Good morning traders and investors of the r/stocks sub! Welcome to FOMC Rate Decision Day and a frrrrrrrresh start! Here are your pre-market stock movers & news on this Wednesday, May the 3rd, 2023-
Stock futures rise slightly as investors await Fed rate decision: Live updates
U.S. stock futures rose Wednesday as investors looked ahead to the Federal Reserve’s latest policy decision.
Dow Jones Industrial Average futures climbed by 45 points, or 0.13%. S&P 500 and Nasdaq-100 futures rose 0.22% and 0.24%, respectively.
Ford Motor beat analysts’ expectations on the top and bottom lines in its latest quarter, as did coffee chain Starbucks. However, both stocks declined in the premarket.
The Fed is scheduled to release its latest policy announcement at 2 p.m. ET. Chair Jerome Powell is also set to hold a news conference at 2:30 p.m. ET.
Data from the CME Group’s FedWatch tool shows traders are pricing in an 86% chance the Fed raises rates by 25 basis points. Wall Street will also look for clues on whether the central bank will continue its rate hiking campaign, or if it will pause increases.
The announcement will come after a rough session for the market. The Dow, S&P 500 and Nasdaq all fell more than 1% on Tuesday. Ongoing concerns of contagion in the regional banking sector weighed on markets following the First Republic Bank’s collapse and subsequent takeover by JPMorgan.
“There’s still pain throughout the sector,” iCapital’s Anastasia Amoroso said Tuesday on CNBC’s “Closing Bell: Overtime.” “And the reason why I think the bank action should really matter to the Fed is because, remember, in the last FOMC meeting, Fed Chair Powell really gave us new metrics to watch in terms of whether they’re going to be raising rates or not. And that is the extent of the credit tightening that’s happening in the economy.”
Corporate earnings season continues with CVS Health, Yum Brands and Spirit AeroSystems reporting results Wednesday before the open.
On the economic front, traders are anticipating the latest ADP jobs data for April. Economists polled by Dow Jones expect a rise of 133,000 jobs last month.
The S&P Global U.S. Services PMI data for April is also due. It’s expected to show a reading at 53.7 last month, which is in line with the prior month. April’s ISM non-manufacturing PMI data is forecasted to show 51.8, according to Dow Jones consensus estimates. That’s higher than the 51.2 reading from the previous month.
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)
Eli Lilly — The pharmaceutical stock rose more than 5% on clinical trial data showing that the company’s donanemab drug slowed the progression of Alzheimer’s disease.
STOCK SYMBOL: LLY
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Starbucks — Shared of the popular coffee chain fell 5% before the bell even after beating analyst estimates and posting stronger-than-expected same-store sales growth. Starbucks reaffirmed its outlook.
STOCK SYMBOL: SBUX
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AMD — The semiconductor stock fell more than 7% in premarket trading after quarterly results a day earlier. The company reported an adjusted 60 cents per share on $5.35 billion in revenue, which were both ahead of analyst expectations of 56 cents and $5.3 billion, according to Refinitiv. Guidance for sales for the current quarter was lower from the company, however, and analysts are now split on how to view the stock.
STOCK SYMBOL: AMD
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Chegg — Shares of the online book renter regained 6.2% on Wednesday after falling as much as 48% a day earlier. The company noted concern of the rise of artificial intelligence as a threat to the core business on its earnings call. CEO Dan Rosensweig also said that the panic that sent the stock plunging was ″extraordinarily overblown.”
STOCK SYMBOL: CHGG
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PacWest, Western Alliance — Regional bank stocks were poised to extend their losses for the week on Wednesday morning. PacWest’s shares fell 4.6% in premarket trading after sliding nearly 28% on Tuesday. Western Alliance was down more than 3% after shedding 15% on Tuesday. Shares have been under pressure amid renewed concern over the health of the sector.
STOCK SYMBOL: PACW
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Biogen — The biotech company declined about 4% on Wednesday, after Eli Lilly reported its Alzheimer’s drug trial data. Biogen reported earnings last week, notching an adjusted $3.40 per share while analysts polled by StreetAccount forecasted $3.28. The company recently received authorization from the Food and Drug Administration for an ALS treatment drug.
STOCK SYMBOL: BIIB
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Cogent — Shares of the communications and internet company gained 2.8% after a Bank of America upgrade. Cogent said Tuesday it had closed on a plan acquisition of Sprint’s wireless network from T-Mobile.
STOCK SYMBOL: CCOI
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Match Group — Shares rose 2.7% in light volume during premarket trading. The online dating company reported first-quarter earnings that topped analysts estimates from Refinitiv after the bell Tuesday. However, Match’s revenue missed expectations.
STOCK SYMBOL: MTCH
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Generac — The energy technology company gained 6.5% after quarterly earnings beat analyst expectations. Generac reported an adjusted 63 cents per share against an expected 48 cents, according to StreetAccount.
STOCK SYMBOL: GNRC
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Pearson — Pearson shares popped more than 8%. The stock was double upgraded to buy from underperform by Bank of America, which said Tuesday’s sell-off in the stock, which followed a sharp decline in Chegg amid AI worries, was “overly harsh.”
STOCK SYMBOL: PSO
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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, May 3rd, 2023! :)
[link] [comments] https://www.reddit.com/r/stocks/comments/136j47b/53_wednesdays_premarket_stock_movers_news/
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