Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week, month and quarter and a fresh start! Here are your pre-market stock movers & news on this Monday, April 3rd, 2023-
S&P 500, Nasdaq futures slide on oil spike as second-quarter trading begins: Live updates
S&P 500 futures were lower as a spike in oil prices added another threat to an economy already struggling from Federal Reserve rate hikes and recent turmoil in the banking sector.
Nasdaq-100 futures shed 0.8%, while S&P 500 futures fell 0.1% as second-quarter trading began.
Futures for the Dow Jones Industrial Average ticked up 134 points, or 0.4%. Chevron is set to give the index a boost as it gained 4.5% in pre-market trading on the spike in oil prices.
The output cut from OPEC+, which is slashing 1.16 million barrels per day, sent oil prices soaring. West Texas Intermediate crude was 6.6% higher, while international benchmark Brent crude climbed 6%.
Traders are shedding optimism from recent market strength with the prospect of higher oil prices adding to fears of higher inflation and a looming recession.
The Energy Select Sector SPDR fund (XLE), which tracks the S&P 500 energy sector, also popped more than 3% in the premarket. Marathon Oil and Halliburton were the fund’s best performers, rising more than 6% each.
All three major averages were positive in the first quarter, despite turmoil in the banking sector highlighted by the collapse of Silicon Valley Bank in March. The Nasdaq Composite led the way in the quarter with a gain of 16.8% while the S&P 500 rose 7% in the first three months of the year for its second-straight positive quarter. The Dow industrials lagged but still managed to grind out an advance of 0.4%.
“For now at least, tech is seen as a safe haven of all things, immune to the news in banking. The S&P 500, in turn, seems held together by its own heavy weighting in tech, names like Microsoft, Apple and the like,” Wellington Shields technical analyst Frank Gretz said in a note to clients.
The first week of the new quarter is a shortened one for Wall Street, as trading will be closed for Good Friday. However, there will be several key pieces of economic data for investors, including job openings data on Tuesday, ADP private payrolls report on Wednesday and the closely watched monthly jobs report on Friday.
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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(NONE.)
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)
Energy stocks — Energy stocks rose broadly Monday after OPEC surprised the market by announcing a production cut. This led some analysts to warn oil prices could reach $100 per barrel. Marathon Oil rose more than 7%, while Halliburton, APA and Occidental Petroleum each gained more than 6%.
STOCK SYMBOL: MRO
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Marqeta — The payment services stock dropped 4.2% after Morgan Stanley downgraded Marqeta to equal weight from overweight. The firm said the company faces a “multitude of headwinds” in the next year.
STOCK SYMBOL: MQ
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Extra Space Storage, Life Storage — Extra Space Storage said it would acquire Life Storage in an all-stock transaction for $145.82 per share, an 11.2% premium to where the stock closed Friday. The deal would create a storage unit operator with a pro forma equity market capitalization of about $36 billion and a total enterprise value of roughly $47 billion. The transaction is expected to close in the second half of 2023. Extra Space shares dropped 4.9% following the announcement; Life Storage shares climbed about 1.7%.
STOCK SYMBOL: EXR
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Sunnova Energy — The solar energy company’s shares were up by more than 5%. Morgan Stanley initiated Sunnova with an overweight rating, noting the stock could more than double in value. Sunnova shares have dropped 13.3% in 2023.
STOCK SYMBOL: NOVA
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Vulcan Materials — The construction stock could move in early trading on the back of a Goldman Sachs upgrade to buy from neutral. Goldman said the company should see a better year ahead as inflation cools.
STOCK SYMBOL: VMC
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World Wrestling Entertainment — Shares of WWE lost 6% on the news that Endeavor Group, the parent company of UFC, would spin off UFC and merge it with WWE in a deal valued at $21 billion. CNBC first reported news of the potential deal on Sunday.
STOCK SYMBOL: WWE
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Macy’s — The department store popped 3.8% after being upgraded by JPMorgan to overweight from neutral. The Wall Street firm, which raised its price target on the retailer, said it has confidence in Macy’s bottom-line plan and expects to see multiyear EBITDA margins in the low double digits. Shares of Macy’s have declined about 13.1% so far this year, driven by selloffs in February and March.
STOCK SYMBOL: M
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SL Green Realty — Shares of the real estate investment trust rose more than 3% premarket after BMO upgraded them to outperform, saying the third-most heavily shorted U.S. REIT is oversold given its historically low valuation and several catalysts are “on the horizon.”
STOCK SYMBOL: SLG
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Tesla — The stock was down 3.1% after Tesla reported on Sunday that it delivered 422,875 vehicles for the first quarter of 2023, falling short of Wall Street’s expectations. Analysts surveyed by FactSet had expected the EV maker to report deliveries around 432,000 vehicles for the quarter. Estimates included in the FactSet analysis ranged from an expected 410,000 to 451,000 deliveries.
STOCK SYMBOL: TSLA
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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 Monday, April 3rd, 2023! :)
[link] [comments] https://www.reddit.com/r/stocks/comments/12ajxe0/43_mondays_premarket_stock_movers_news/
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