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 23rd, 2023-
Stock futures are higher as investors weigh Fed outlook on rate hikes: Live updates
U.S. equity futures rose Thursday as the market tried to rebound from a steep selloff following the latest policy update from the Federal Reserve.
Futures tied to the Dow Jones Industrial Average added 76 points, or 0.2%. S&P 500 futures rose 0.5%, and Nasdaq-100 futures advanced by 0.9%.
Regional banks rose in the premarket, with the SPDR S&P Regional Banking ETF (KRE) climbing 1.7%. First Republic was the best performer, gaining more than 10%. PacWest and Western Alliance also advanced.
Wall Street is coming off a tough day, with the Dow losing more than 530 points, or 1.6%, on Wednesday. The S&P 500 and Nasdaq Composite each dropped more than 1%.
The Fed’s decision and subsequent comments by Chair Jerome Powell at the conclusion of the policymakers’ two-day meeting weighed on stocks.
The central bank raised rates by 25 basis points, as expected. It also hinted that its inflation-fighting tightening campaign could be nearing the end, with the removal of the phrase “ongoing increases” from its statement.
“The Fed’s vote of confidence in the economy is great news, but it’s also a reminder that inflation is still the main issue in policymakers’ minds,” said Callie Cox, U.S. analyst at eToro. “Investors thought the banking crisis could weigh on growth enough to ease inflation, but the Fed isn’t taking any chances. Rates could stay high until we see an obvious deceleration in the job market. The trades we’ve seen dominate markets over the past two weeks could get unwound quickly, too.”
A sharp drop in regional bank stocks also weighed on the market, as well as comments from Treasury Secretary Janet Yellen, who said the U.S. is not currently working on “blanket insurance” for bank deposits, in comments to the U.S. Senate appropriations subcommittee.
Traders are looking forward to the weekly jobless claims update at 8:30 a.m. ET. New home sales data will also be released.
In earnings, General Mills and Darden Restaurants are scheduled to report their latest financial results Thursday.
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)
First Republic, PacWest — The two regional banks traded higher coming off Wednesday’s selloff. First Republic advanced 5.6% after losing 15.5% in Wednesday’s session. PacWest added 4.7%, regaining some ground following Wednesday’s 17.1% drop.
STOCK SYMBOL: FRC
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Regions Financial — Shares of the regional bank edged 1.3% higher in premarket trading. Regions slid more than 6% on Wednesday after the Fed’s decision to increase benchmark interest rates by 25 basis points and on comments from Chair Jerome Powell that the banking system is well equipped and safe.
STOCK SYMBOL: RF
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Chewy — Shares of the pet products e-commerce company fell more than 5% despite Chewy beating estimates on the top and bottom lines for the fourth quarter. The company reported earnings of 1 cent per share on $2.71 billion of revenue. Analysts surveyed by Refinitiv had penciled in a loss of 11 cents per share on $2.64 billion of revenue. However, the company’s active users metric was marginally lower year over year.
STOCK SYMBOL: CHWY
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AMC — The movie theater giant gained 2.5%. The advance in AMC stock comes despite Citi resuming coverage of the company with a sell rating, citing an overvalued common equity. A day earlier, fellow meme stock GameStop soared.
STOCK SYMBOL: AMC
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Carvana — Carvana shares popped 4.5%, building on their 6.3% advance from the previous session. The company on Wednesday issued better-than-expected guidance for the first quarter. Carvana also plans to allow current bond holders to exchange unsecured notes at a premium price in exchange for new ones, CNBC previously reported.
STOCK SYMBOL: CVNA
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Alibaba — The Chinese tech giant gained 4.3%, building on gains from a day earlier. To be sure, the stock has struggled this year, losing 5%.
STOCK SYMBOL: BABA
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Ford — Shares ticked up 1.3% in premarket trading. Ford is expected to start reporting by business unit instead of by region.
STOCK SYMBOL: F
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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 Thursday, March 23rd, 2023! :)
[link] [comments] https://www.reddit.com/r/stocks/comments/11ziwi1/323_thursdays_premarket_stock_movers_news/
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