Good Friday morning traders and investors of the r/stocks sub! Welcome to the final trading day of the week. Here are your pre-market movers & news on this Friday, May the 5th, 2023-
Stock futures rebound ahead of jobs report as Apple and PacWest gain: Live updates
Stock futures rose Friday after tech giant Apple posted its latest quarterly figures, and investors looked ahead to the release of fresh U.S. jobs data.
Futures tied to the Dow Jones Industrial Average gained 177 points, or 0.5%. S&P 500 futures gained 0.7% along with Nasdaq-100 futures.
Apple posted beats on the top and bottom lines for the fiscal second quarter, propelled by iPhone sales. Apple shares gained more than 2% in premarket trading.
Regional banks also rose broadly, with the SPDR S&P Regional Banking ETF (KRE) advancing 2.4%. PacWest — which is down sharply this week on news it’s considering strategic options that include a sale — popped nearly 18.9%. Western Alliance also jumped more than 10%.
Shares of regional banking companies have been under pressure this week, as traders fear other institutions could suffer the same fate as Silicon Valley Bank and Signature Bank. Both banks collapsed in March.
On the economic front, April’s nonfarm payroll data is slated for release at 8:30 a.m. ET. Economists predict that 180,000 jobs were added, according to Dow Jones.
The report will come after the Federal Reserve hiked rates by 25 basis points earlier this week. The central bank also hinted an end to its rate hiking campaign may be on the horizon, but Chair Jerome Powell noted it’s too soon to start cutting rates.
″[With the] cost of capital going up in such a fast pace after we were at zero or 1% for so long, and then persisting at these higher levels, that’s just creating a whole suit of problems and we don’t exactly where the risk is gonna pop out,” JPMorgan Chase chief U.S. equity strategist Dubravko Lakos said on CNBC’s “Closing Bell.” “The risk of ‘unknown unknowns’ is simply moving higher the longer we stay at the higher interest levels.”
Wall Street is headed for a week of losses — the worst performance for all three since March 10. The S&P 500 is off 2.6%, while the Nasdaq is off 2.1%. The Dow is down 2.8%.
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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NEXT WEEK'S ECONOMIC CALENDAR:
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NEXT WEEK'S UPCOMING IPO'S:
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NEXT WEEK'S EARNINGS CALENDAR:
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(T.B.A. THIS WEEKEND.)
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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(NONE.)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
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(NONE.)
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)
Cigna — Cigna gained 3% in premarket trading after beating top- and bottom-line estimates for its latest quarter and raising its full-year forecast. Cigna’s results got a boost from lower medical costs and strong growth at its health insurance unit.
STOCK SYMBOL: CI
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Warner Bros. Discovery — The media company’ fell 2.3% in the premarket after it reported a quarterly loss, and its adjusted earnings fell slightly short of expectations. However, its streaming business did turn around previous losses and reported a quarterly profit.
STOCK SYMBOL: WBD
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DraftKings — The sports betting company’s stock surged 11.6% in the premarket after DraftKings reported significantly higher than expected revenue for its latest quarter and increasing its full-year outlook.
STOCK SYMBOL: DKNG
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Apple — Apple rose 2.7% in premarket trading after beating quarterly earnings and revenue estimates, with particularly upbeat results for its flagship iPhone. Apple did, however, post its second consecutive quarter of declining revenue for only the 3rd time in the past decade.
STOCK SYMBOL: AAPL
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Bumble — Bumble posted higher than expected quarterly sales, as user demand for its dating app remained strong. The stock jumped 9.1% in premarket action.
STOCK SYMBOL: BMBL
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Booking Holdings — Booking’s shares fell 3% after the travel services company reported quarterly profit and sales that beat analyst estimates amid strong travel demand, but its adjusted earnings did fall short of analyst forecasts. Booking stock was also trading near all-time highs prior to the report.
STOCK SYMBOL: BKNG
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Expedia — Expedia rallied 5.6% following its quarterly results, even though the travel website operator reported a larger than expected loss. Expedia did see its highest-ever first quarter revenue, in addition to a 20% leap in gross bookings.
STOCK SYMBOL: EXPE
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DoorDash — DoorDash posted a premarket gain of 4% following a smaller than expected loss for the food delivery service, as well as quarterly revenue that beat analyst forecasts. DoorDash also raised its full-year guidance, as demand for its services remains strong.
STOCK SYMBOL: DASH
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Lyft — Lyft shares plunged 15.4% in off-hours trading as the ride-hailing service issued a weaker than expected forecast for the current quarter. The stock slide comes despite better than expected quarterly results.
STOCK SYMBOL: LYFT
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Coinbase — Coinbase posted better than expected quarterly results, leading to a 8.1% premarket rally for the cryptocurrency exchange’s stock. The gain comes despite a warning from the company of upcoming pressure on its subscription and services revenue.
STOCK SYMBOL: COIN
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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 final trading day of this week ahead on this Friday, May 5th, 2023! :)
[link] [comments] https://www.reddit.com/r/stocks/comments/138jtlm/55_fridays_premarket_stock_movers_news/
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