Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your pre-market stock movers & news on this Tuesday, March the 7th, 2023-
Stock futures inch higher as Wall Street awaits Fed Chair Powell’s comments: Live updates
U.S. stock futures traded marginally higher on Tuesday as traders await Federal Reserve Chair Jerome Powell’s latest comments on the state of the economy.
Dow Jones Industrial Average futures traded flat. S&P 500 futures gained 0.1%, while Nasdaq-100 futures added 0.2%.
Dick’s Sporting Goods shares popped in premarket trading on a strong holiday quarter. WW International, also known as WeightWatchers, leapt 14% as it shared plans to acquire Sequence, a subscription telehealth platform with a focus on chronic weight management.
The major averages are coming off a session that featured mild gains. The Dow on Monday advanced 0.1%, along with the S&P 500 and Nasdaq Composite.
Stocks were higher to start the day after Goldman Sachs initiated coverage of Apple with a buy rating, lifting both the iPhone maker and the broader market. Apple makes up about 7% of the S&P 500. Other mega-cap tech stocks such as Alphabet and Microsoft also advanced.
However, the major averages gave up most of those gains following a slight rise in bond yields. Investors have been troubled by moves in the bond market after the 10-year Treasury yield recently topped a key 4% threshold.
“It really just felt like back to kind of those 2020 days where a handful of the FANG names were doing a lot of the heavy lifting, and to us, that suggests this rally is feeling a bit on its last legs,” BTIG’s Jonathan Krinsky said Monday on CNBC’s “Closing Bell.”
On deck Tuesday and Wednesday is congressional testimony from Fed Chair Powell, who will give remarks on where he sees the U.S. economy — and what he expects for interest rates to go from here.
January wholesale inventories data is set to release Tuesday after the opening bell, giving investors insight into the consumer economy. Economists polled by Dow Jones expect a decline of 0.4%, compared to a rise of 0.1% in the prior reading.
Consumer credit data expected Tuesday afternoon is forecasted to show a rise of $22 billion in January, according to consensus estimates from Dow Jones. That would follow a $11.6 billion increase the prior month.
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)
Meta — Meta shares gained 2% after a Bloomberg report announced that the company is planning another round of layoffs as soon as this week. The company previously cut 13% of its workforce in November as part of CEO Mark Zuckerberg’s efforts to make the company more profitable.
STOCK SYMBOL: META
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Rivian — The electric-vehicle maker dropped nearly 7% after announcing Monday it plans to sell $1.3 billion worth of bonds. The capital will help facilitate the launch of Rivian’s R2 vehicles, a spokesperson told Reuters.
STOCK SYMBOL: RIVN
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WW International — Shares of company formerly known as Weight Watchers jumped as much as 17.6% in premarket trading after announcing a deal to acquire telehealth firm Sequence. The move could help WW push into the anti-obesity drug market. WW also released fourth-quarter results, showing shrinking revenue year over year and a net loss of $32.5 million. The stock is still trading below $5 a share, however, with a small market cap.
STOCK SYMBOL: WW
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Joby Aviation — The electric-aircraft maker fell more than 4% after being downgraded to sell from hold by Deutsche Bank. The Wall Street firm said the aircraft’s weight has raised questions and led him to wonder if the design is “overly aggressive.”
STOCK SYMBOL: JOBY
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Dick’s Sporting Goods — The sporting-good retailer rallied more than 6% after its fourth-quarter results topped Wall Street’s expectations. Same-store sales increased 5.3%, more than double analysts’ estimates of 2.1%, according to StreetAccount.
STOCK SYMBOL: DKS
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KeyCorp — The bank shed 2.3% after issuing full-year net interest income guidance that was lower than prior guidance, according to an 8-K filing on Monday.
STOCK SYMBOL: KEY
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Juniper Networks — The network hardware company added more than 1% after Goldman Sachs initiatived coverage of the stock with a buy rating. Its price target of $39 implies 24.5% upside from Monday’s close.
STOCK SYMBOL: JNPR
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Mineralys Therapeutics — The health-care company gained about 3% after Credit Suisse initiated coverage of the stock with an outperform rating and $40 price target, which suggests upside of more than 100%. The Wall Street firm said there is a large unmet need for resistant hypertension treatment and said Mineralys has “potential best-in-class” data.
STOCK SYMBOL: MLYS
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Hesai Group — The stock gained 1.4% in light premarket trading after Morgan Stanley initiated coverage of the stock with an overweight rating and $26.50 price target, which implies nearly 40% upside. The Wall Street firm said Hensai “outshines peers, with its superior scale and margin, and its strong project pipeline.”
STOCK SYMBOL: HSAI
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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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