Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your stock news & movers on this Thursday, October the 3rd, 2024-
Stock futures edge lower as traders await Friday’s jobs report: Live updates
Stock futures edged lower Thursday as investors look ahead to September’s payrolls report due later this week, while tensions in the Middle East persist.
Futures tied to the Dow Jones Industrial Average lost 118 points, or 0.2%. S&P 500 futures fell 0.2%, while Nasdaq 100 futures dipped 0.3%.
October trading is off to a rough start as escalating tensions in the Middle East dampen investors’ enthusiasm. Stocks tumbled on Tuesday after Iran launched a missile attack on Israel. Investors are preparing for further uncertainty as Israel starts a ground operation into Lebanon.
The growing fears have also driven oil prices higher. U.S. crude futures rose more than 1.5%, bringing its week-to-date advance to 4.6%.
Weekly jobless claims came in slightly higher than economists polled by Dow Jones forecasted, according to data released Thursday. That offers hints into the health of the labor market as traders gear up for September’s payrolls report due on Friday morning.
“While the stock market is grappling with a variety of worries — including escalating tensions in the Middle East, a port strike and election uncertainty — liquidity is key and there is plenty of it now that the Fed has started to cut interest rates … that means that markets can continue to grind higher,” said Mary Ann Bartels, chief investment strategist at Sanctuary Wealth.
“Embrace October’s volatility, as there is still plenty of fuel left in this bull market,” she added.
In corporate news, denim maker Levi Strauss plunged about 10% after delivering mixed results for the fiscal third quarter. The company also announced that it’s considering a sale of its Dockers business, which is dragging down the overall business.
STOCK FUTURES CURRENTLY:
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YESTERDAY'S MARKET MAP:
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YESTERDAY'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)
Wolfspeed – The semiconductor stock fell nearly 5% following a downgrade to underperform from neutral at Mizuho. The firm sees pricing for silicon carbide – a semiconductor material used in electric vehicles – being down about 10% to 20% year-over-year in 2025. Mizuho also cited lower EV production expectations both in the second half of this year and next year as another potential headwind for the company.
STOCK SYMBOL: WOLF
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Nvidia – Shares of the AI chip giant rose more than 1% after CEO Jensen Huang told CNBC’s “Closing Bell: Overtime” on Wednesday that it’s seeing “insane” demand for its next-generation AI graphics processor known as Blackwell. The CEO also said that Blackwell, which is expected to ship in the fourth quarter, is on schedule.
STOCK SYMBOL: NVDA
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Hims & Hers Health — The telehealth company declined around 9% after the U.S. Food and Drug Administration said the shortage of GLP-1 treatments from Eli Lilly has been resolved. Hims & Her Health had previously developed compound versions of the weight-loss drugs to take advantage of the shortages.
STOCK SYMBOL: HIMS
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EVgo — Shares advanced more than 9% after JPMorgan upgraded the electric vehicle charging company to overweight. Analyst Bill Peterson pointed to EVgo’s utilization rate compared to peers as well as its owner-operator model as catalysts.
STOCK SYMBOL: EVGO
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Levi Strauss — Shares plunged 12% after the denim maker trimmed its full-year revenue guidance and delivered fiscal third-quarter revenue that missed analysts’ expectations. The company is also considering a sale of its underperforming Dockers business.
STOCK SYMBOL: LEVI
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Constellation Brands — The beverage company rose slightly on the back of better-than-expected fiscal second-quarter earnings. Constellation Brands earned $4.32 per share, beating a StreetAccount estimate of $4.08 per share. Revenue of $2.92 billion, however, marginally missed expectations. The company also reiterated its full-year earnings per share guidance.
STOCK SYMBOL: STZ
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Stellantis — The automaker was down more than 3% in the premarket after a Barclays downgrade to equal weight from overweight. “We got wrong-footed on STLA, being too slow to acknowledge its US inventory issue and eroding EU/US market shares,” analyst Henning Cosman wrote.
STOCK SYMBOL: STLA
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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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