Good morning traders and investors of the r/stocks sub! Welcome to Tuesday! Here are your pre-market stock movers & news on this Tuesday, March the 22nd, 2022-
Stock futures rise after Dow snaps 5-day winning streak, traders weigh Powell inflation comments
Stock futures rose Tuesday, as Wall Street looked to rebound from a down session, while traders weighed Federal Reserve Chair Jerome Powell’s latest rate hike comments.
Futures on the Dow Jones Industrial Average rose about 150 points, or 0.4%. S&P 500 futures added 0.3% and Nasdaq 100 futures gained 0.1%.
Nike shares rose more than 5% in the premarket after the retailer reported a beat on the top and bottom lines for its fiscal third quarter, buoyed by strong demand in North America.
Wall Street was coming off a volatile session Monday, as Powell vowed to take “necessary steps” to curb inflation less than a week after the Fed raised rates for the first time since 2018.
The Dow Jones Industrial Average on Monday fell 201.94 points, or 0.6%, breaking a five-day winning streak. Meanwhile, the S&P 500 finished marginally lower after rising as much as 0.4% during the session, while the Nasdaq Composite fell 0.4% to 13,838.46 after dipping as much as 1.5% at session lows.
“There are a number of really conflicting currents going on right now,” U.S Bank Wealth Management’s Lisa Erickson told “Squawk Box” on Tuesday. “The Fed is becoming more hawkish in its stance. It’s moving to normalize what’s going on with policy. And you do have some uncertain effects from the Ukraine-Russia conflict.”
Powell on Monday said “inflation is much too high” and added that rates could increase more than the previously approved 25 basis points if needed.
Some market participants raised their expectations for rate hikes following Powell’s comments. Goldman Sachs on Monday upped its forecast to 50 basis point hikes at the May and June Fed meetings.
“We think odds of a 50 bp rate hike are rising,” UBS chief U.S. economist Jonathan Pingle said in a note Monday.
Oil prices eased Tuesday after rising sharply in the previous session on news that the European Union is weighing a ban on Russian oil. West Texas Intermediate, the U.S. oil benchmark, was marginally lower, while international benchmark Brent crude also dipped slightly.
Investors on Tuesday continued to watch the situation in Eastern Europe, with President Joe Biden saying Russian President Vladimir Putin’s back is “against the wall” as the war with Ukraine nears a stalemate.
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)
Nike (NKE) – Nike reported quarterly profit of 87 cents per share, 16 cents a share above estimates. Revenue beat estimates as well, helped by an increase in digital sales and its ability to successfully navigate supply chain issues. Nike jumped 6.3% in the premarket, and its results also boosted shares of rival Foot Locker (FL) by 1.4%.
STOCK SYMBOL: NKE
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Okta (OKTA) – Okta is investigating reports of a digital breach, with the authentication services provider saying it would provide more information when it becomes available. Okta shares slid 6.3% in premarket trading.
STOCK SYMBOL: OKTA
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Alibaba (BABA) – Alibaba increased its share buyback program to $25 billion, the largest ever for the China-based e-commerce giant. The move follows a slump in the stock’s price on regulatory and growth concerns. Alibaba surged 8% in premarket action.
STOCK SYMBOL: BABA
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Altria (MO) – The tobacco producer’s shares rose 1.2% in the premarket after Goldman upgraded Altria to “buy” from “neutral.” Goldman pointed to Altria’s strong cash flow, high profit margins and attractive dividend amid a current “risk-off” environment.
STOCK SYMBOL: MO
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Tencent Music (TME) – Tencent Music rallied 4.5% in premarket trading after the entertainment services company reported better-than-expected quarterly earnings and said it would pursue a secondary listing on the Hong Kong Stock Exchange.
STOCK SYMBOL: TME
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Switch (SWCH) – Switch remains on watch following a Bloomberg report that the data center operator was exploring options including a possible sale of the company. Switch has risen for the past five trading sessions, gaining 11% over that stretch.
STOCK SYMBOL: SWCH
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Upstart Holdings (UPST) – The cloud-based lending platform operator was downgraded to “underperform” from “neutral” at Wedbush, which cited Upstart’s dependence on third-party funding as well as macroeconomic risks. Upstart slid 3.6% in premarket action.
STOCK SYMBOL: UPST
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Canadian Pacific Railway (CP) – Canadian Pacific and its workers agreed to binding arbitration to resolve their labor dispute, allowing operations to resume after a weekend lockout.
STOCK SYMBOL: CP
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Paramount (PGRE) – The office-centered real estate investment trust saw its shares rise 1.9% in the premarket after it rejected a takeover offer from asset management firm Monarch Alternative Capital. Paramount said the $12 per share offer significantly undervalues the company but said it remains open to any ideas that enhance shareholder value.
STOCK SYMBOL: PGRE
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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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