Good morning traders and investors of the r/stocks sub! Welcome to the first trading day of February and FOMC Rate Decision Day! Here are your pre-market stock movers & news on this Wednesday, February the 1st, 2023-
Dow futures fall as traders await the Federal Reserve’s latest rate hike decision
Dow Jones Industrial Average futures slipped Wednesday as investors looked ahead to the Federal Reserve’s Wednesday meeting.
Futures tied to the Dow shed 116 points, or 0.3%. S&P 500 futures were down 0.2%, while Nasdaq-100 futures gained 0.1%.
The Fed at 2 p.m. ET will announce how much it is increasing interest rates in its latest effort to tame high inflation. Markets are expecting a 25 basis point, or 0.25 percentage point, bump from the central bank. On Tuesday, the employment cost index, a measure of wage increases, showed compensation rose 1% in the fourth quarter, less than the 1.1% estimate by Dow Jones. The Fed’s announcement will be followed by comments from Chair Jerome Powell.
Still, traders may be getting ahead of themselves in expecting a more dovish tone from the Fed, or looking for signs that a pause in hikes or even a pivot is coming soon.
The Fed’s message Wednesday “will push back against the pivot narrative and thereby current bond market pricing,” wrote DoubleLine’s Jeffrey Gundlach in a tweet. “Should be interesting.”
Wall Street is coming off a strong session to end January. The Dow ended Tuesday nearly 369 points higher, rising by 1.09%. The S&P 500 gained 1.46% to cap its best January performance since 2019. The tech-heavy Nasdaq Composite rose 1.67%, notching its best January performance in 22 years.
Earnings season continues as well. Peloton and Meta Platforms are scheduled to report quarterly results on Wednesday.
Snap shares dropped more than 15% after the social media company posted a disappointing quarterly revenue. The company’s average revenue per user, a key metric for Snap, also came in below expectations. Meanwhile, AMD reported better-than-expected earnings and revenue but warned of a 10% top-line decline in the first 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 LINK #1!)
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR LINK #2!)
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!)
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!)
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!)
YESTERDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS!)
TODAY'S DIVIDEND CALENDAR:
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Peloton — The fitness equipment maker jumped more than 5% in the premarket after reporting fiscal second quarter revenue of $792.7 million, above a Refinitiv forecast of $710 million. Peloton said its net loss narrowed year over year and subscription revenue was higher than sales of the product.
STOCK SYMBOL: PTON
(CLICK HERE FOR LIVE STOCK QUOTE!)
Snap — The social media giant saw its shares slide more than 15% following its quarterly financial update. Snap missed analyst estimates for revenue and declined for a third straight quarter to provide guidance. Its “internal forecast” assumes a sales decline of between 2% and 10% from a year earlier.
STOCK SYMBOL: SNAP
(CLICK HERE FOR LIVE STOCK QUOTE!)
Advanced Micro Devices — Shares of chipmaker AMD rose more than 3% premarket after the company reported fourth-quarter earnings and revenue that beat Wall Street expectations.
STOCK SYMBOL: AMD
(CLICK HERE FOR LIVE STOCK QUOTE!)
Electronic Arts — Shares of the video game publisher fell nearly 10% after the Electronic Arts’ fiscal third quarter results missed expectations for adjusted earnings and net bookings, according to StreetAccount. Fourth-quarter guidance also disappointed, as the company announced a delay of its upcoming Star Wars game to later this calendar year.
STOCK SYMBOL: EA
(CLICK HERE FOR LIVE STOCK QUOTE!)
Foot Locker — The retailer added 3% following an upgrade to outperform from neutral by Credit Suisse. The firm said Foot Locker should see more profit going forward due to its strategic plan.
STOCK SYMBOL: FL
(CLICK HERE FOR LIVE STOCK QUOTE!)
Match Group — The online dating company slid 8.3% after reporting quarterly revenue that missed Wall Street expectations. Match also said first-quarter revenue will likely be lower than expected.
STOCK SYMBOL: MTCH
(CLICK HERE FOR LIVE STOCK QUOTE!)
Western Digital — Western Digital dropped nearly 3% after reporting an earnings miss after the bell Tuesday, although it beat on revenue. The company also said it anticipates revenue in the upcoming quarter to be lower than previously guided.
STOCK SYMBOL: WDC
(CLICK HERE FOR LIVE STOCK QUOTE!)
Brinker International — The casual dining chain reported adjusted earnings of 76 per share, compared to StreetAccount’s estimate of 52 cents for the fiscal second quarter. Revenue was $10.2 billion versus the $991.7 million expected by analysts. Brinker International was up 1.3% in the premarket.
STOCK SYMBOL: EAT
(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