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, August the 8th, 2023-
Stock futures fall with bank shares under pressure from Moody’s downgrade: Live updates
Stock futures retreated Tuesday as a decline in bank shares dampened investor sentiment.
Futures tied to the Dow Jones Industrial Average ticked lower by 191 points, or 0.5%. S&P 500 futures and Nasdaq 100 futures were down 0.5% each.
Bank shares fell broadly after Moody’s downgraded the credit rating on several banks, including M&T Bank and Pinnacle Financial. The credit agency also placed Bank of N.Y. Mellon and State Street on review for a downgrade.
Goldman Sachs and JPMorgan Chase traded lower in the premarket. The SPDR S&P Bank ETF (KBE) slipped 2.3% in the premarket, while the SPDR S&P Regional Banking ETF (KRE) dipped 2%.
Earnings season continued. UPS shares dropped more than 5% after the delivery giant reported weaker-than-expected revenue for the second quarter. The company also lowered its full-year revenue outlook. Educational tech company Chegg popped about 23% after reporting second-quarter revenue of $183 million, beating analysts’ estimate of $177 million, per Refinitiv.
The corporate earnings season has so far been better-than-expected. Roughly 86% of S&P 500 stocks have reported quarterly results, and nearly 80% of them have beaten Wall Street’s expectations, according to FactSet.
“The good news is that the earnings trough/recession is likely coming to an end, with earnings growth expected to accelerate over the coming quarters,” said Dylan Kremer, co-chief investment officer at Certuity. “Looking ahead, earnings projections seem a bit lofty to us relative to revenue growth estimates, particularly starting in Q1/24.”
On the economic data front, traders are looking ahead to July’s consumer price index report, out Thursday. The inflation metric could put Wall Street’s belief in a soft landing to the test. Economists polled by Dow Jones are calling for a monthly increase of 0.2% in July and a year-over-year rise of 3.3%.
Wall Street is coming off a strong performance Monday. The 30-stock Dow surged more than 400 points, or nearly 1.2%, for its best day since June 15. The Nasdaq Composite added 0.6%, and S&P 500 closed higher by 0.9%. The tech-heavy Nasdaq and the S&P 500 broke four-straight sessions of losses.
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:
(source: [cnbc.com]())
(TO BE POSTED LATER THIS MORNING.) — (TO BE POSTED LATER THIS MORNING.).
STOCK SYMBOL: SPY
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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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