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 Thursday, March the 7th, 2024-
Stock futures tick higher after major averages claw back some of this week's losses: Live updates
Stock futures inched higher Thursday after the major averages posted their first winning session in three days.
Futures tied to the Dow Jones Industrial Average added 37 points, or 0.1%. S&P 500 futures ticked up by 0.2%, and Nasdaq-100 futures advanced 0.4%.
Victoria’s Secret plunged 29% after posting mixed quarterly results and issuing disappointing guidance. On the other hand, U.S.-listed shares of Novo Nordisk popped more than 5% on the back of positive trial results for an obesity treatment.
Those moves come after the three major averages finished higher Wednesday, a turn from back-to-back losing sessions seen earlier in the week. Nine of the 11 major S&P sectors finished higher, led to the upside by utilities.
At one point, New York Community Bancorp tumbled more than 40% during Wednesday’s session, but it finished with a 7.5% gain after announcing a $1 billion capital raise.
Apple fell for a sixth consecutive day, bringing its weekly losses to nearly 6%. Elsewhere in tech, Nvidia has continued rising in premarket trading, and the artificial intelligence darling’s week-to-date gain sits near 8% as of Thursday morning.
During Wednesday’s testimony before the House Financial Services Committee, the central bank chair indicated that the policy rate is at its “peak for this tightening cycle,” but reinforced that the Fed is not ready to begin reducing rates. Investors will also monitor Powell’s appearance before the Senate Banking Committee on Thursday.
“The market digested the reality that Powell was on board with respect to cutting rates this year. The question now becomes when, how often and how many cuts,” said Adam Sarhan, CEO of 50 Park Investments.
Beyond Powell, Wall Street is also on the lookout for the latest jobless claims data, and trade balance and consumer credit data for January. This comes ahead of February’s closely watched jobs report slated for Friday morning.
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)
Micron Technology — The chip stock jumped nearly 6% after the company beat earnings and revenue estimates postmarket Wednesday. Micron also gave strong guidance for its second quarter that also beat analyst expectations.
STOCK SYMBOL: MU
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Novo Nordisk — Shares jumped 6.6% after the Danish pharmaceutical company reported positive Phase 1 trial data for its new experimental obesity drug, amycretin. Eli Lilly, the company’s American rival, dipped 0.7% on the news.
STOCK SYMBOL: NVO
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Nvidia — Semiconductor companies rose broadly as a group, with the VanEck Semiconductor ETF gaining 1.5% in the premarket. Nvidia shares gained 1.8% after Mizuho said the stock can go to $1,000. Micron Technology shares advanced 3.9% after Stifel upgraded the semiconductor to buy from hold, and raised its price target. Broadcom shares climbed 1.9%. Intel shares rose 1.7%.
STOCK SYMBOL: NVDA
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Kroger — Shares rose 6% after the supermarket chain reported fourth-quarter better-than-expected earnings. The company earned $1.34 per share, excluding certain items. Analysts polled by LSEG expected a profit of $1.13 per share. Revenue of $37.06 billion came in marginally below expectations.
STOCK SYMBOL: KR
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American Eagle Outfitters — Shares were 13% higher after the apparel retailer posted fourth-quarter results that beat analyst expectations. American Eagle Outfitters earned 61 cents per share, excluding items, on revenue of $1.68 billion. Analysts expected a profit of 50 cents per share on revenue of $1.67 billion, according to LSEG.
STOCK SYMBOL: AEO
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Tesla — Tesla shares slid 2% in the premarket, putting the electric vehicle maker on track to add to its 12% decline this week. On Thursday, Citi maintained a hold rating on the stock, saying it will wait for a “more compelling entry point.”
STOCK SYMBOL: TSLA
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New York Community Bancorp — Shares of the regional bank rose 3% after releasing updated financials. NYCB reported $77.2 billion in deposits as of March 5, down from $83 million on Feb. 5.
STOCK SYMBOL: NYCB
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Victoria’s Secret — Shares plunged 29% a day after the retailer issued disappointing guidance for the first quarter and full year. Victoria’s Secret expects $6 billion full-year revenue, less than the $6.2 billion expected from analysts polled by FactSet. Adjusted operating-income guidance also missed estimates.
STOCK SYMBOL: VSCO
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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?
