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, October 10th, 2022 (Happy Columbus Day!)-
Stock futures fall to start week with key inflation data, earnings ahead
Stock futures were lower Monday morning as the markets come out of a tumultuous week and traders look ahead to key reports coming in the next week that can offer insights into the health of the economy.
Futures connected to the Dow Jones Industrial Average slid 28 points. S&P 500 futures were lower by 0.18%, while Nasdaq 100 futures fell 0.30%.
Market observers generally consider the week ahead as the kickoff to earnings season, with four of the world’s largest banks – JPMorgan, Wells Fargo, Morgan Stanley and Citi – reporting Friday. PepsiCo, Delta and Domino’s are also among companies reporting next week.
Inflation will also take center stage as new monthly Consumer Price Index data comes Thursday morning.
It will follow a week of whiplash for market participants. The first half of the week brought a relief rally that pushed the S&P 500 up more than 5% in its largest two-day gain since 2020.
But jobs data that economists say will keep the Federal Reserve on a path to continue raising interest rates and OPEC+’s decision to slash oil supply rattled investors, knocking the market down later in the week. When trading ended Friday, the S&P was up 1.5% compared to where it started the week. The Dow and Nasdaq were up 1.5% and 0.7%, respectively.
Still, the Dow, S&P 500 and Nasdaq had the first positive week in the last four. All remain down substantially so far in 2022, however, and the Nasdaq is less than 1% away from its 52-week low.
“The direction of the stock market is likely to be lower because either the economy and corporate profits are going to slow meaningfully or the Fed is going to have to raise rates even higher and keep them higher for longer,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, on Friday.
“Given the conditions that we are operating under, we believe it’s prudent to begin preparing for a recession,” he added. “The talk of a shallow recession that is now the narrative-du-jour strikes us as eerily similar to the ‘inflation is transitory’ narrative of last year.”
Last week brought heightened concerns that corporate earnings will show the ugly side of a surging dollar as Levi Strauss became the latest to cut guidance due to sliding international sales.
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:
($JPM $PEP $TSM $DAL $MS $C $UNH $BLK $WFC $DPZ $AZZ $WBA $USB $CMC $FAST $PNC $PGR $WIT $FRC $THTX $DCT $ETWO $APLD $VLNS $INFY)
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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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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 MOST ACTIVE TRENDING TICKERS ON STOCKTWITS:
- PYPL
- RIVN
- UST.X
- GM
- F
- IVA
- EXAS
- CEIX
- IMTX
- QSP.X
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Ford (F), General Motors (GM) – UBS downgraded both automakers, cutting Ford to “sell” from “neutral” and downgrading GM to “neutral” from “buy.” UBS said the auto industry is rapidly moving toward vehicle oversupply following three years of unprecedented pricing power. Ford slid 3.6% in the premarket while GM fell 3.5%.
STOCK SYMBOLS: F
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STOCK SYMBOLS: GM
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Rivian (RIVN) – Rivian shares tumbled 9% in the premarket after it recalled nearly all its vehicles to fix potential steering issues. The electric car and truck maker said no injuries have been reported as a result of the problem.
STOCK SYMBOLS: RIVN
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Toast (TOST) – Mizuho upgraded the restaurant-focused technology platform provider to “buy” from “neutral,” saying its research puts the profit and sales potential from Toast’s services in focus. Toast rallied 3.3% in the premarket.
STOCK SYMBOLS: TOST
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Tesla (TSLA) – Tesla delivered more than 83,000 vehicles from its Shanghai factory last month, up 8% from August and its highest-ever monthly total for the recently upgraded plant. Tesla lost ground in premarket trading, however, after RBC cut its price target on the stock to $340 per share from $367 a share.
STOCK SYMBOLS: TSLA
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Stellantis (STLA) – Stellantis signed a nickel and cobalt supply agreement with Australian mining company GME Resources, as it moves to secure key components for electric vehicle batteries. The automaker had signed a lithium supply agreement earlier this year with Australia’s Vulcan Resources.
STOCK SYMBOLS:STLA
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Kraft Heinz (KHC) – Kraft Heinz rose 2% in premarket action after Goldman Sachs upgraded the food maker’s stock to “buy” from “neutral.” Goldman said Kraft Heinz is one of the few consumer staples stocks where the prospect of higher profit margins is not yet fully priced into the stock.
STOCK SYMBOLS: KHC
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Procter & Gamble (PG) – P&G shares declined 1.3% in premarket trading, following a Goldman Sachs downgrade of the consumer products giant’s shares to “neutral” from “buy.” Goldman’s updated view reflects valuation concerns and possible market share headwinds.
STOCK SYMBOLS: PG
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Merck (MRK) – Merck rose 2.7% in the premarket after Guggenheim upgraded the stock to “buy” from “neutral.” The firm said the drugmaker is poised to beat profit consensus on good growth prospects for key products, among other factors.
STOCK SYMBOLS: MRK
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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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