Stock futures rose Wednesday as Wall Street looked to build on what has been a positive start to 2023 so far.
Futures tied to the Dow Jones Industrial Average advanced 94 points, or 0.3%. S&P 500 and Nasdaq 100 futures each gained 0.3%.
The moves come after the Nasdaq Composite rose 1.01% on Tuesday to clinch its first three-day winning streak since November. The S&P 500 and Dow rose 0.70% and 0.56%, respectively, and all three averages are positive for the young year.
2023 has brought a relief rally so far for more risky areas of the market, such as tech, but many investors are still cautious ahead of earnings season and further expected rate hikes from the Federal Reserve.
“I think it is going to be a challenge to try to time when the Fed will ultimately start to cut rates,” said Matthew Palazzolo, senior investment strategist at Bernstein Private Wealth Management. “There is some evidence that when rates start to decline from the Federal Reserve, better markets are ahead. But whether that ends up being in 2024 or late 2023, at least at this point in time, sitting the middle of January, it’s just too difficult a situation.”
Wednesday features a light schedule for economic data, but investors will be gearing up for a key inflation report on Thursday and major bank earnings on Friday.
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THIS MORNING’S STOCK NEWS MOVERS:
CarMax — Shares of the used car seller slid 4.8% after JPMorgan downgraded them to underweight, saying investors aren’t fully pricing in the risks surrounding the company and hope for a recovery looks “premature.” CarMax fell 53% in 2022 but has risen 18% since its disappointing quarterly results in December.
STOCK SYMBOL: KMX
Salesforce — The software giant fell about 3% after Bernstein downgraded the shares to underperform from market perform, saying they’re falling into a “growth purgatory” and could have difficulty climbing out of it. That comes a week after the company announced its plan to reduce staff. Shares could fall another 20%, according to Bernstein.
STOCK SYMBOL: CRM
Tesla — Tesla shares rose 2% after the EV maker registered with the state of Texas to expand its electric vehicle factory in Austin this year. Separately, Goldman Sachs also named the stock a top pick for 2023.
STOCK SYMBOL: TSLA
Levi Strauss & Co — Shares of the clothing company slipped 2.2% after Citi downgraded the stock to neutral from buy. The firm cited weaker denim trends that could pressure the company in the near to medium term.
STOCK SYMBOL: LEVI
Warner Bros Discovery — Guggenheim upgraded the media company to buy from neutral Wednesday, citing an attractive risk/reward and narrative for the first half of the year. Warner Bros. Discovery rose 1.75% in the premarket, following an 8% gain Tuesday.
STOCK SYMBOL: WBD
Toll Brothers — Shares of the homebuilder rose nearly 2% after Bank of America upgraded Toll Brothers to buy from neutral, noting: “TOL will face incremental headwinds from incentives and mix shift through the year, but this will be offset by tailwinds lower input costs, especially lumber.”
STOCK SYMBOL: TOL
Wells Fargo — Wells Fargo is shrinking its footprint in the mortgage market as the bank manages regulatory pressure and the impact of higher rates on housing. The company was once the biggest mortgage lender in the country. It will now limit home loans to existing customers and borrowers from minority communities. Shares were higher by less than 1% premarket.
STOCK SYMBOL: WFC
Southwest Airlines — Susquehanna downgraded the airline to neutral from positive, citing the operational meltdown during the recent winter storm. Southwest lost 1.55% in the premarket.
STOCK SYMBOL: LUV
Walt Disney — Disney revised its pricing policies at its domestic theme parks, making a number of modifications to its reservation and ticketing system, as well as its annual pass membership perks, to make it easier for loyal customers to attend. Shares were higher by less than 1% premarket.
STOCK SYMBOL: DIS
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 Wednesday, January 11th, 2023! 🙂
