Stock futures dipped Wednesday as investors weighed another lighter-than-expected inflation report and looked ahead to retail sales data.
Futures tied to the Dow Jones Industrial Average traded marginally lower. S&P 500 and Nasdaq 100 futures also fell slightly.
Those moves came after Target reported much weaker-than-expected earnings for the third quarter. The results weighed on futures and sent the stock down more than 13%. Target also warned of a weak holiday quarter.
Wall Street is coming off a positive session, with the S&P 500 closing up 0.87% on Tuesday and the Dow adding 56.22 points, or 0.17%. The Nasdaq jumped 1.45% and is the only major average on pace to eke out slight gains for the week. The producer price index report, which measures wholesale prices, came in below expectations, which alleviated some of investors’ concerns around inflation.
Chinese technology stocks were among the best performers Tuesday, with the KraneShares CSI China Internet ETF gaining 9.56% for its best daily performance since March 16. Nine out of 11 S&P 500 sectors rose, led to the upside by communication services and information technology. Both health care and materials posted slight losses.
Stocks have staged a solid run following last week’s better-than-feared consumer price index report. The S&P 500 last week posted its best weekly stretch since June and all the major averages are on track to finish the month with gains.
Some investors say a near-term retreat is on the horizon, however.
“In the short term, the market is very extended and overdue to pull back and digest the recent rally,” said Adam Sarhan, CEO of 50 Park Investments.
Retail sales due out Wednesday could offer another look at consumer behavior amid inflation.
STOCK FUTURES CURRENTLY:
YESTERDAY’S MARKET MAP:
TODAY’S MARKET MAP:
YESTERDAY’S S&P SECTORS:
TODAY’S S&P SECTORS:
TODAY’S ECONOMIC CALENDAR:
THIS WEEK’S ECONOMIC CALENDAR:
THIS WEEK’S UPCOMING IPO’S:
THIS WEEK’S EARNINGS CALENDAR:
THIS MORNING’S PRE-MARKET EARNINGS CALENDAR:
EARNINGS RELEASES BEFORE THE OPEN TODAY:
EARNINGS RELEASES AFTER THE CLOSE TODAY:
YESTERDAY’S ANALYST UPGRADES/DOWNGRADES:
YESTERDAY’S INSIDER TRADING FILINGS:
TODAY’S DIVIDEND CALENDAR:
THIS MORNING’S STOCK NEWS MOVERS:
Target (TGT) – Target plunged 13.5% in the premarket after missing consensus estimates by 59 cents with quarterly earnings of $1.54 per share. The retailer expects a drop in holiday season sales and cut its operating margin forecast for the current quarter in half. Target also said it will launch a cost-cutting plan designed to save up to $3 billion per year.
STOCK SYMBOL: TGT
Lowe’s (LOW) – Lowe’s added 2.4% in premarket trading after the home improvement retailer beat top and bottom line estimates for its latest quarter and reported better-than-expected comparable store sales.
STOCK SYMBOL: LOW
Carnival (CCL) – Carnival slumped 12.7% in the premarket after the cruise line operator announced a $1 billion convertible debt offering as part of its refinancing plan.
STOCK SYMBOL: CCL
Advance Auto Parts (AAP) – Advance Auto Parts plummeted 14.7% in off-hours trading after the auto parts retailer posted lower-than-expected quarterly earnings. Although its revenue matched Street forecasts, results were impacted by consumers shifting to its cheaper in-house brands rather than more expensive national brands. The company also lowered its full-year outlook. Competitor O’Reilly Auto Parts (ORLY) fell 2.9%.
STOCK SYMBOL: AAP
Sage Therapeutics (SAGE) – Sage Therapeutics gained 3.3% in premarket trading after an SEC filing showed CEO Barry Greene added 14,500 shares to his stake in the drug maker.
STOCK SYMBOL: SAGE
Corteva (CTVA) – Corteva fell 1% in the premarket after UBS downgraded the seed and crop protection products company’s stock to neutral from buy in what the firm says is a valuation call. Yet, UBS increased its price target on Corteva’s stock to $73 from $70 per share.
STOCK SYMBOL: CTVA
Alibaba (BABA), NetEase (NTES) – The China-based companies are among the stocks gaining ground following a Reuters report that U.S. regulators gained “good access” to audits of Chinese firms listed in the U.S. Alibaba rose 1.8% while Netease jumped 3.6% in premarket action.
STOCK SYMBOL: BABA
STOCK SYMBOL: NTES
Etsy (ETSY) – The online crafts marketplace was put on Evercore’s “Tactical Underperform” list, even as the firm maintained an outperform rating on the stock. Evercore likes Etsy’s long-term outlook but foresees a 3-month trend of slower purchase frequency and a shift in spending toward lower-priced items. Etsy slid 3.6% in the premarket.
STOCK SYMBOL: ETSY
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, November 16th, 2022! 🙂
