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 rise as Wall Street looks to snap a 3-week losing streak
U.S. stock futures rose Friday following a choppy trading session as traders considered Federal Reserve Chair Jerome Powell’s latest comments on inflation.
Dow Jones Industrial Average futures rose by 235 points, or 0.74%. S&P 500 and Nasdaq 100 futures climbed 0.81% and 1.05%, respectively.
Shares of DocuSign surged more than 17% in extended trading after the electronic agreements company reported an earnings beat. The company also issued a third-quarter revenue forecast that was above expectations.
The Dow Jones Industrial Average jumped 193 points, or 0.61%, during the regular session on Thursday — closing higher after alternating between gains and losses throughout the day. The S&P 500 rose 0.66%, and the Nasdaq Composite advanced 0.60%.
Those gains put all three major averages on pace to snap a three-week losing streak. Through Thursday, the Dow is up 1.45%. Meanwhile, the S&P 500 is up 2.09%, and the Nasdaq Composite is 1.99% higher.
Stocks have been volatile recently as expectations of a 0.75 percentage point rate hike this month grew on Wall Street, after the Fed chair said again that he is “strongly committed” to bringing down inflation.
“I think that people are grossly underestimating what the Fed is going to have to do to fight inflation,” Richard Bernstein Advisors CEO Richard Bernstein said Thursday on CNBC’s “Closing Bell: Overtime.”
“It’s incredibly ironic that investors are even considering a Fed pivot when the real fed funds rate remains about as most negative as it has historically been. So the Fed isn’t even really heartily fighting inflation yet. We don’t have a positive real fed funds rate. It’s hard to argue that we should turn wildly bullish anytime soon,” he added.
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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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)
DocuSign — Shares of the electronic signature company surged 16.4% after DocuSign’s quarterly numbers beat Wall Street expectations. DocuSign also shared revenue guidance for the third quarter above expectations and an outlook for the full year that fell in line with estimates.
STOCK SYMBOL: DOCU
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Zscaler — Zscaler soared 14.1% after posting strong results for the recent quarter. The cloud security company reported adjusted earnings of 25 cents a share on $318 million in revenue. Analysts surveyed by Refinitiv had anticipated earnings of 20 cents a share on revenues of $305 million.
STOCK SYMBOL: ZS
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RH — The luxury home furnishing retailer’s stock fell 1% on the back of disappointing revenue guidance. RH expects third-quarter revenue to decline between 15% and 18%, more than a StreetAccount forecast for a 10.7% drop.
STOCK SYMBOL: RH
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Virgin Galactic — Shares of the space tourism company slipped 1.9% after Bernstein downgraded the stock to underperform, citing declining confidence in Virgin Galactic’s business as it burns through cash and delays flights.
STOCK SYMBOL: SPCE
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Tesla — Tesla shares rose 1.3% in the premarket following news that the electric vehicle maker is considering building a lithium refinery for EV battery production in Texas this year, according to an application filed with the Texas Comptroller’s Office.
STOCK SYMBOL: TSLA
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Navient — Shares slipped 2.1% after Barclays downgraded the student loan servicer’s stock to equal weight. The firm said President Joe Biden’s debt forgiveness plan could hurt Navient’s earnings going forward.
STOCK SYMBOL: NAVI
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Regeneron — Regeneron’s stock moved about 1% higher in the premarket after Morgan Stanley upgraded shares to overweight following positive results from its eye drug trial. It comes a day after the stock soared nearly 19% on the back of those results.
STOCK SYMBOL: REGN
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Zumiez — Shares of the clothing store company fell 13% in the premarket after disappointing quarterly results. Zumiez earned 16 cents per share, below a StreetAccount estimate of 47 cents per share. The company’s gross margin was also below expectations.
STOCK SYMBOL: ZUMZ
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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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