Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week and a frrrrrrrrrrresh start! Here are your pre-market stock movers & news on this Monday, March 28th, 2022-
Stock futures are flat as a big week of economic data kicks off
Stock futures were steady Monday morning as a week filled with key economic reports kicked off, and investors continue to keep a close eye on the Federal Reserve’s planned interest rate hikes.
Futures tied to the Dow Jones Industrial Average fell 3 points, while S&P 500 futures rose 0.1%. Nasdaq 100 futures added 0.1%.
Shares of Tesla popped more than 5% in premarket trading on Monday on news it wants to split its stock so it can pay a stock dividend to shareholders.
The Securities and Exchange Commission filing said Tesla will ask at its annual shareholders meeting “for an increase in the number of authorized shares of common stock … in order to enable a stock split of the Company’s common stock in the form of a stock dividend.”
Elsewhere on Monday, parts of The Treasury yield curve inverted on Monday, raising some recession concerns. Earlier on Monday, the yield on the 5-year Treasury note rose to 2.6361%, while the 30-year yield was down less than 1 basis point to 2.6004%.
However, the main yield spread that traders watch — the spread between the 2-year and the 10-year rate — remained positive for now.
The Dow and S&P 500 rose on Friday to close out their second consecutive winning week. The Dow gained 153 points, or 0.4%. The S&P 500 advanced 0.5% and has more than erased its losses since Russia invaded Ukraine in late February. Meanwhile, the Nasdaq Composite dipped 0.2% but still finished the week in the green.
The moves came as investors continue to monitor developments in Russia’s war on Ukraine and expectations about the Fed’s plans to hike interest rates.
“It seems the skyrocketing move higher with commodity prices has taken a break and that has allowed investors a chance to pile back into equities,” said Edward Moya, senior market analyst at Oanda. “Geopolitical risks remain very elevated and the rally in equities over the past two weeks is impressive. The U.S. economy is still in good shape, but buying every stock market dip probably won’t be the attitude for most traders going forward given how hawkish the Fed has turned.”
Investors continue to keep a close eye on the Fed. Wall Street firms from Goldman Sachs to Bank of America penciled in half-point hikes in future Fed meetings this year after the central bank’s chair Jerome Powell vowed to be tough on inflation and said rate increases could become more aggressive if necessary.
On Friday, the benchmark 10-year yield touched a fresh multi-year high of 2.5% as investors priced in a more aggressive rate hike cycle, which helped lift financial stocks while tech stocks pulled back.
Investors are looking forward to the Job Openings and Labor Turnover Survey, or JOLTS, this week. The JOLTS report is one set of employment data that the Federal Reserve is watching closely as it tightens monetary policy. ADP will also release its private payrolls data ahead of the main show, the closely watched monthly jobs report, on Friday.
Monday is a light day for earnings reports but several big companies are scheduled to report their quarterly results this week, including BioNTech, Micron and Walgreens Boots Alliance.
STOCK FUTURES CURRENTLY:
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LAST WEEK'S MARKET MAP:
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TODAY'S MARKET MAP:
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LAST WEEK'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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FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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FRIDAY'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)
Tesla (TSLA) – Tesla will ask shareholders to authorize the issuance of additional shares at the upcoming annual meeting so it can pay a stock dividend, according to a company tweet. The additional shares would enable the company to split its stock. Tesla jumped 5.4% in the premarket.
STOCK SYMBOLS: TSLA
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Beyond Meat (BYND) – Beyond Meat slid 5.1% in the premarket after Piper Sandler downgraded the stock to “underweight” from “neutral.” Piper points to increasing competition for plant-based meat substitutes, as well as lower positive expectations for the impact of a nationwide McDonald’s (MCD) launch.
STOCK SYMBOLS: BYND
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Apple (AAPL) – Apple will reportedly cut planned iPhone SE output by 20% next quarter, according to a report by Japan’s Nikkei news service citing weaker-than-expected demand. Apple fell 1.2% in premarket trading.
STOCK SYMBOLS: AAPL
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Poly (POLY) – The communications technology company agreed to be acquired by HP Inc. (HPQ) for $40 per share, compared to Poly’s Friday close of $26.20 per share. The companies expect the deal to close before the end of this year.
STOCK SYMBOLS: POLY
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Foot Locker (FL) – The athletic footwear and apparel retailer’s stock fell 1.7% in premarket trading after Cowen downgraded it to “market perform” from “outperform.” Cowen said despite an inexpensive valuation, investors may be underappreciating the potential impact of inflation.
STOCK SYMBOLS: FL
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Barclays (BCS) – Barclays lost 3.1% in premarket action after the British bank disclosed a loss of nearly $592 million stemming from mishandled bond trades. It also said it would delay a planned share buyback as a result.
STOCK SYMBOLS: BCS
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AMC Entertainment (AMC) – AMC CEO Adam Aron told Reuters the company would strike more “transformational” deals, following its $27.9 million investment in gold and silver mine operator Hycroft Mining (HYMC) earlier this month. AMC added 2.2% in the premarket, while Hycroft – a microcap stock with a market value of $77.3 million as of Friday’s close – surged 32.8%.
STOCK SYMBOLS: AMC
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Uber Technologies (UBER) – Uber won a new 30-month license to operate in London. The ride-hailing service had been engaged in a dispute with regulators over the past five years over safety issues and had lost its license to operate twice over that period.
STOCK SYMBOLS: UBER
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Hasbro (HAS) – Hasbro turned down a settlement offer with activist investor Alta Fox Capital over board nominees, according to people familiar with the matter who spoke to Reuters. Alta Fox holds a 2.5% stake in the toymaker, and the two sides have been negotiating to avoid a proxy contest.
STOCK SYMBOLS: HAS
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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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