Federal Reserve’s July meeting. The central bank remains committed to fighting inflation, but indicated it could adjust its pace of tightening based on market conditions.
Investors have been hoping that the Fed might slow the pace of its rate hikes after July’s consumer price index reading showed inflation cooling slightly. But not everyone is convinced.
“We’re in the camp that the Fed is not going to pivot,” Scott Wren, senior global market strategist for Wells Fargo Investment Institute, said on CNBC’s “Closing Bell.” “The minutes didn’t make us change our mind at all. We think a 75 basis point hike is likely in September, and we’ll see more hikes at the end of the year … we think the market is a little lofty right here,” he added.
The latest batch of earnings report didn’t help traders’ sentiment during Wednesday’s session. Target’s quarter missed estimates, with results from Lowe’s coming in mixed.
Some key economic data will also be released Thursday, including weekly jobless claims and existing home sales.
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)
Kohl’s (KSS) – Kohl’s shares slid 7.2% in the premarket after the retailer cut its full-year forecast due to increased promotional activity and higher costs. Kohl’s most recent quarter beat Street forecasts for revenue and profit.
STOCK SYMBOL: KSS
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BJ’s Wholesale (BJ) – The warehouse retailer beat estimates by 26 cents with an adjusted quarterly profit of $1.06 per share and revenue also topped forecasts. Comparable store sales increased more than expected, and the stock rallied 5.4% in premarket trading.
STOCK SYMBOL: BJ
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Tapestry (TPR) – Tapestry moved between gains and losses in premarket action after its earnings came in above consensus despite sales that were slightly short of forecasts. The company behind luxury brands Coach and Kate Spade also raised its quarterly dividend by 20%.
STOCK SYMBOL: TPR
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Estee Lauder (EL) – Estee Lauder shares fell 1.3% in the premarket after the cosmetics maker forecast full-year sales below consensus, due to Covid-related lockdowns in China. Estee Lauder’s profit and revenue for its most recent quarter beat Wall Street estimates.
STOCK SYMBOL: EL
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Canadian Solar (CSIQ) – The solar equipment and services company reported better-than-expected quarterly profit and solar module shipments that were at the high end of its prior forecast. Canadian Solar also raised its full-year revenue forecast, and its stock jumped 6.2% in premarket trading.
STOCK SYMBOL: CSIQ
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Bath & Body Works (BBWI) – Bath & Body Works reported better-than-expected quarterly profit and revenue, but gave a current-quarter forecast that was weaker than expected. The personal care products retailer also said it eliminated 130 positions as it moves to control costs and become more efficient.
STOCK SYMBOL: BBWI
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Cisco Systems (CSCO) – Cisco rallied 5% in premarket trading after beating top and bottom line estimates for its latest quarter. The networking equipment maker also gave a stronger-than-expected outlook for the current quarter as supply chain issues ease.
STOCK SYMBOL: CSCO
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Bed Bath & Beyond (BBBY) – Bed Bath & Beyond tumbled 14.4% in the premarket after investor Ryan Cohen filed a notice of intent to sell 7.78 million shares of the housewares retailer. Cohen’s prior purchases of call options had contributed to a buying spree in Bed Bath & Beyond, with the stock up in 15 of the past 16 sessions and increasing more than five-fold in value over that time.
STOCK SYMBOL: BBBY
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Wolfspeed (WOLF) – Wolfspeed rocketed higher by 20.9% in the premarket after the semiconductor company reported a smaller-than-expected quarterly loss and revenue that beat consensus estimates. It also projected a loss for the current quarter that falls largely below what analysts had been anticipating.
STOCK SYMBOL: WOOF
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DCP Midstream (DCP) – DCP Midstream added 1.7% in premarket trading after refiner Phillips 66 offered to buy the pipeline operator’s publicly held shares for $34.75 per share.
STOCK SYMBOL: DCP
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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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