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 Thursday, May the 18th, 2023-
Stock futures are little changed as traders hope for a debt ceiling deal: Live updates
U.S. stock futures were flat Thursday as Wall Street hoped that the debt ceiling crisis would soon see a resolution.
Dow Jones Industrial Average futures rose 15 points. Futures linked to the S&P 500 and Nasdaq-100 were also up slightly.
Regional banks were set to build on their strong gains from the previous session. The SPDR S&P Regional Bank ETF (KRE) traded 1.3% higher after rising more than 7% on Wednesday. Shares of PacWest popped nearly 6%.
Wall Street is coming off a strong session, with the major averages jumping more than 1% each on Wednesday, as hope for a possible debt ceiling deal grew.
House Speaker Kevin McCarthy told CNBC’s “Squawk Box” on Wednesday that he does not believe the U.S. will default on its debt. President Joe Biden also stated in later remarks that he was confident lawmakers would come together to reach a deal and avoid a default.
Meanwhile, Wells Fargo’s head of equity strategy Chris Harvey was skeptical that progress has been made in Washington on the debt ceiling talks.
“We still think that macro is going to start to weigh over things. We think people are getting too excited about the debt ceiling in the short term. And we think that there’s probably some more downside as we go forward in time,” Harvey said Wednesday on CNBC’s “Closing Bell: Overtime.”
“We think it’s going to get a little bit more tenuous as we go forward in time,” he continued. “We do think a deal [will] get done, but we think it’s too optimistic at this point in time.”
Investors will be looking toward retail giant Walmart’s earnings report Thursday for insights on the health of the consumer. China-based tech giant Alibaba is also set to report earnings before the bell.
Wall Street will also watch out for the weekly jobless claims numbers to gauge the strength of the labor market. The Philadelphia Fed’s manufacturing survey numbers for May, as well as existing home sales data for April, are also slated to be released Thursday morning.
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)
Walmart – Shares of the retail giant rose more than 1.5% in premarket trading after the company raised its full-year forecast and reported an almost 8% gain in sales for the fiscal first quarter, pointing to strength in its large grocery business that helped offset weaker sales in clothing and electronics. Walmart also reported stronger-than-expected adjusted earnings and revenue, according to Refinitiv.
STOCK SYMBOL: WMT
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Take-Two Interactive Software — The video game company surged 14% after posting better-than-expected revenue for its fiscal fourth quarter. Take-Two Interactive shared a weaker-than-expected outlook, but signaled that a strong future gaming slate could fuel strong growth thereafter.
STOCK SYMBOL: TTWO
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Bath & Body Works — The retailer of body care and fragrance saw its stock surge nearly 10% in premarket after the company posted stronger-than-expected earnings and revenue for the latest quarter. Bath & Body Works also raised its full-year earnings guidance.
STOCK SYMBOL: BBWI
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Boot Barn — The western footwear brand shed more than 13% before the bell. Boot Barn reported fiscal third-quarter revenue and guidance that fell short of Wall Street’s expectations.
STOCK SYMBOL: BOOT
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Cisco Systems — Shares of Cisco Systems lost 4% after the company reported a 23% decline in orders for the fiscal third quarter.
STOCK SYMBOL: CSCO
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Regional bank stocks — Shares of many hard-hit regional banks stocks rose before the bell, building on Wednesday’s gains. PacWest, Western Alliance and Zions Bancorporation gained 7%, 3.9% and 1.3%, respectively. The SPDR S&P Regional Banking ETF added more than 1%.
STOCK SYMBOL: PACW
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Alibaba — The Chinese e-commerce company lost 1% after posting mixed results for the recent quarter. Revenue fell short of Wall Street’s expectations. Alibaba also said it plans to list its cloud division.
STOCK SYMBOL: BABA
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Micron Technology — The memory chipmaker’s stock rose 2% on news that it plans to make a multibillion-dollar investment in Japan to foster dynamic random access memory chip production there.
STOCK SYMBOL: MU
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Synopsys — Synopsys added 2% after reporting better-than-expected quarterly results. The software company also shared stronger-than-expected revenue and earnings growth guidance for the full year.
STOCK SYMBOL: SNPS
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Sony — The stock added nearly 4% after the company announced it will begin assessing a partial spin-off of its financial services business. Sony would list shares of Sony Financial Group in about two to three years and still own about 20% of the business.
STOCK SYMBOL: SONY
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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 18th, 2023! :)
[link] [comments] https://www.reddit.com/r/stocks/comments/13kwd2m/518_thursdays_premarket_stock_movers_news/
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