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, December 5th, 2022-
Stock futures slip slightly to start the week as traders look ahead to more economic data
U.S. stock futures fell Monday as investors awaited more economic data ahead of the Federal Reserve’s December policy meeting later this month.
Dow Jones Industrial Average futures fell by 150 points, or 0.4%. S&P 500 and Nasdaq 100 futures dipped 0.5% and 0.4%, respectively.
Wall Street is coming off its second positive week in a row, with the S&P 500 and Nasdaq advancing 1.1% and 2.1%, respectively. The Dow advanced 0.2% last week.
In other news, Tesla shares slumped more than 4% on reports of an output cut at its Shanghai factory.
Those moves came after Fed Chair Jerome Powell signaled that smaller interest rate hikes could start in December. The Fed is slated to meet Dec. 13-14 and is expected to raise rates by 50 basis points, or 0.5 percentage points. On Friday, stronger-than-expected jobs report initially rattled markets, but traders later shook it off.
Despite the recent rally, Morgan Stanley strategist Mike Wilson said the risk-reward for equities has likely reached its cap as it nears the bank’s original tactical target range of 4,000 to 4,150.
“As suggested two weeks ago, for this tactical rally to go higher, back end rates would need to fall,” he said in a note to clients Monday. “Fast forward to today and that’s what has happened. However, we are now right into our original upside targets and we recommend taking profits before the Bear returns in earnest.”
On the economic front, investors are expecting the November ISM services data at 10 a.m. ET on Monday. Economists polled by the Dow Jones expected a reading of 53.7.
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:
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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 STOCK NEWS MOVERS:
(source: cnbc.com)
United Airlines — Shares rose 1% after Morgan Stanley upgraded United Airlines to overweight from equal weight, saying 2023 could be a “goldilocks” year for the airline stock.
STOCK SYMBOLS: UAL
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Starbucks — Shares fell 1.3% after Deutsche Bank downgraded Starbucks to hold from buy, saying further gains will be harder to come by after the stock’s recent outperformance.
STOCK SYMBOLS: SBUX
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Silvergate Capital — Shares dipped 3% after Morgan Stanley downgraded Silvergate Capital to underweight from equal weight, saying a “high level of uncertainty” remains around the stock following the FTX collapse.
STOCK SYMBOLS: SI
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Chinese tech stocks — Shares of Chinese internet stocks jumped in premarket trading after Beijing and Shenzhen reportedly further eased Covid restrictions. The Invesco Golden Dragon China ETF was up more than 5%. Shares of Bilibili surged 16%, while shares of Baidu and Pinduoduo were each up more than 5%. Alibaba rose more than 4%.
STOCK SYMBOLS: BILI
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Johnson Controls International — Johnson Controls shares rose slightly after Deutsche Bank named it its top pick heading into 2023. The firm said the HVAC stock helps investors defensively position in the event of a recession.
STOCK SYMBOLS: JCI
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MGM Resorts International — MGM jumped more than 3% after Truist upgraded it to buy, saying shares of the casino operator can jump more than 30% on a strong 2023 Las Vegas Strip calendar.
STOCK SYMBOLS: MGM
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Murphy Oil Corporation — JPMorgan upgraded the stock to overweight from neutral in its 2023 exploration and production outlook, saying it’s one of the few operators in its coverage with conventional assets, such as oil sands, and a stable production profile. The stock rose by more than 2%.
STOCK SYMBOLS: MUR
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Domino’s Pizza — Domino’s rose 1% after BTIG upgraded the stock to buy from neutral, saying margins are set to rebound in 2023 because of higher menu pricing.
STOCK SYMBOLS: DPZ
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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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