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 27th, 2024-
Stock futures are little changed after Dow’s record close: Live updates
Stock futures were little changed Tuesday after a slide in technology names pressured the S&P 500 and Nasdaq Composite, while the Dow Jones Industrial Average closed at a record high.
Futures tied to the Dow Jones Industrial Average and S&P 500 futures climbed both slipped under 0.1%. Nasdaq-100 futures fell marginalluy.
On Monday, the Dow broke with the broader market and reached intraday and closing record highs. Meanwhile, a decline in tech stocks and a gain in less favored segments like energy signaled that investors might be rotating out of one of the market’s key drivers over the past year.
Investors are eager to see earnings from top artificial intelligence beneficiary Nvidia on Wednesday. Shares of the semiconductor firm closed more than 2% lower Monday and were marginally higher in after hours trading. Nvidia has become a key bellwether for tech stocks and AI more broadly, and investors will look toward its second-quarter results to gauge the health of the AI trade.
Stocks are trying to find stable footing after a brutal start to the month. Investors have grown more optimistic, however, after Federal Reserve Chair Jerome Powell signaled on Friday that the central bank’s next move will be to cut benchmark interest rates. Powell did not specify when, or by how much, interest rates would be reduced.
Traders are unanimously forecasting a rate cut at the central bank’s Sept.17-18 policy meeting of at least 25 basis points, according to data from the CME Group’s FedWatch Tool.
“It’s going to take time for the cuts to go all over the economy … the market is doing some of the heavy lifting for the Fed, but there’s a lot of question marks,” Allianz chief economic advisor Mohamed El-Erian told CNBC’s “Closing Bell: Overtime” on Monday.
Investors will also parse fresh quarterly earnings from retailer Nordstrom after the closing bell Tuesday for insight into the health of consumers.
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)
Paramount Global — The media conglomerate’s stock dropped nearly 5% after Edgar Bronfman Jr. withdrew his bid for the media company. This clears a path for Skydance Media to take over Shari Redstone’s media empire. Paramount expects the deal with Skydance to close in the first half of 2025.
STOCK SYMBOL: PARA
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Cava Group — The restaurant stock fell more than 8% after several corporate insiders and a major shareholder disclosed in filings that they were selling some of their holdings.
STOCK SYMBOL: CAVA
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JD.com — Shares of the Chinese e-commerce stock climbed about 3% after the company announced a $5 billion buyback program to run between September 2024 and August 2027.
STOCK SYMBOL: JD
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Hershey — The chocolate maker slid 1.7% on the heels of a Citi downgrade to sell from neutral. The firm said volume challenges and cocoa inflation can weigh on earnings.
STOCK SYMBOL: HSY
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Trip.com — Shares of the China-based travel company jumped more than 9% on better-than-expected second-quarter results. The company reported 12.77 billion yuan in revenue on adjusted EBITDA of 4.44 billion. Analysts polled by FactSet had forecasted revenue of 12.76 billion yuan on 4.02 billion EBITDA. Packaged-tour revenue grew by 42% year over year.
STOCK SYMBOL: TCOM
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Apple — Shares of the iPhone maker declined 0.3% after the company announced Kevan Parekh will replace Luca Maestri as chief financial officer beginning Jan.1.
STOCK SYMBOL: AAPL
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Eli Lilly — Shares slipped 1% after the drugmaker released a new, cheaper version of its weight loss drug Zepbound in an effort to improve access.
STOCK SYMBOL: LLY
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Heico — The aerospace and defense stock declined about 0.6% on mixed fiscal third-quarter results. The maker of airplane parts topped earnings estimates but fell short of Wall Street’s revenue expectations.
STOCK SYMBOL: HEI
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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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