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 Wednesday, September the 4th, 2024-
Stock futures fall after worst S&P 500 day since early August rout: Live updates
U.S. stock futures fell Wednesday after the major averages kick-started September lower, with the S&P 500 clocking its worst day since early August.
S&P 500 futures and Nasdaq-100 futures dipped 0.7% and 0.4%, respectively. Dow Jones Industrial Average futures slid 93 points, or 0.2%.
Nvidia shares fell nearly 1% in the premarket after a Bloomberg report, citing sources familiar, said the U.S. Justice Department sent subpoenas to the chipmaker. The move comes after Nvidia tumbled more than 9% in Tuesday’s session amid a broader pullback in semiconductor stocks.
Wall Street is coming off a losing session, with the major benchmarks posting their worst day going back to the Aug. 5th sell-off, as chip names came under pressure and the latest economic data implied slowing growth for the U.S. economy. The 30-stock Dow fell more than 600 points, or 1.5%, while the S&P 500 slid 2.1%. The Nasdaq Composite dropped 3.3%.
Traders are bracing for more volatility in September, historically a weak month for equities. Many investors anticipate a pullback of 5% or more in the coming weeks, although some money managers view any decline as a buying opportunity.
“The next eight weeks should be a prime, a very prime opportunity, to rebalance your portfolio, get more diversified, and actually let the market activity go in your favor,” Chris Hyzy, investment chief at Merrill and Bank of America Private Bank, said on CNBC’s “Closing Bell” on Tuesday.
Corporate earnings season is largely behind investors, with Hewlett Packard Enterprise is set to post earnings after the close.
Traders will also look to the latest releases on the U.S. trade deficit, job openings and labor turnover (JOLTS) survey, and factory orders data.
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)
Nvidia — Shares of the artificial intelligence darling pulled back nearly 2% following a report from Bloomberg that the U.S. Department of Justice subpoenaed the chip company in concert with a broader antitrust investigation.
STOCK SYMBOL: NVDA
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Dick’s Sporting Goods — Stock in the retailer fell about 1% despite its second-quarter results surpassing Wall Street estimates. Dick’s raised the top end of its full-year earnings forecast, predicting earnings in the range $13.55 to $13.90 per share, compared with a prior estimate of $13.35 to $13.75. Analysts polled by FactSet forecast $13.80 per share.
STOCK SYMBOL: DKS
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Dollar Tree — Shares plunged nearly 11% after the dollar store missed second-quarter revenue estimates and trimmed its full-year forecast. Dollar Tree estimates adjusted earnings in range of $5.20 per share to $5.60, compared with a previous estimate that called for $6.50 to $7 per share. Analysts surveyed by FactSet were looking for a profit of $6.56 per share.
STOCK SYMBOL: DLTR
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Hormel Foods — The packaged food stock fell 8% after fiscal third-quarter sales were weaker than expected and it lowered its full-year guidance. Hormel reported sales of $2.9 billion, below the $2.95 billion projected by analysts, according to FactSet.
STOCK SYMBOL: HRL
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Sweetgreen — The salad chain’s stock rose 1.8% on the heels of a TD Cowen upgrade to buy from hold that cited Sweetgreen’s introduction of automated kitchens as a catalyst for shares.
STOCK SYMBOL: SG
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Zscaler — Shares of the cloud security company slipped nearly 17% after its fiscal first-quarter earnings forecast missed Wall Street estimates. Zscaler expects earnings of 62 cents to 63 cents per share, while analysts polled by LSEG were looking for 73 cents. For the full year, it expects to earn $2.81 to $2.87 per share, compared with an analyst estimate of $3.33 per share.
STOCK SYMBOL: ZS
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GitLab — Shares of the software developer surged 11% after its third-quarter earnings forecast surpassed Wall Street estimates. GitLab expects to earn 15 cents to 16 cents per share, while analysts polled by LSEG were calling for 11 cents. The company’s full-year revenue forecast of $742 million to $744 million also came in above a forecast $737 million.
STOCK SYMBOL: GTLB
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AMD — Shares of the chipmaker rose 2% in premarket trading, rebounding from a steep 7.8% sell-off a day earlier amid broader weakness in the semiconductor sector.
STOCK SYMBOL: AMD
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PagerDuty — The cloud computing stock plummeted more than 12% after missing second-quarter revenue estimates and issuing a light forecast for the current quarter. PagerDuty expects third-quarter revenue in the range of $115.5 million to $117.5 million, while analysts surveyed by LSEG called for $120.3 million.
STOCK SYMBOL: PD
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Nordstrom — Shares of the department store fell more than 1% after a buyer group that includes Nordstrom’s founding family made an offer to take the company private for $23 per share.
STOCK SYMBOL: JWN
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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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