Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of the year. Here are your pre-market movers & news this AM-
Stock futures edge lower as Wall Street awaits final trading day of 2022
Stock futures edged lower in premarket trading Friday as investors braced for the final trading day of the worst year for stocks since 2008.
Futures tied to the Dow Jones Industrial Average slipped 130 points, or 0.4%. S&P 500 and Nasdaq 100 futures traded lower by 0.6% and nearly 0.9%, respectively.
The overnight moves followed a rally Thursday, with the Nasdaq Composite and S&P 500 climbing about 2.6% and roughly 1.8%, respectively. The Dow jumped 345 points, or 1.05%.
For the week, the Dow and S&P are slightly higher, with the Nasdaq on track for a modest loss. All major averages are lower for December and are poised to snap a two-month win streak.
Friday marks the final day of trading of what’s been a painful year for stocks. A volatile bear market, sticky inflation, and aggressive rate hikes from the Federal Reserve battered growth and technology stocks. These factors also weighed on investor sentiment.
All three of the major averages are marching toward their worst year since 2008, slated to snap a three-year win streak. The Dow fared the best of the indexes in 2022, down 8.58%, while the S&P and tech-heavy Nasdaq tumbled 19.24% and 33.03%, respectively.
As the calendar year turns the corner, some investors think the pain is far from over, and expect the bear market to persist until a recession hits or the Fed pivots. Some also project stocks will hit new lows.
“We’re sort of stuck in neutral right now, because there are more unanswered questions than there are known entities. … We’ve got a lot riding on this coming earnings season, when we think about the pressures that are going to exist on margins,” Rebecca Felton, senior market strategist at Riverfront Investment Group, said on “Squawk Box.”
“There are a lot of questions as we head into the new year, but we certainly will be happy to see 2022 go over,” Felton added.
Despite the yearly losses, the Dow is on pace for a 15.65% quarterly gain and is primed to snap a three-quarter losing streak. It’s also headed for its best quarter since the second quarter of 2020. The S&P is up 7.35% and slated to break three consecutive quarterly losses. The Nasdaq’s slipped 0.92%, for its fourth consecutive negative quarter for the first time since 2001.
All major S&P sectors finished Thursday with gains, led to the upside by communication services. For the quarter, consumer discretionary and communication services are the only sectors headed for losses. Energy is the only sector on pace for yearly gains after surging nearly 58%.
Communication services stocks in the S&P 500 are down more than 40% on the year and consumer discretionary has fallen 37.4%, while energy, the large-cap index’s only positive sector, has soared nearly 58%.
On the economic front, Chicago PMI data for December is due out Friday. Next week will see a slightly more active slate for economic data, highlighted by the nonfarm payrolls report set for Jan. 6. Financial markets are closed Monday in observance of the New Year’s Day holiday.
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!)
NEXT WEEK'S ECONOMIC CALENDAR:
(CLICK HERE FOR NEXT WEEK'S ECONOMIC CALENDAR!)
NEXT WEEK'S UPCOMING IPO'S:
(CLICK HERE FOR NEXT WEEK'S UPCOMING IPO'S!)
NEXT WEEK'S EARNINGS CALENDAR:
([CLICK HERE FOR NEXT WEEK'S EARNINGS CALENDAR!]())
(T.B.A. THIS WEEKEND.)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(NONE.)
([CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!]())
EARNINGS RELEASES BEFORE THE OPEN TODAY:
([CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES!]())
(NONE.)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
([CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES!]())
(NONE.)
WEDNESDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES!)
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!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Shaw Communications (SJR) – Canada’s Competition Tribunal dismissed an attempt by the country’s competition watchdog to block the $26 billion acquisition of the telecom company by rival Rogers Communications (RCI). Shaw surged 10.1% in the premarket, while Rogers gained 0.4%.
STOCK SYMBOL: SJR
(CLICK HERE FOR LIVE STOCK QUOTE!)
Li Auto (LI) – Li Auto said it expected to deliver more than 20,000 of its electric vehicles this month, higher than the 14,087 the China-based EV maker delivered in December 2021.
STOCK SYMBOL: LI
(CLICK HERE FOR LIVE STOCK QUOTE!)
Southwest Airlines (LUV) – Southwest said it planned to return to a regular flight schedule Friday and promised to reimburse customers for any reasonable expenses they incurred due to the airline canceling thousands of flights over the past week.
STOCK SYMBOL: LUV
(CLICK HERE FOR LIVE STOCK QUOTE!)
Tesla (TSLA) – Tesla is down 1% in the premarket after posting its first back-to-back gains since November 22 to 23. Tesla has not risen three days in a row since a four-day win streak from October 25 to 28. The stock is still down 65% for 2022.
STOCK SYMBOL: TSLA
(CLICK HERE FOR LIVE STOCK QUOTE!)
Audacy (AUD) – Audacy stock rallied 9.7% in the premarket after the small-cap radio station operator said it will auction off the radio.com internet domain with a reported minimum bid of $2.5 million.
STOCK SYMBOL: AUD
(CLICK HERE FOR LIVE STOCK QUOTE!)
Mesa Air Group (MESA) – The regional air carrier reported a bigger-than-expected quarterly loss and revenue that fell short of analyst estimates. Mesa shares fell 3% in premarket trading.
STOCK SYMBOL: MESA
(CLICK HERE FOR LIVE STOCK QUOTE!)
Enovix (ENVX) – The lithium-ion battery manufacturer appointed Raj Talluri as its chief executive officer, effective January 18. Talluri was senior vice president and general manager of Micron Technology’s (MU) mobile business unit. Enovix jumped 5.1% in premarket action.
STOCK SYMBOL: ENVX
(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