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 Thursday, May the 25th, 2023-
S&P 500 and Nasdaq futures jump after Nvidia’s blockbuster quarter: Live updates
Futures tied to the S&P 500 and Nasdaq-100 jumped Thursday as investors cheered the latest quarterly results from Nvidia. Meanwhile, Dow Jones Industrial Average futures slid after Fitch Ratings placed the United States’ AAA rating on a negative rating watch.
S&P 500 futures were up 0.6%, while Nasdaq-100 futures popped 1.9%. Dow futures were down 85 points, or 0.3%.
Nvidia shares surged 27% in the premarket trading after the artificial intelligence beneficiary gave stronger-than-expected revenue guidance for its fiscal second quarter, while also reporting beats on the top and bottom line in the previous quarter. Several analysts covering the stock hiked their price targets on the stock following the results.
Other semiconductor stocks followed Nvidia higher, including AMD and Taiwan Semiconductor, which rose 6.4% and 9.7%, respectively. The VanEck Semiconductor ETF (SMH) popped 6.2%.
Meanwhile, Fitch Ratings put the U.S.′ AAA long-term foreign-currency issuer default rating on a negative watch. The rating agency said the ongoing debt ceiling negotiations have raised the risks that the government could miss payments on some of its obligations. However, Fitch said it still expects a resolution before the X-date.
Those moves follow a down day for the major averages, with the Dow Jones Industrial Average on Wednesday posting a fourth straight day of losses. The 30-stock index dropped 255.59 points, or 0.77%. The S&P 500 ended the day lower by 0.73%, while the Nasdaq Composite fell 0.61%.
Debt ceiling negotiations continued to weigh on the major averages. The talks hit a hurdle earlier Wednesday. Later, House Speaker Kevin McCarthy indicated negotiations were making progress.
“We play this political game leading up and into the limit,” Atlas Merchant Capital CEO Bob Diamond said Wednesday on CNBC’s “Closing Bell: Overtime.” “I think there’s no question that it would be a terrible, terrible, terrible decision to default for the dollar, for U.S. Treasurys, for our brand and reputation. I think the chances of that happening are extremely light.”
In corporate earnings, retailers Best Buy, Dollar Tree and Ralph Lauren will report Thursday before the open.
Traders can expect the second reading on gross domestic product in the first quarter before the open on Thursday, as well as the latest weekly jobless claims data. April pending home sales data is also on deck after the open. Economists polled by Dow Jones expect a rise of 0.8%, up from the decline of 5.2% 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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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:
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STOCK SYMBOL: (TO BE POSTED LATER THIS MORNING.)
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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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