U.S. stock futures were marginally higher on Wednesday morning, as investors looked ahead to Federal Reserve meeting minutes for clues into the pace of future interest rate hikes.
Dow Jones Industrial Average futures added 20 points points, or 0.1. S&P 500 futures also gained 0.1% along with Nasdaq 100 futures.
Shares of Nordstrom fell more than 8% in the premarket after the department store chain reaffirmed its forecast. However, Nordstrom beat profit and sales expectations in its latest results, according to consensus expectations on Refinitiv.
Wall Street is coming off an upbeat session, with the Dow Jones Industrial Average surging nearly 400 points Tuesday. The S&P 500 rose 1.36%, closing above the 4,000 level for the first time since September. Meanwhile, the Nasdaq Composite jumped 1.36%.
Investors shrugged off fears of further lockdowns in China after the country reported its first Covid deaths since May. Instead, traders focused on some strong earnings reports, and bet on the likelihood for an easing in monetary policy from the Fed going forward.
“Investor psychology remaining optimistic is driving the rally in this market,” Eugene Profit, CEO at Profit Investments, said Tuesday on CNBC’s “Closing Bell: Overtime.”
“Going into the next Fed meeting, I think the Fed will probably moderate their language a little bit, and I think investors want to remain optimistic, and ignore a lot of headwinds in this market,” he added.
On the economic front, investors will review the latest Fed meeting minutes on Wednesday for insight into the central bank’s approach on monetary policy ahead of the December meeting.
Earlier in November, the central bank approved a fourth consecutive 0.75 percentage point hike that brought rates to their highest level since 2008. Economists are forecasting a half percentage point increase in December, and smaller rate hikes next year.
Additionally, investors will parse through the latest jobless claims data. Economists polled by Dow Jones are forecasting claims of 225,000 for the week ending Nov. 19, a slight increase from the 222,000 initial claims the prior week.
They’re also expecting the latest data on durable goods and new home sales in October. Durable goods in October are expected to have risen 0.5% from the prior month, according to estimates from Dow Jones.
Markets will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.
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Deere (DE) – The heavy equipment maker reported better-than-expected profit and revenue for its latest quarter and issued an upbeat outlook. Deere said it benefited from positive farm fundamentals and increased infrastructure investment. Its stock jumped 4.2% in premarket trading.
STOCK SYMBOL: DE
HP Inc. (HPQ) – HP rose 3.1% in the premarket after announcing it will cut up to 10% of its 61,000-person workforce over the next three years due to an extended slump in personal computer demand. The computer maker also reported better-than-expected profit and revenue for its latest quarter.
STOCK SYMBOL: HPQ
Nordstrom (JWN) – Nordstrom beat top and bottom line estimates for its latest quarter, but its stock slumped 8.3% after the retailer said sales have slowed over the past few months. Nordstrom also cut its profit outlook for the fiscal year ending in January.
STOCK SYMBOL: JWN
Manchester United (MANU) – Manchester United rallied another 9.5% in the premarket, following yesterday’s 14.7% jump, after the soccer club said it was considering strategic alternatives including a possible sale.
STOCK SYMBOL: MANU
Autodesk (ADSK) – Autodesk matched top and bottom line estimates in its latest quarterly report, but the maker of design software issued weaker-than-expected guidance for the current quarter. Autodesk noted a challenging economic environment and said customers were more reluctant to sign longer-term contracts. The stock tumbled 9.8% in premarket trading.
STOCK SYMBOL: ADSK
Guess (GES) – Guess lost 6.1% in the premarket after reporting weaker-than-expected quarterly earnings and a reduced outlook. The apparel company pointed to a challenging retail environment and the impact of a stronger U.S. dollar, although it said it is well-positioned for the holiday season.
STOCK SYMBOL: GES
Credit Suisse (CS) – The Swiss bank’s stock fell 4.4% in premarket action after it warned of a $1.6 billion quarterly loss as customers pull their money from Credit Suisse on concerns about its financial health. Credit Suisse shareholders approved a $4.2 billion capital raise intended to shore up the company’s finances.
STOCK SYMBOL: CS
Tesla (TSLA) – Tesla added 2.7% in the premarket after Citi upgraded the stock to neutral from sell, citing valuation. Tesla has lost about 50% of its value this year.
STOCK SYMBOL: TSLA
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 23rd, 2022! 🙂
