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 18th, 2024-
Stock futures rise slightly as traders debate how big the Fed’s anticipated rate cut will be: Live updates
Stock futures rose slightly Wednesday as Wall Street anticipated the first Federal Reserve interest rate cut in four years. Gains were muted as uncertainty lingered over how big the easing will be from the central bank.
Futures tied to the Dow Jones Industrial Average added 36 points, or 0.1%. S&P 500 futures and Nasdaq-100 futures advanced 0.2% each.
The Fed is expected to deliver its latest policy decision at 2 p.m. ET. The central bank is expected to lower rates by at least a quarter percentage point, but traders are divided over how big the reduction will be. CME Group’s FedWatch tool shows traders pricing in a 65% chance of a half-point cut and 35% odds of a quarter-point move.
It’s unusual to have this much uncertainty into a Fed decision as the central bank typically tries to telegraph its next move to the markets. Traders had believed for most of the last month that the Fed would lower by a quarter point, but the idea of a super-sized cut began to gain traction in the past week.
“You’d have to go back over 15 years to find such an uncertain situation this close to the decision. A lot of money will be made and lost today,” Jim Reid, Deutsche Bank head of global economics and thematic research, wrote in a Wednesday note.
The ushering in of a cutting cycle is expected to shore up a stalling economy and further boost an already strong market, with the S&P 500 at a record following an 18% gain this year. The benchmark has averaged gains of about 16% in the 12 months following the first cut, according to data from Canaccord Genuity.
Despite these market expectations, some investors remain cautious about cutting rates too much, too soon. Peter Cecchini, Axonic Capital’s director of research, called a 50 basis point cut “unusual” as the first move in a cutting cycle from the Fed given the current state of the housing market.
“This is not really the environment where I think the Fed needs to do a 50 basis point cut as a preemptive measure, when historically it’s never done so,” he told CNBC’s “Closing Bell” on Tuesday.
Wall Street is coming off a mixed session that saw the S&P 500 edge up 0.03% after notching another all-time high during intraday trading. The Dow Jones Industrial Average lost nearly 16 points, while the Nasdaq Composite added 0.2%.
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)
United States Steel — Shares advanced more than 3% after Reuters reported the Committee on Foreign Investment in the United States granted a request to push back a review of Nippon Steel’s bid for U.S. Steel until after the November election. Reuters cited a person familiar with the matter.
STOCK SYMBOL: X
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General Mills — Shares were 1% lower after profit for the packaged foods company dropped 14% last quarter on lighter margins due to higher input costs.
STOCK SYMBOL: GIS
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Casella Waste Systems — Stock in the recycling company pulled back more than 4% after it announced plans for a $400 million equity offering of its Class A common stock.
STOCK SYMBOL: CWST
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Intuitive Machines — Shares of the space exploration company surged more than 52% after it received a nearly $5 billion space network contract from NASA.
STOCK SYMBOL: LUNR
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ResMed – Shares slipped 2.7%, on light trading volume, following a downgrade at Wolfe Research to underperform from peer perform. The firm expects revenue growth to decelerate in the face of increasing competition from Eli Lilly’s GLP-1 medication.
STOCK SYMBOL: RMD
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V.F. Corp — Shares jumped 3% after Barclays upgraded V.F. Corp to overweight from equal weight, saying the risk-reward for the apparel company behind The North Face and Vans is attractive. The stock is down 2% this year.
STOCK SYMBOL: VFC
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Microsoft, BlackRock — Microsoft and BlackRock shares traded marginally higher after the companies planned to raise $100 billion together to invest in artificial intelligence data centers and power efforts.
STOCK SYMBOL: MSFT
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STOCK SYMBOL: BLK
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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!
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