Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a frrrrrrrresh start! Here are your pre-market stock movers & news on this Thursday, May the 4th, 2023-
Stock futures are little changed after Fed hikes rates, bank contagion fears return: Live updates
Stock futures were little changed Thursday, a day after the Federal Reserve hiked rates by another 25 basis points. Traders also grappled with returning contagion fears in the regional bank space.
Futures linked to the S&P 500 were flat. Futures tied to the Dow Jones Industrial Average gained 10 points, as Nasdaq-100 futures rose 0.25%.
Shares of PacWest tanked by more than 35% in premarket trading. The decline came after news that the California bank has been assessing strategic options, including a possible sale, a person familiar told CNBC. Regional bank shares sold off hard, with Western Alliance tumbling 18% and Zions Bancorporation dropping about 7%.
There likely won’t be a respite for the embattled regional banking sector until the Fed cuts interest rates, said Jeffrey Gundlach, CEO of DoubleLine. Since the closure of Silicon Valley Bank in March, First Republic has joined the ranks of failed institutions and was recently taken over by JPMorgan Chase.
“Leaving rates this high is going to continue this stress,” Gundlach said on CNBC’s “Closing Bell” Wednesday. “I believe with a very high degree of probability there’s going to be further regional bank failures.”
As the Fed pushed through its 10th rate hike in this cycle and the central bank seemed to soften its language on future increases, Chair Jerome Powell said that it may be too soon to cut.
“We on the committee have a view that inflation is going to come down not so quickly,” he said in his post-meeting press conference. “It will take some time, and in that world, if that forecast is broadly right, it would not be appropriate to cut rates and we won’t cut rates.”
Stocks closed lower Wednesday, with the Dow shedding 270 points, or 0.8%, and the S&P 500 dropping 0.7%. The Nasdaq Composite lost roughly 0.5%.
Looming ahead are key economic reports that will inform the Fed’s next steps from here. Initial jobless claims are due Thursday. Friday’s main event will be April’s payrolls report, which economists polled by Dow Jones predict will rise by 180,000.
In terms of earnings, investors will be watching Moderna, which issues results before the opening bell Thursday. Apple is slated to post earnings after the market’s close, along with Lyft, DraftKings and Coinbase.
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)
Paramount Global –The media company slumped 10.4% after reporting quarterly profit and revenue that missed analyst forecasts, and slashing its quarterly dividend to 5 cents per share from 24 cents.
STOCK SYMBOL: PARA
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PacWest Bancorp – PacWest tumbled 37% in premarket trading after the banking company said it was considering various strategic options. PacWest said it had not seen any acceleration in deposit outflows since First Republic Bank was sold to JPMorgan Chase earlier this week.
STOCK SYMBOL: PACW
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Shopify –The e-commerce platform reported-better-than expected quarterly results and also announced the sale of parts of its fulfillment operation as well as its logistics division. Shopify surged 15.6% in the premarket.
STOCK SYMBOL: SHOP
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First Horizon –The banking and financial services company’s stock plunged 46% after First Horizon and Toronto Dominion Banksaid they had called off their $13.4 billion takeover deal. The companies cited uncertainty over whether regulatory approvals could be obtained in a timely manner.
STOCK SYMBOL: FHN
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Peloton Interactive –The fitness equipment maker added 2.6% in premarket trading after revenue beat expectations and it issued a better than expected forecast.
STOCK SYMBOL: PTON
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Qualcomm – Qualcomm slumped 7.7% in premarket trading after the chipmaker issued a weaker than expected current quarter forecast, hurt by sagging smartphone sales. Qualcomm did report better than expected revenue for its latest quarter, with earnings matching Wall Street estimates.
STOCK SYMBOL: QCOM
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Shake Shack – Shake Shack jumped 7% in the premarket after it reported a smaller than expected quarterly loss, with revenue and same-restaurant sales exceeding Wall Street forecasts.
STOCK SYMBOL: SHAK
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Tripadvisor – Tripadvisor stumbled 6.1% in premarket action after its adjusted quarterly profit came in short of analyst forecasts, although the online travel website operator did see better than expected revenue. TripAdvisor did report a wider overall loss due to the impact of tax expenses related to an IRS settlement.
STOCK SYMBOL: TRIP
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SolarEdge Technologies – SolarEdge staged a 10.3% premarket rally, with the solar products maker reporting better-than-expected earnings and revenue and saying supply chain issues have gradually improved.
STOCK SYMBOL: SEDG
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Arconic – Arconic soared 27.5% in premarket trading after the industrial parts maker agreed to be acquired by private equity firm Apollo Global for $30 per share in cash.
STOCK SYMBOL: ARNC
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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, May 4th, 2023! :)
[link] [comments] https://www.reddit.com/r/stocks/comments/137h3ii/54_thursdays_premarket_stock_movers_news/
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