Good morning traders and investors of the r/stocks sub! Welcome to FOMC Rate Decision Day and a new trading day and a fresh start! Here are your pre-market stock movers & news on this Wednesday, March the 22nd, 2023-
Stock futures are flat as investors await key Fed policy decision: Live updates
Stock futures were slightly lower Wednesday as investors braced for the Federal Reserve’s next move in its inflation-fighting rate hiking plan.
Futures tied to the Dow Jones Industrial Average rose 14 points, or 0.04%. S&P 500 futures were down 0.02%, while Nasdaq-100 futures dipped 0.14%.
The major averages posted strong gains in the previous session. The Dow Jones Industrial Average added 316 points, or nearly 1%. The S&P 500 jumped 1.3%, and the Nasdaq Composite gained 1.58%.
The moves came as fears over the ongoing banking crisis showed signs of easing, with investors “heartened by the increasing likelihood that the end of Fed policy tightening is near,” said Brian Levitt, global market strategist for Invesco.
“Fed tightening cycles typically end with a crisis, and those crises tend to end with policy responses. That may help to explain today’s market moves,” he added.
Investors are looking forward to the latest update from the Fed, at the conclusion of its two-day policy meeting on Wednesday. Most investors expect the central bank to stay committed to its tightening and raise rates by 25 basis points.
As of Wednesday morning, there is about an 85% chance of a quarter-point increase by the Fed, according to CME Group’s FedWatch tool. Meanwhile, there’s a roughly 15% probability of there being no hike.
“We think the Fed will take that next step, that 25 basis point increase, but probably wrap that in some pretty dovish language to indicate they’re close to the end, if not at the end,” said Neuberger Berman’s Erik Knutzen said on CNBC’s “Closing Bell.” “In a way, it almost doesn’t matter, it’s priced in. What’s most important is the broad liquidity being provided through the Fed’s balance sheet and some of the programs they put in place, the liquidity they provided last week.”
He added that that could lead to “considerable tightening, as banks change their posture in this more challenging environment — and that’s the part that we think is going to have the biggest negative impact on the economy.”
Elsewhere, investors are expecting an update on the latest MBA mortgage purchase applications reading. There are also a handful of companies slated to post results Wednesday, including Tencent and Winnebago.
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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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)
GameStop — The meme stock surged 44% after the company posted a quarterly profit for the first time in two years Tuesday. The video game retailer’s gross margin also rose from the year-earlier period.
STOCK SYMBOL: GME
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Luminar Technologies — Shares dropped nearly 9.2% after being downgraded by Goldman Sachs to sell from neutral. The Wall Street firm cited margin risk and a premium valuation for the call.
STOCK SYMBOL: LAZR
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Petco Health and Wellness — The stock fell by 7.8% in early morning trading after the company reported fourth-quarter earnings that missed Wall Street’s expectations. Petco posted a revenue of $1.58 billion, in line with expectations from analysts surveyed by StreetAccount. Petco also reported adjusted earnings per share of 23 cents, below a consensus estimate of 24 cents per share.
STOCK SYMBOL: WOOF
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Virgin Orbit Holdings — Shares of billionaire Richard Branson’s rocket builder soared by nearly 73.3% after Reuters reported it is aiming to close a deal for a $200 million investment from Texas-based venture capital investor Matthew Brown via a private share placement. Virgin Orbit and Brown are aiming to close the deal on Friday, the report said. The company was bracing for a potential bankruptcy filing as soon as this week, CNBC reported on Monday.
STOCK SYMBOL: VORB
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Boeing — Shares of the airline declined by 1.3% on news that Boeing will take additional charges to its KC-46 tanker program due to a supplier quality issue with the center fuel tank, chief financial officer Brian West said Wednesday. Although the charges were not disclosed, West said Boeing’s margins at its defense business would be negative for the first quarter.
STOCK SYMBOL: BA
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First Republic — Shares of the regional bank fell by 4.2% in premarket trading after jumping nearly 30% in Tuesday’s session. The stock has been extremely volatile in recent weeks as investors have reacted to the closure of Silicon Valley Bank.
STOCK SYMBOL: FRC
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Nike — Nike dipped about 1.1% before the bell even after it beat expectations for its fiscal third quarter on both the top and bottom lines. Sales in China fell short of analyst expectations, and the company continued working through its inventories, which weighed on margins.
STOCK SYMBOL: NKE
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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?
I hope you all have an excellent trading day ahead today on this Wednesday, March 22nd, 2023! :)
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