Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your stock market news and movers on this Tuesday, March the 12th, 2024-
S&P 500 futures tick higher as all eyes are on key inflation reading: Live updates
S&P 500 futures rose slightly Tuesday as investors await a key inflation report that could inform the path of the Federal Reserve’s monetary policy.
S&P 500 futures inched up 0.2%, and Nasdaq-100 futures gained about 0.4%. Futures on the Dow Jones Industrial Average hovered near the flatline.
All eyes are on the February reading of the consumer price index, which is set to be released Tuesday at 8:30 a.m. ET. Economists polled by Dow Jones forecast a monthly gain of 0.4% and a 3.1% year-over-year increase on headline.
The uptick in January’s CPI figure rattled the markets and prompted Fed officials to shift their rhetoric afterward to a more cautious tone about easing policy. The current market pricing indicates that the Fed won’t cut interest rates at its meeting on March 19-20 or the one on April 30 to May 1.
“The CPI index likely ran hot in February on higher gasoline prices, but core inflation likely slowed further as car prices fell and rent increases moderated,” said Bill Adams, chief economist at Comerica Bank.
The technology-led market rally has lost momentum as of late as some of the biggest winners this year retreat. Nvidia lost another 2% Monday, after dropping more than 5% Friday, its largest one-day decline since May 2023.
Some of the other members of the “Magnificent Seven” also pulled back recently. Apple shares have lost 8.5% in the past month, while Alphabet has slid 7.6%. Microsoft has retreated nearly 4% during the same period and Tesla has fallen 8.2%.
“As the market broadens beyond mega-cap tech names, investors can expect to see more consolidation and fairly modest returns in the high-level market-based indexes,” said Mark Hackett, Nationwide’s chief of investment research.
STOCK FUTURES CURRENTLY:
(CLICK HERE FOR STOCK FUTURES CHARTS!)
YESTERDAY'S MARKET MAP:
(CLICK HERE FOR YESTERDAY'S MARKET MAP!)
TODAY'S MARKET MAP:
(CLICK HERE FOR TODAY'S MARKET MAP!)
YESTERDAY'S S&P SECTORS:
(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)
TODAY'S S&P SECTORS:
(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)
TODAY'S ECONOMIC CALENDAR:
(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR!)
THIS WEEK'S ECONOMIC CALENDAR:
(CLICK HERE FOR THIS WEEK'S ECONOMIC CALENDAR!)
THIS WEEK'S UPCOMING IPO'S:
(CLICK HERE FOR THIS WEEK'S UPCOMING IPO'S!)
THIS WEEK'S EARNINGS CALENDAR:
(CLICK HERE FOR THIS WEEK'S EARNINGS CALENDAR!)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES!)
THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
([CLICK HERE FOR THIS AFTERNOON'S EARNINGS CALENDAR!]())
(N/A.)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #2!)
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR YESTERDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
YESTERDAY'S INSIDER TRADING FILINGS:
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS LINK #1!)
(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS LINK #2!)
TODAY'S DIVIDEND CALENDAR:
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Oracle — The information technology stock climbed 13.3% on the back of strong per-share earnings. Oracle posted adjusted earnings per share of $1.41, topping the $1.38 consensus estimate of analysts polled by LSEG.
STOCK SYMBOL: ORCL
(CLICK HERE FOR LIVE STOCK QUOTE!)
On Holding — Shares plunged more than 14% after the shoemaker posted quarterly results that disappointed investors. In its fourth quarter, On Holding reported a loss of CHF0.05), below the expectation CHF0.10 earnings per share, according to the StreetAccount consensus estimate. Revenue of CHF447.1 million missed the CHF450.9 million consensus estimate.
STOCK SYMBOL: ONON
(CLICK HERE FOR LIVE STOCK QUOTE!)
Kohl’s — Shares added 2.2% after the retailer reporting an earnings and revenue beat for the fourth quarter. Earnings per share came in at $1.67, besting the $1.28 consensus estimate, per LSEG. Revenue was $5.71 billion, versus the $5.7 billion expected. The company also announced it would add Babies R Us to around 200 stores this fall.
STOCK SYMBOL: KSS
(CLICK HERE FOR LIVE STOCK QUOTE!)
Asana — The work management platform slipped 2.3% after offering weak full-year revenue guidance. Asana said to expect between $716 million and $722 million, missing the forecast of $725 million from analysts surveyed by LSEG. That pulled attention away from a better-than-anticipated earnings report for the fourth quarter.
STOCK SYMBOL: ASAN
(CLICK HERE FOR LIVE STOCK QUOTE!)
Southwest Airlines — The airline stock slid 7% after Southwest Airlines said it was “reevaluating all prior full year 2024 guidance, including the expectation for capital spending” due to aircraft delivery delays from Boeing. The airline expects its unit revenue will be flat to up no more than 2% compared to a year earlier, lower than its January estimate calling for rise of as much as 4.5%. Southwest also stated that first-quarter leisure bookings were weaker than expected.
STOCK SYMBOL: LUV
(CLICK HERE FOR LIVE STOCK QUOTE!)
Ventyx — The biopharmaceutical stock rose 7.1% as Wall Street found reasons to like its latest clinical update. Wells Fargo upgraded the stock to overweight, while raising its price target for shares to $16. Meanwhile, Oppenheimer upgraded its rating to outperform and upped its target price to $12 per share.
STOCK SYMBOL: VTYX
(CLICK HERE FOR LIVE STOCK QUOTE!)
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?
