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, April 4th, 2022-
Stock futures are little changed to start the week
U.S. stock index futures were mostly flat Monday, as traders monitor the bond market’s warning signals about the economy.
Futures contracts tied to the Dow Jones Industrial Average traded marginally higher. S&P 500 futures were up about 0.2%, and Nasdaq 100 futures advanced 0.3%.
Twitter shares surged more than 25% after SEC filings revealed Elon Musk purchased a more than 9% passive stake in the social media company. It comes less than a week after Musk polled his followers, questioning whether the social media giant follows free speech principles. Based on Twitter’s Friday closing price, the stake is worth $2.89 billion.
Tesla shares ticked higher by 1%, after the company reported on Saturday its latest quarterly electric vehicle delivery figures. The company delivered more than 310,000 EVs in the first quarter, up from 184,800 in the year-earlier period.
Meanwhile, Starbucks shares dipped about 1% after the coffee chain suspended its share repurchase program.
An often-cited recession signal was triggered Thursday evening when the the 2-year and 10-year Treasury yields inverted for the first time since 2019. The 5-year note yield is also trading above its 30-year counterpart.
“We think the current flattening is due to the concern that the Fed is behind the curve on hikes and will tighten policy beyond neutral, which will hurt growth,” TD Securities said in a note to clients.
Investors are also monitoring the latest developments in Ukraine. German Chancellor Olaf Scholz said Sunday that Western nations will impose additional sanctions on Russia in the coming days.
“Equity and bond markets continued to send conflicting signals about the economic outlook,” UBS said in a recent note to clients. “We caution against over-interpreting either signal. Yield curve inversions have historically predicted recessions with a long and uncertain lag, while hopes over cease-fire talks have ebbed and flowed,” the firm added.
Wall Street is coming off a winning session, with the Dow, S&P 500 and Nasdaq all posting gains Friday. The S&P 500 also posted its third straight week of gains.
Seasonally, April is generally one of the best months for stocks, edging higher in the last 20 years by 2.41% on average, MKM Partners’ JC O’Hara wrote in a note. Within 16 of the last 17 Aprils, the S&P has also inched higher.
Friday’s positive session came despite March’s employment report, which fell short of economists’ estimates. The U.S. economy added 431,000 jobs during the month, while estimates from Dow Jones called for 490,000.
“Strong gains on the employment front continue to signal a green light for investors despite multi-decade highs in inflation and concerns over higher rates and Fed tightening,” noted Peter Essele, head of portfolio management for Commonwealth Financial Network. “The economy appears to be in exit velocity mode, with the only concern being the amount of labor supply available to fuel the robust recovery,” he added.
On Wednesday the Federal Open Market Committee will publish the minutes from the central bank’s March meeting, giving investors a deeper understanding into how the Fed views market conditions.
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)
Twitter (TWTR) – Twitter shares soared 26.1% in the premarket after a Securities and Exchange Commission filing showed that Tesla CEO Elon Musk had taken a 9.2% passive stake in Twitter.
STOCK SYMBOLS: TWTR
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Tesla (TSLA) – Tesla delivered just over 310,000 vehicles during the first quarter, a record for the electric vehicle maker but below Wall Street consensus estimates. Tesla gained 1% in premarket trading.
STOCK SYMBOLS: TSLA
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Starbucks (SBUX) – Starbucks has suspended its share repurchase program, in a move it says will allow it to invest in future growth for the coffee chain. The move comes as Howard Schultz returns for a third stint as CEO, replacing the retiring Kevin Johnson. Starbucks fell 2.3% in premarket action.
STOCK SYMBOLS: SBUX
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JPMorgan Chase (JPM) – In his annual letter to shareholders, CEO Jamie Dimon said the bank could face a potential loss of $1 billion from its exposure to Russian investments.
STOCK SYMBOLS: JPM
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JD.com (JD), Netease (NTES), Alibaba (BABA), Tencent Music (TME) – U.S.-listed China stocks are rallying in premarket trading after China proposed revising confidentiality rules regarding audit oversight. That could remove an obstacle to U.S.-China cooperation and prevent those companies from being delisted in the U.S. JD.com jumped 5.1%, Netease rose 3.9%, Alibaba gained 4.3% and Tencent Music added 5.2%.
STOCK SYMBOLS: JD
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Hertz (HTZ) – The car rental company announced a new partnership that will see Hertz buy up to 65,000 electric vehicles from electric vehicle maker Polestar over the next five years. Hertz gained 2.3% in the premarket.
STOCK SYMBOLS: HTZ
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Novartis (NVS) – Novartis announced a reorganization of its business units in a move the Swiss drugmaker could save at least $1 billion annually by 2024. The new structure will integrate the drugmaker’s pharmaceuticals and oncology businesses. Novartis rose 1% in premarket trading.
STOCK SYMBOLS: NVS
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General Motors (GM) – Canada will announce investments today in two GM plants in the country, according to a source who spoke to Reuters. The amount of the investments, which includes support for one plant that will produce electric commercial vehicles, is unknown.
STOCK SYMBOLS: GM
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Logitech (LOGI) – Logitech was upgraded to “buy” from “neutral” at Goldman Sachs, which is encouraged by the recent strong financial performance for the maker of computer mice, keyboards and other computer peripheral devices. Logitech jumped 4.3% in the premarket.
STOCK SYMBOLS: LOGI
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Crox (CROX) – The casual shoe maker’s stock slid 1.9% in premarket trading after Loop Capital downgraded it to “hold” from “buy” and slashed the price target to $80 from $150. Loop said investor sentiment on the stock has shifted, putting it in the “COVID winner” category.
STOCK SYMBOLS: CROX
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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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