Good morning traders and investors of the r/stocks sub! Welcome to the new trading day and a fresh start! Here are your pre-market stock movers & news on this Tuesday, May the 16th, 2023-
Stock futures slip on disappointing Home Depot forecast, debt ceiling worries: Live updates
Stock futures dipped Tuesday as investors digested a lackluster report from Home Depot, and turned their attention to a meeting between congressional leaders and President Joe Biden on the U.S. debt ceiling.
Futures tied to the S&P 500 traded 0.12% lower, while Nasdaq 100 futures fell marginally. Futures linked to the Dow Jones Industrial Average lost 74 points, or 0.2%.
Dow member Home Depot pulled back by 4.4% after the home improvement retailer reported disappointing quarterly revenue and cut its full-year guidance.
Investors are anxiously awaiting progress on a deal to raise the debt ceiling before June 1, which is the earliest date the Treasury Department has said the U.S. could default on its debt obligations. Treasury Secretary Janet Yellen said last week that a lack of a deal could spur an “economic catastrophe.”
On Monday, Yellen reaffirmed that the U.S. faced the possibility of default as early June 1, the so-called X date, if a deal isn’t reached between the White House and Congress.
“Waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” Yellen said.
“In fact, we have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June,” she added.
Biden echoed a more optimistic view of the ongoing negotiations over the weekend, while House Speaker Kevin McCarthy, R-Calif., said significant obstacles still remain.
“We’re entering some potentially treacherous waters, and we’re likely to get very close to the brink before a deal comes together,” Christopher Gahan, vice president of government relations for Northwestern Mutual, said in a Monday note.
Biden has so far maintained that raising the debt ceiling is non-negotiable. McCarthy, however, has pushed for talks to broker a deal to raise the debt ceiling be tied to spending cuts.
Stocks closed higher during regular trading Monday, with the 30-stock Dow breaking five-consecutive sessions of losses. The tech-heavy Nasdaq Composite led the charge with a 0.66% gain while the S&P 500 added 0.3%.
In economic data, April’s retail sales are due at 8:30 a.m. ET on Tuesday, giving investors a peek into how consumers are faring. Economists polled by Dow Jones are anticipating an increase of 0.8%.
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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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)
Dish Network — The satellite TV provider added 5.2% in premarket trading after director James DeFranco disclosed the purchase of 3 million shares.
STOCK SYMBOL: DISH
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Home Depot, Lowes — The home improvement retailers lost 3.5% and 2.8% in premarket trading on Tuesday, after Home Depot reporting the biggest revenue miss in over 20 years. The company reported revenue of $37.26 billion against a Refinitiv consensus forecast of $38.28 billion. Lowes will report quarterly results on May 23.
STOCK SYMBOL: HD
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Capital One — The firm gained 6.3% after a regulatory filing showed Warren Buffet’s Berkshire took a new stake in the firm worth over $950 million.
STOCK SYMBOL: COF
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Seagen — The biotechnology company lost 4.5% in premarket trading Daniel Welch, a director at Seagen, disclosed the sale of 1,864 shares, a stake worth $371,961.
STOCK SYMBOL: SGEN
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Nu Holdings — Nu Holdings popped 5.9% after the fintech firm topped analysts’ first-quarter earnings expectations. Nu reported adjusted net income of $182.4 million, greater than the consensus estimate of $113.4 million, according to FactSet. It posted revenue of $1.6 billion, compared to analysts’ forecasts of $1.40 billion.
STOCK SYMBOL: NU
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Sea Limited — Shares shed nearly 8% after the Singapore-based technology company reported earnings before the open. Its first-quarter revenue came in at $3.04 billion, less than the $3.06 billion expected from analysts polled by StreetAccount. Sea Limited also reported GAAP earnings of 15 cents per share. However, it wasn’t clear if that was comparable to a StreetAccount forecast.
STOCK SYMBOL: SE
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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 Tuesday, May 16th, 2023! :)
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