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, June 10th, 2023-
Stock futures are flat ahead of key inflation data this week and the start of Q2 earnings season: Live updates
Stock futures were little changed Monday as investors prepared for a slate of inflation data later in the week and braced for the start of the second-quarter earnings season.
Futures tied to the Dow Jones Industrial Average rose 39 points, or 0.11%. Nasdaq-100 futures dropped 0.19%, while S&P 500 lost just 0.03%.
This week’s inflation data follows a rate hike skip at the June Federal Open Market Committee meeting. The consumer price index report is due out Wednesday, followed by the producer price index — a measure of wholesale price pressures — due Thursday.
Wall Street is coming off a losing week. The S&P 500 pulled back 1.16%, while the Nasdaq Composite and Dow Jones Industrial Average fell 0.92% and 1.96%, respectively.
Despite nonfarm payrolls growing less than expected in June, slightly stronger-than-expected wage growth raised concern over the potential for more Federal Reserve rate hikes.
Investors also have a slew of quarterly earnings reports to consider this week. Finance behemoths BlackRock, JPMorgan Chase, Wells Fargo and Citi will all report and kick off the second-quarter earnings season.
“We believe S&P 500 earnings will face significant pressure during the rest of the year and enter an earnings recession,” Morgan Stanley analyst Edward Stanley wrote in a Sunday note to investors. “The reason is negative operating leverage — when cost growth exceeds sales growth, earnings growth takes a steep hit.”
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:
(N/A.)
([CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!]())
EARNINGS RELEASES BEFORE THE OPEN TODAY:
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THIS AFTERNOON'S AFTER-HOURS EARNINGS CALENDAR:
([CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!]())
(N/A.)
EARNINGS RELEASES AFTER THE CLOSE TODAY:
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FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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FRIDAY'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)
Advance Auto Parts — Advance Auto Parts declined 2.4% in the premarket after Atlantic Equities on Monday downgraded the stock to underweight, and cut its price target to $50. That represents about 28% downside. Analyst Sam Hudson said the firm’s “ongoing weak performance as indicative of structural challenges and significant share losses.”
STOCK SYMBOL: AAP
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Icahn Enterprises — Shares popped 10% following a Wall Street Journal report that Carl Icahn untied his personal loans from the stock price, in response to recent attacks by a short seller that alleged “inflated” asset valuations.
STOCK SYMBOL: IEP
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Meta Platforms — Shares of the social media company rose about 1% in premarket trading. Meta’s new online platform Threads has attracted over 100 million users since its launch last Wednesday, according to the tracking site, Quiver Quantitative. CEO Mark Zuckerberg said last week the rapid growth was “way beyond our expectations.”
STOCK SYMBOL: META
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Fisker — The electric vehicle maker’s stock rose less than 1% after the company announced a $340 million convertible note offering, with the potential to increase it to $680 million. Fisker said it intends to use the net process for general corporate purposes, including working capital, an additional battery pack line and the development of future products.
STOCK SYMBOL: FSR
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Charles Schwab — Shares of the brokerage firm rose 1.9% in premarket trading after JMP upgraded Schwab to market outperform from market perform. The firm said in a note to clients that Schwab should benefit from stabilizing cash-sorting trends and low expectations heading into earnings season.
STOCK SYMBOL: SCHW
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Shockwave Medical — The stock added 2.8% after being upgraded by Morgan Stanley to overweight from in-line. The firm said it expects a solid improvement in outpatient reimbursement.
STOCK SYMBOL: SWAV
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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, June 10th, 2023! :)
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