Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of this week, month and quarter. Here are your pre-market movers & news on this Friday, March the 31st, 2023-
S&P 500 futures tick higher as traders get set to wrap up the first quarter: Live updates
S&P 500 futures rose slightly Friday as traders awaited a key inflation print and got ready to wrap up the first quarter of 2023.
S&P 500 futures gained 0.18%, and Nasdaq-100 futures were marginally higher. Dow Jones Industrial Average futures were up 69 points, or 0.2%.
The Federal Reserve’s preferred inflation gauge, the personal consumption expenditures index, is due to be released at 8:30 a.m. ET on Friday. Economists polled by Dow Jones expect that the core PCE, which excludes energy and food costs, gained 0.4% in February from the prior month and added 4.7% on an annualized basis.
Investors will be looking for signs that inflation is cooling, which could lead to the Fed wrapping up its rate-hiking campaign soon.
Personal income data and consumer spending will also be issued Friday morning. The final March reading of the University of Michigan’s consumer sentiment index is due at 10 a.m. ET.
Friday also marks the last day of the first quarter. The S&P 500 and Nasdaq Composite are up 5.5% and 14.8%, respectively, for the quarter through Thursday’s close. The Dow, however, has lost nearly 1%.
For the month, however, the three major averages are up. The S&P 500 and Nasdaq have gained 2% and 4.9%, respectively, in March. The Dow, meanwhile, is up 0.6% through Thursday’s close.
The recent rally is “helping to confirm the market’s perception that the problems that brought the market to a crisis of confidence could very well be contained,” said Quincy Krosby, chief global strategist for LPL Financial.
“The semiconductors, [which] have come to be viewed as an important bellwether for global growth, delivered a strong performance,” Krosby continued.
The VanEck Vectors Semiconductor ETF (SMH) has been on fire this year, surging more than 28%. This month alone, it’s up more than 9%.
However, Krosby noted that the markets are not yet completely in the clear from an economic downturn.
“Economic concerns enveloping recession fears haven’t vanished as the yield curve still represents a counter to the market’s climb higher,” Krosby added.
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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NEXT WEEK'S ECONOMIC CALENDAR:
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NEXT WEEK'S UPCOMING IPO'S:
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NEXT 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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THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
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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)
Bed Bath & Beyond – Bed Bath & Beyond shares dipped 2% before the bell, building on a more than 26% loss from Thursday’s session. The declines came after the company once again warned that it may need to file for bankruptcy protection if its proposed $300 million stock offering fails.
STOCK SYMBOL: BBBY
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Nikola – The electric truck maker fell 5% after it announced plans to raise $100 million through a secondary stock offering, or a private sale of stock if needed.
STOCK SYMBOL: NKLA
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Virgin Orbit — Virgin Orbit shed nearly 43% after announcing that it would halt operations “for the foreseeable future” as it fails to secure funding. Virgin Orbit also said it will eliminate about 90% of its workforce.
STOCK SYMBOL: VORB
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BlackBerry — Shares fell about 2% after the software company posted fourth-quarter revenue that fell slightly short of consensus estimates. The company’s top line came in at $151 million, while analysts polled by StreetAccount had forecast revenue of $154 million.
STOCK SYMBOL: BB
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Generac Holdings — The power systems provider fell 3.7% following a downgrade to underperform from neutral by Bank of America. The firm said Generac’s guidance for the 2023 fiscal year seems out of reach with its residential segment pressured.
STOCK SYMBOL: GNRC
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Regional bank stocks — Some regional bank stocks that have been volatile in recent weeks rose Friday. Shares of First Republic gained 1.7%, while Zions Bancorporation, PacWest and KeyCorp added about 0.6% each. The SPDR S&P Regional Banking ETF inched 0.4% higher. UBS noted that bank borrowings from the Fed declined last week, a sign that liquidity issues may be under control following a difficult month for the broader sector.
STOCK SYMBOL: FRC
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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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