Good morning traders and investors of the r/stocks sub! Welcome to Hump Day! Here are your pre-market stock movers & news on this Wednesday, November the 9th, 2022-
Stock futures fall slightly as control of Congress is still unclear
Stock futures were slightly lower — following recent market gains — as results of the midterm elections provided no clear answers about who would control Congress yet.
Futures tied to the Dow Jones Industrial Average fell 123 points, or about 0.4%. S&P 500 futures shed 0.3% and Nasdaq 100 futures dipped 0.3%.
Stocks are coming off three-straight days of gains into the election, where Wall Street was expecting Republicans to gain ground and block any future tax and spending plans. The Dow climbed 333 points on Tuesday for its third-straight session of gaining more than 1%.
But control of Congress was not clear. NBC News was not yet projecting control of the House of Representatives with an NBC estimate suggesting Republicans could win 220 seats, which would be a narrow majority.
In one of the key races that could determine Senate control, Democrat John Fetterman defeated Republican Mehmet Oz for the pivotal Senate seat in Pennsylvania, according to an NBC News projection. Oz had the backing of former President Donald Trump, whose endorsed candidates saw spotty levels of success across the country. Critical Senate races in Georgia and Nevada were unresolved.
“It looks like the strong Republican win that was anticipated yesterday did not happen, and that reduces the chance of the Congress and the Senate extremely lowering spending of the President,” said Bokeh Capital’s Kim Forrest.
While the election captivated market attention, investors may want to move on now as the Federal Reserve raises interest rates to bring down inflation, potentially tipping the economy into recession.
The political landscape “will fascinate the Washington chattering class, but for the markets, the focus will shift to whether a recession looms, whether the Fed will end its tightening this winter, and whether a truce and negotiations are possible in the Ukraine war,” wrote Greg Valliere, chief U.S. policy strategist at AGF Investments.
The market’s recent rally occurred at the front end of a strong seasonal period. Historically, stocks tend to rise after midterm elections and the policy clarity it brings, and the final two months of the year are considered a bullish period for investors.
Shares of Facebook parent Meta Platforms rose 3% premarket after the social media giant announced it will be laying off more than 11,000 workers. Founder and CEO Mark Zuckerberg said he was too optimistic about growth and now needs to streamline the company.
One stock that weighed on futures was Disney, which fell more than 8% in early trading after the entertainment giant missed estimates on the top and bottom lines for its fiscal fourth quarter.
STOCK FUTURES CURRENTLY:
(CLICK HERE FOR STOCK FUTURES CHARTS!)
YESTERDAY'S MARKET MAP:
(CLICK HERE FOR YESTERDAY'S MARKET MAP!)
TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
YESTERDAY'S S&P SECTORS:
(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)
TODAY'S S&P SECTORS:
(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)
TODAY'S ECONOMIC CALENDAR:
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR!)
THIS WEEK'S ECONOMIC CALENDAR:
(CLICK HERE FOR THIS WEEK'S ECONOMIC CALENDAR!)
THIS WEEK'S UPCOMING IPO'S:
(CLICK HERE FOR THIS WEEK'S UPCOMING IPO'S!)
THIS WEEK'S EARNINGS CALENDAR:
(CLICK HERE FOR THIS WEEK'S EARNINGS CALENDAR!)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES LINK # 1!)
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES LINK # 2!)
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES LINK # 3!)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #2!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #3!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #4!)
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #3!)
YESTERDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS!)
TODAY'S DIVIDEND CALENDAR:
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #3!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #4!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #5!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Tesla (TSLA) – SEC filings show CEO Elon Musk sold nearly $4 billion in Tesla shares in the days following his purchase of Twitter. Tesla shares added 1.5% in the premarket.
STOCK SYMBOL: TSLA
(CLICK HERE FOR LIVE STOCK QUOTE!)
Meta Platforms (META) – The Facebook parent’s shares rallied 4.3% in premarket trading after the company announced it was laying off 13% of its workforce, or more than 11,000 workers.
STOCK SYMBOL: META
(CLICK HERE FOR LIVE STOCK QUOTE!)
DR Horton (DHI) – The home builder’s stock slid 3.1% in the premarket after it missed top and bottom line estimates for its latest quarter. It also said it would not provide guidance due to housing market uncertainty.
STOCK SYMBOL: DHI
(CLICK HERE FOR LIVE STOCK QUOTE!)
Walt Disney (DIS) – Walt Disney tumbled 7.4% in the premarket after missing top and bottom line estimates for its latest quarter. Disney’s profits took a hit from higher costs at its Disney+ streaming service, and the company plans to cut marketing and content budgets.
STOCK SYMBOL: DIS
(CLICK HERE FOR LIVE STOCK QUOTE!)
Affirm Holdings (AFRM) – Affirm Holdings plunged 12.2% in premarket trading after the buy-now-pay-later firm reported a wider-than-expected quarterly loss. Affirm has been particularly popular among buyers of Peloton bikes, and is seeing an impact from slowing Peloton equipment sales.
STOCK SYMBOL: AFRM
(CLICK HERE FOR LIVE STOCK QUOTE!)
Upstart Holdings (UPST) – Upstart plummeted 23.8% in premarket action after the AI-driven lending platform issued a much weaker-than-expected revenue forecast for the current quarter, citing challenging economic conditions.
STOCK SYMBOL: UPST
(CLICK HERE FOR LIVE STOCK QUOTE!)
AMC Entertainment (AMC) – AMC reported a quarterly loss of 22 cents per share, smaller than the 26 cents loss anticipated by analysts, and revenue topped consensus. CEO Adam Aron said AMC’s results were impacted by soft box office results in the latter part of the quarter. AMC fell 3.9% in premarket action.
STOCK SYMBOL: AMC
(CLICK HERE FOR LIVE STOCK QUOTE!)
Lucid Group (LCID) – Lucid slid 8.3% in the premarket after saying it may raise up to $1.5 billion through stock sales to fund the electric vehicle maker’s operations.
STOCK SYMBOL: LCID
(CLICK HERE FOR LIVE STOCK QUOTE!)
Axon Enterprise (AXON) – Axon rallied 8.5% in premarket trading after the Taser maker reported better-than-expected profit and revenue for the third quarter. It also raised its full-year outlook, citing robust demand.
STOCK SYMBOL: AXON
(CLICK HERE FOR LIVE STOCK QUOTE!)
Sprouts Farmers Market (SFM) – Sprouts Farmers Markets staged an 8.2% off-hours rally on better-than-expected third-quarter results. The organic products grocer also raised its full-year forecast, saying it benefited from an increasing emphasis on health and wellness by consumers.
STOCK SYMBOL: SFM
(CLICK HERE FOR LIVE STOCK QUOTE!)
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?
Leave a Reply