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, June the 8th, 2023-
Stock futures are little changed Thursday as rally pauses: Live updates
Stock futures were flat on Thursday, as investors awaited the next market catalyst and digested the recent rally in stocks.
Futures linked to the S&P 500 ticked higher by 0.01%, while Nasdaq 100 futures inched down by 0.01%. Futures tied to the Dow Jones Industrial Average gained just 2 points.
GameStop shares tumbled roughly 19%. The video game retailer fired its CEO Matthew Furlong and appointed Ryan Cohen as its executive chairman.
The S&P 500 and Nasdaq Composite are coming off a down session. The broad-market index closed 0.38% lower, while the Nasdaq dropped 1.29%. The 30-stock Dow was the outlier, with a gain of 0.27% or 91.74 points.
“We’re in a bit of a news vacuum: Earnings are done, the debt ceiling is resolved, and we’re waiting for the Fed next week,” said Barbara Doran, CEO of BD8 Capital Partners on “Closing Bell: Overtime” on Wednesday. “It’s widely expected they will pause, but it’s really going to be important what their guidance is and what the [consumer price index] number on Tuesday will be and the [producer price index].”
Indeed, investors seem to be in a holding pattern while awaiting the Federal Reserve’s upcoming policy meeting on June 13 and 14. Economic signs suggest that inflation is inching down, even as it remains above the central bank’s 2% target. Wage growth, for instance, is slowing. Wages rose 5.3% on an annual basis in May, down 0.4 percentage point from April, according to data from Indeed. Markets are pricing about a 66% chance that the Fed keeps rates steady at the next meeting, according to the CME FedWatch Tool.
More economic data will arrive on Thursday morning, with weekly jobless claims and wholesale inventories due.
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:
(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)
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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(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #3!)
THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
GameStop — Shares plummeted nearly 21% in premarket trading. The company announced Wednesday the ousting of chief executive Matthew Furlong and said Ryan Cohen would take over as executive chairman.
STOCK SYMBOL: GME
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Wynn Resorts, Las Vegas Sands — The casino operators both shed about 2% following a downgrade by Jeffries to hold from buy. The Wall Street firm said Macao’s recovery is already priced into the stocks.
STOCK SYMBOL: WYNN
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STOCK SYMBOL: LVS
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Signet Jewelers — Shares tumbled nearly 11% after the jeweler provided second-quarter revenue and operating-income guidance that fell short of expectations. Signet also lowered its full-year earnings and revenue guidance to below expectations, citing increasing macro-economic pressures on consumers and a softer-than-expected Mother’s Day.
STOCK SYMBOL: SIG
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Lucid — Shares advanced about 2% after Lucid’s head of China operations Zhu Jiang said the electric vehicle maker is preparing to enter the Chinese market. Reuters, citing a person familiar with the matter, additionally reported the company is considering setting up production in China.
STOCK SYMBOL: LCID
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T-Mobile — Shares of the wireless provider added about 1% in premarket trading after Wolfe Research upgraded T-Mobile to outperform from peer perform. The investment firm said T-Mobile’s stock could rise more than 20% after underperforming year-to-date.
STOCK SYMBOL: TMUS
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Adobe — The stock gained about 2% following the company’s announcement it will offer its artificial intelligence tool, Firefly, to large business customers. Firefly is available through the standalone Firefly app, Adobe Express and Creative Cloud.
STOCK SYMBOL: ADBE
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HashiCorp - The stock sank more than 22%, a day after the company reported a first-quarter earnings miss and revenue beat. HashiCorp also announced targeted spending cuts and an 8% workforce reduction, citing the current customer and economic environment.
STOCK SYMBOL: HCP
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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, June 8th, 2023! :)
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