Good morning traders and investors of the r/stocks sub! Welcome to the first trading day of March! Here are your pre-market stock movers & news on this Wednesday, March the 1st, 2023-
Stock futures rise Wednesday to start a new month of trading: Live updates
Stock futures rose Wednesday, the first day of March, as traders tried to recover their footing following a losing month.
Futures tied to the Dow Jones Industrial Average gained 64 points, or 0.2%. S&P 500 futures advanced 0.3%, while Nasdaq-100 futures climbed 0.4%.
Sentiment got a boost after the release of much stronger-than-expected data out of China. The country’s National Bureau of Statistics said its official manufacturing PMI rose to 52.6 in February — a high not seen since April 2012.
The moves come after Wall Street closed out a losing February for stocks on Tuesday. The Dow led the averages down, closing the month down 4.19%. The S&P 500 and Nasdaq Composite shed 2.61% and 1.11%, respectively.
February’s slide dragged the Dow into negative territory for the year, while the other two indexes are still holding onto their gains.
The decline marked a turn from January’s rally and was prompted in part by the bombshell jobs data that came in the first week of the month, according to Keith Buchanan, senior portfolio manager at Globalt Investments. Nonfarm payrolls increased by 517,000 in January, according to the report, which crushed the 187,000 estimated by economists polled by Dow Jones.
“There was a turning point that we can all point to,” Buchanan said. “The market had a moment where participants realized that perhaps the labor market is tight enough to continue to set the stage for increasing hawkishness.”
Investors will watch for economic data on construction and manufacturing coming after the market opens Wednesday.
STOCK FUTURES CURRENTLY:
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YESTERDAY'S MARKET MAP:
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TODAY'S MARKET MAP:
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YESTERDAY'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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YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
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YESTERDAY'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)
Rivian — Shares of the electric vehicle maker tumbled more than 9% after the company posted mixed fourth-quarter results and an underwhelming production outlook. Revenue for the quarter came in at $663 million, falling well below analysts’ estimates of $742 million, according to Refinitiv. Rivian reported a smaller-than-expected loss, however.
STOCK SYMBOL: RIVN
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Spotify — The audio streaming giant’s stock price rose 1.3%. Redburn upgraded the stock to buy earlier in the day, noting that it sees stronger margins as headwinds from investments, publishing royalty increases and foreign exchange wane.
STOCK SYMBOL: SPOT
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Kohl’s — Shares of the retailer fell more than 8%after Kohl’s reported a surprise loss for the fourth quarter, with CEO Tom Kingsbury saying that sales were pressured by the “ongoing inflationary environment.” Kohl’s reported a loss of $2.49 per share on $5.78 billion of revenue. Analysts surveyed by Refinitiv had expected positive earnings of 98 cents per share on $5.99 billion of revenue.
STOCK SYMBOL: KSS
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Monster Beverage — Shares of the beverage company were down 4.8% after Monster released earnings after Tuesday’s closing bell, posting quarterly earnings of 57 cents per share while analysts surveyed by StreetAccount anticipated 63 cents per share. Monster reported $1.51 billion in revenue, falling short of analysts’ expectations of $1.6 billion.
STOCK SYMBOL: MNST
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Novavax — Shares dropped 25.4% in early morning trading after the vaccine developer said that “substantial doubt exists regarding our ability to operate as a going concern” through the next year.
STOCK SYMBOL: NVAX
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AMC Entertainment — The meme stock dropped more than 8% after AMC posted a greater-than-forecast loss of 26 cents per share in its latest quarter, compared to the 21 cent per share loss expected by analysts surveyed by Refinitiv. Otherwise, AMC reported a revenue beat of $991 million, more than consensus estimates of $978 million.
STOCK SYMBOL: AMC
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Hewlett-Packard — HP gained 2.7% in early market trading after reporting first-quarter earnings on Tuesday. The technology company forecasted higher earnings per share for the second quarter, and also maintained its full-year earnings target on expectations that China’s rollback of Covid restrictions will aid in demand recovery.
STOCK SYMBOL: HPE
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Lowe’s — The home improvement retailer’s fiscal fourth-quarter sales fell short of Wall Street’s expectations, with revenue coming in at $22.45 billion versus the $22.69 billion expected, per Refinitiv. However, adjusted earnings per share of $2.28 topped a forecast of $2.21. Lowe’s was essentially flat in the premarket, up 0.22%.
STOCK SYMBOL: LOW
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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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