Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week and a fresh start! Here are your pre-market stock movers & news on this Monday, May 15th, 2023-
Dow futures rebound by more than 100 points on debt ceiling deal hope: Live updates
U.S. stock futures rose on Monday following back-to-back weekly losses for the Dow Jones Industrial Average and S&P 500 as investors hoped Democrats and Republicans would reach a debt ceiling deal.
Dow futures gained 117 points, or 0.43%. S&P 500 futures climbed 0.4%, and Nasdaq 100 futures advanced 0.3%.
The S&P 500 and Dow lost 0.3% and 1.1%, respectively, last week with the Dow falling for five sessions in a row. The S&P 500′s two-week losing streak is its first since February amid worries about a recession and lack of debt ceiling talk progress.
Treasury Secretary Janet Yellen hinted over the weekend that the U.S. would avoid a default.
“I’m hopeful. I think the negotiations are very active. I’m told they have found some areas of agreement,” said Yellen in an interview with the Wall Street Journal on Saturday from Japan during a meeting of G-7 finance ministers.
Yellen told CNBC last week that failure to hatch an agreement on the debt ceiling would “produce financial chaos” with Treasury currently giving June 1 as the date when it could fail to meet its obligations. President Joe Biden and House Speaker Kevin McCarthy are expected to meet early this week, CNBC has reported.
Wall Street on Friday absorbed a preliminary reading from the University of Michigan that showed consumer sentiment falling to a six-month low as debt ceiling negotiations drag on and as inflation continues to linger.
On Monday, investors are watching for the May data for the Empire State Index, which will show how New York State manufacturers feel about the economy. Economists polled by Dow Jones are expecting a reading of 1.0, which would be lower than the 10.8 level in previous data.
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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THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #2!)
FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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(CLICK HERE FOR FRIDAY'S ANALYST UPGRADES/DOWNGRADES LINK #2!)
FRIDAY'S INSIDER TRADING FILINGS:
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TODAY'S DIVIDEND CALENDAR:
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(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Shake Shack - The fast food chain saw its stock gain nearly 4% after the Wall Street Journal reported that activist investor Engaged Capital is planning a proxy fight for three board seats at the company. Engaged Capital acquired a 6.6% stake including swaps.
STOCK SYMBOL: SHAK
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Charles Schwab -- Stock in the brokerage firm added 2.4% in premarket trading. Raymond James said in a note on Monday that Schwab’s core banking business remains strong, which could help the stock gain as much as 30%. On Friday, the company said total client assets increased 1% from March to April to $7.63 billion.
STOCK SYMBOL: SCHW
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Magellan Midstream Partners, Oneok -- Shares of Magellan Midstream Partners soared 15.5% following the announcement that pipeline operator Oneok is acquiring the company for about $18.8 billion. Oneok shares dropped 5.5%.
STOCK SYMBOL: MMP
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H&R Block, Intuit -- The tax preparers sank 9.3% and 4.3%, respectively, following a Wall Street Journal report on the Biden Administration’s potential creation of a government-run online tax filing program. The IRS is due to release the report this week, the paper said. The agency has been looking into it as part of the Inflation Reduction Act.
STOCK SYMBOL: HRB
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SoFi Technologies -- The stock sank nearly 6% in the premarket following a downgrade by Wedbush to underperform from neutral. The Wall Street firm said SoFi’s fee income may be reaching a tipping point and it may need to raise capital this year to support growth.
STOCK SYMBOL: SOFI
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Albemarle -- Shares rose 2.7% following an upgrade to outperform by Baird. The firm said the lithium company can be a leader in both the near- and long-term.
STOCK SYMBOL: ALB
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Dupont De Nemours -- Shares added 2.7% in premarket trading after Deutsche Bank upgraded the chemical company to buy from hold. The Wall Street firm said the stock was trading at a 50% discount to its peers.
STOCK SYMBOL: DD
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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, May 15th, 2023! :)
[link] [comments] https://www.reddit.com/r/stocks/comments/13i5gjd/515_mondays_premarket_stock_movers_news/
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