Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of the week. Here are your pre-market movers & news this AM-
Stock futures slip ahead of Fed Chair Powell’s speech in Jackson Hole
Stock futures were lower on Friday, dimming hopes that the S&P 500 could grind out another positive week.
Stock futures dipped Friday as investors awaited Federal Reserve Chair Jerome Powell’s speech in Jackson Hole, Wyoming.
Futures tied to the Dow Jones Industrial Average fell 87 points, or 0.3%. S&P 500 futures traded 0.4% lower, and Nasdaq 100 futures slipped by 0.6%.
The moves followed an up day for the major averages in which the Dow jumped about 300 points, and the S&P 500 gained 1.4%. The Nasdaq Composite was the outperformer, advancing 1.7% as a pullback in yields helped tech shares.
“Overall, it remains a really attractive moment to invest in equities. Underlying company performance is strong for the highest quality companies, and multiples are down because of macro fears. That’s the setup every long-term investor looks for,” Robert Cantwell, a portfolio manager at Upholdings, told CNBC.
Nevertheless, all the major averages are on pace for their second straight down week. The Dow is on track for a 1.2% decline. The S&P 500 and Nasdaq Composite are heading to slightly smaller declines of 0.7% and 0.5%, respectively.
All eyes are on Powell’s widely anticipated 10 a.m. ET speech at the central bank’s annual symposium in Wyoming.
Investors are hoping for new guidance about how the Fed will act this autumn, but expectations are lower, with many expecting Powell to reiterate the Fed’s promise to slow inflation by raising interest rates. Opinion’s divided on whether the Fed will bump rates by half a percentage point or three quarters of a point at its next policy meeting in September.
The personal consumption expenditures, one of the Fed’s favorite inflation measures, will also be watched ahead of Powell’s speech Friday morning.
“We’re likely to see a relief tomorrow unless we get a big shock from what Powell says,” Gabriela Santos, global market strategist at J.P. Morgan Asset Management, told CNBC’s “Closing Bell: Overtime.” “One thing I would keep an eye out on if we look to next week and into the fall… implied bond volatility is still very, very high for where it normally is in late August, suggesting that actually we’re likely to continue seeing a lot of action in the yield curve, which could affect stock markets in the fall.”
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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NEXT WEEK'S ECONOMIC CALENDAR:
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NEXT WEEK'S UPCOMING IPO'S:
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NEXT WEEK'S EARNINGS CALENDAR:
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(T.B.A. THIS WEEKEND.)
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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(NONE.)
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)
Electronic Arts (EA) – The video game company’s stock jumped 6.2% in the premarket on a Swedish media report that Amazon.com (AMZN) will announce an offer today to buy EA.
STOCK SYMBOL: EA
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Gap (GPS) – Gap rallied 6% in premarket trading after the clothing retailer reported an unexpected quarterly profit. Gap’s results were helped by a jump in sales of dressier clothes at its Banana Republic chain as more people returned to offices.
STOCK SYMBOL: GPS
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Affirm Holdings (AFRM) – Affirm slumped 13.5% in the premarket following a larger than expected quarterly loss and a weaker than expected outlook. The provider of buy now, pay later services saw revenue top Street forecasts.
STOCK SYMBOL: AFRM
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Seagen (SGEN) – Seagen shares slid 10.9% in premarket action following a Bloomberg report that talks for the drug maker to be bought by Merck (MRK) have stalled. People familiar with the matter say the two sides have so far failed to agree on a buyout price.
STOCK SYMBOL: SGEN
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Everbridge (EVBG) – Everbridge jumped 14.3% in the premarket on a report that the enterprise software company is exploring strategic options including a possible sale. People with knowledge of the matter told Bloomberg the company is working with an adviser.
STOCK SYMBOL: EVBG
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Dell Technologies (DELL) – Dell fell 5.5% in premarket trading after quarterly revenue fell below analyst estimates, as sales waned following a pandemic-era boom in PC sales. Dell reported better than expected earnings for its latest quarter.
STOCK SYMBOL: DELL
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Farfetch (FTCH) – Farfetch surged 14.1% in the premarket after the online luxury retailer reported a smaller than expected quarterly loss and revenue that topped analyst forecasts.
STOCK SYMBOL: FTCH
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Workday (WDAY) – Workday rallied 11.5% in premarket action after its quarterly profit and revenue topped estimates. Workday also issued an upbeat forecast as more customers adopt its human resources and finance software.
STOCK SYMBOL: WDAY
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Ulta Beauty (ULTA) – The cosmetics retailer reported better than expected results for its latest quarter and also issued an upbeat outlook, upholding a recent trend among beauty-related companies. Ulta added 3.8% in the premarket.
STOCK SYMBOL: ULTA
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Micro Focus (MFGP) – Micro Focus nearly doubled in off hours trading, rising 94.3% following news that the British enterprise software maker will be bought by Canadian software company OpenText (OTEX) in an all cash deal that values the company at $6 billion, including debt. OpenText shares fell 8.5%.
STOCK SYMBOL: MFGP
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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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