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, February 27th, 2023-
Stock futures rise after major averages suffer biggest weekly losses of the year: Live updates
U.S. equity futures rose Monday, as traders tried to recover some ground following the worst week of the year on Wall Street. Investors also looked ahead to another big week in retail earnings.
Futures tied to the Dow Jones Industrial Average gained 138 points, or 0.4%. S&P 500 futures were up 0.5%, and Nasdaq-100 futures rose 0.6%.
The major averages Friday ended the day lower and posted their biggest weekly declines for 2023. The Dow finished lower by 3%, its fourth down week in a row. The S&P 500 lost 2.7% and the Nasdaq Composite fell 3.3% for the week.
Stocks sank Friday and Treasury yields jumped following a bigger-than-expected increase in the latest reading for personal consumption expenditures, the Federal Reserve’s preferred inflation gauge.
The early 2023 rally seems to be fading as investors absorb the minutes of the latest Fed meeting, which reiterated the central bank’s tough stance on inflation, as well as recent comments from Fed officials cautioning interest rates could rise higher and for longer than anticipated.
“As we head into a seasonally weak period, with bets rising that the Fed may go with a 50bps increase instead of a 25bps in March, though still a minority opinion, the short-term market risk remains to the downside despite three straight weeks of losses,” said Louis Navellier, chairman and founder of growth investing firm Navellier & Associates. “The bears are dusting themselves off after getting sacked in January.”
Concern over tighter monetary policy and persistent inflation have pushed Treasury yields higher. The 2-year rate on Monday hit its highest level since July 2007.
In the week ahead, investors will be looking for clues about how inflation is affecting consumers and businesses amid a handful of economic data reports and corporate earnings. Durable goods orders are due out Monday morning. Consumer confidence and the ISM manufacturing survey are also on deck in the coming week.
In earnings, just 6% of the S&P 500 will report but investors are looking for insight into the consumer with several major retailers, restaurants, some travel and entertainment names as well as food companies set to report. Target, Costco, Lowe’s and Macy’s are some of the big names set to report earnings this week.
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:
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STOCK SYMBOL: (N/A.)
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Union Pacific — Shares rose 9.5% after the company said CEO Lance Fritz would have a successor named this year. Bank of America upgraded the stock to buy from neutral following the news.
STOCK SYMBOL: UNP
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Seagen — Shares soared by 14.9% after The Wall Street Journal reported that Pfizer is in talks to acquire the cancer drugmaker, which has a market value of about $30 billion.
STOCK SYMBOL: SGEN
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Best Buy — The retailer slipped 1.5% in the premarket after being downgraded to market perform from outperform by Telsey Advisory Group. The Wall Street firm said it expects high inflation and rising interest rates to weigh on Best Buy’s 2023 sales and profits.
STOCK SYMBOL: BBY
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Berkshire Hathaway — Shares of Warren Buffett’s conglomerate could be active in premarket after the company reported Saturday that its operating profits fell during the fourth quarter amid inflationary pressures. Berkshire’s operating earnings totaled $6.7 billion last quarter, down 7.9% from a year ago. The Omaha-based company used $2.855 billion to buy back shares in the quarter.
STOCK SYMBOL: BRK.B
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Viatris — The health care company fell 1.5% after reporting fourth-quarter results. Adjusted net income for the period came in at $823 million, below a StreetAccount forecast of $850.4 million. Viatris also said former Celgene COO Scott Smith would take over as CEO, effective April 1.
STOCK SYMBOL: VTRS
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Alliant Energy — Shares dropped more than 3% after the company reported that it intends to offer $500 million of its convertible senior notes due 2026. Net proceeds from the offering may be used for general purposes such as repayment or refinancing of debt, working capital and investments and repurchases, Alliant said.
STOCK SYMBOL: LNT
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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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