Futures connected to the S&P 500 rose Tuesday as worries over unrest in China and its Covid protocols appeared to ease.
The broad index’s futures added 0.3%, while Nasdaq 100 futures climbed 0.4%. Futures tied to the Dow Jones Industrial Average traded near flat.
The move follows stocks in Hong Kong and Shanghai rallying overnight as a Chinese official told reporters that 65.8% of people “over age 80” had received booster shots. On top of that, the government reported the first decline in Covid infections within mainland China in more than a week.
Those updates follow the declines in U.S. and foreign markets seen Monday after protests in mainland China against the country’s zero-Covid policy started over the weekend. West Texas Intermediate crude futures briefly fell to their lowest point since last December while all three of the major U.S. indexes ended the day down more than 1% as investors grew increasingly concerned about if Chinese Covid protocols could hamper global supply chains.
“There’s some real reasons to be cautious. The market’s rallied a lot this quarter, and there’s some concerns that things are going to slow, so I think it’s a kind of balanced risk reward,” Trivariate Research’s Adam Parker said Monday on CNBC’s “Closing Bell: Overtime.”
“I think there was an excuse with maybe some China slowdown fears for people to collect a little profit that they made in the quarter,” he added.
On the economic front, traders will watch for the September reading of the S&P CoreLogic Case-Shiller Home Price Index that is due Tuesday before the bell. The report will give investors insight into how higher interest rates are affecting the housing market. Home prices in the prior month jumped about 13% year over year.
Meanwhile, the latest reading on consumer confidence is set to release at 10 a.m. Wall Street is also expecting the latest corporate earnings results from Hewlett Packard Enterprise Tuesday after the bell.
Fed Chair Jerome Powell is scheduled to speak at the Hutchins Center on Fiscal and Monetary Policy at Brookings on Wednesday. Investors will be listening for insight into the central bank’s fight against inflation.
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THIS MORNING’S STOCK NEWS MOVERS:
Hibbett (HIBB) – The sporting goods retailer’s stock slid 5.7% in the premarket after it missed top and bottom line estimates for its latest quarter. Hibbett was hit by higher expenses which cut into its profit margins, although the company reaffirmed its full-year forecast.
STOCK SYMBOL: HIBB
Silvergate Capital (SI) – The digital assets bank’s shares fell another 2.4% in the premarket, extending yesterday’s 11.1% loss. The decline followed the bankruptcy filing by c/ryptocurrency lender BlockFi. Silvergate’s extended losses come despite a statement that it has minimal exposure to BlockFi.
STOCK SYMBOL: SI
Chemours (CC) – Chemours tumbled 6.1% in premarket trading after the chemical maker said its full-year earnings were tracking slightly below the low end of its prior guidance range. Chemours pointed to a significant decline in demand for titanium dioxide, particularly in Europe and Asia.
STOCK SYMBOL: CC
Generac (GNRC) – Generac fell 2.6% in premarket action after Jefferies downgraded the stock to “underperform” from “hold,” citing the potential impact of electric vehicle bidirectional charging on sales of Generac’s backup power products.
STOCK SYMBOL: GNRC
United Parcel Service (UPS) – UPS gained 1.4% in the premarket after Deutsche Bank upgraded the delivery service’s stock to “buy” from “hold.” The move reverses last year’s downgrade, with Deutsche Bank saying the concerns that prompted the downgrade at that time — including the macroeconomic environment and an impending labor negotiation — are now fully reflected in the stock’s price.
STOCK SYMBOL: UPS
Apple (AAPL) – Apple edged higher in premarket trading following yesterday’s 2.6% drop, which came in the wake of reports out of China that unrest at Foxconn’s iPhone factory could result in a shortfall of 6 million iPhone Pro units.
STOCK SYMBOL: AAPL
Bilibili (BILI) – Bilibili surged 10.3% in the premarket after the China-based internet company reported better-than-expected profit and revenue for its latest quarter. The company’s daily and monthly active users increased by 25% over a year earlier.
STOCK SYMBOL: BILI
HSBC (HSBC) – HSBC struck a deal to sell its Canadian unit to the Royal Bank of Canada for $10.1 billion in cash. HSBC jumped 4.3% in premarket trading.
STOCK SYMBOL: HSBC
Roku (ROKU) – Roku shares fell 2.9% in premarket action after KeyBanc downgraded the video streaming device company’s stock to “sector weight” from “overweight,” saying several facets of its bullish thesis on Roku failed to play out.
STOCK SYMBOL: ROKU
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 Tuesday, November 29th, 2022! 🙂
