S&P 500 futures were flat on Wednesday as Wall Street awaits an afternoon speech on the economy from Federal Reserve Chair Jerome Powell.
S&P 500 futures were essentially little changed, with the benchmark looking to snap a 3-day losing streak. Futures tied to the Dow Jones Industrial Average lost 18 points. Nasdaq 100 futures climbed 0.1%.
Traders were hit with two reports Wednesday morning that caused volatility in stock futures. On one hand, a labor report signaled the job market could be cooling, raising hopes the Federal Reserve would slow its aggressive rate-hiking campaign. On the other hand, an updated reading of third-quarter gross domestic product was released and it showed the economy was stronger last period than first realized.
Payroll processing firm ADP said Wednesday that private companies added just 127,000 positions for the month, well below the 190,000 consensus estimate from economists polled by Dow Jones.
But the Bureau of Economic Analysis also said Wednesday that third-quarter GDP increased at a 2.9% annual rate, according to its second estimate. That was revised higher from the 2.6% first estimate.
Powell will give a speech at the Brookings Institution this afternoon that may give further insight into the central bank’s thinking on future interest rate increases. The Fed is slated to meet later this month and is largely expected to deliver a smaller 0.5 percentage point rate hike after four consecutive 0.75 percentage point increases to tame high inflation. Any signal of a pivot on future rate hikes would likely send markets higher.
“This is a Fed-made recession, so eventually when he does pivot, the market should move higher pretty quickly,” said Steve Grasso, CEO of Grasso Global, on CNBC’s “Fast Money” Tuesday.
Wall Street is coming off a mixed session. The Nasdaq Composite shed 0.59% and the S&P 500 lost 0.16%, marking the third straight negative day for each. The Dow Jones Industrial Average notched a marginal gain, closing 3.07 points, or 0.01%, higher.
Stocks have been weighed down by China’s zero-Covid policy and have failed to fully recover from losses even as the country announced steps toward reopening, such as an uptick in vaccination rates for the elderly.
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THIS MORNING’S STOCK NEWS MOVERS:
Hormel (HRL) – The food producer’s stock slid 6.4% in the premarket after reporting a mixed quarter. Earnings beat estimates, but sales came up short of Wall Street forecasts. Hormel issued a weaker than expected outlook and said it expected a continued volatile and high cost environment.
STOCK SYMBOL: HRL
Petco (WOOF) – Petco’s adjusted quarterly earnings of 16 cents per share matched Street forecasts, but revenue was slightly above estimates. A comparable store sales rise of 4.1% beat the FactSet consensus estimate of a 3.5% increase. The pet products retailer’s stock rallied 8% in premarket trading.
STOCK SYMBOL: WOOF
CrowdStrike (CRWD) – CrowdStrike plunged 17.6% in the premarket after the cybersecurity company’s subscription numbers came in below analyst forecasts. CrowdStrike reported better than expected profit and revenue for its latest quarter, but economic uncertainty is prompting customers to delay spending.
STOCK SYMBOL: CRWD
Horizon Therapeutics (HZNP) – Horizon soared 32.9% in off-hours trading after the drug maker said it was in preliminary talks about a possible sale with several large pharma companies, including Amgen (AMGN), Sanofi (SNY) and Johnson & Johnson’s (JNJ) Janssen Global Services unit.
STOCK SYMBOL: HZNP
State Street (STT) – State Street added 3.5% in premarket action after announcing an agreement to terminate its planned $3.5 billion purchase of Brown Brothers Harriman’s Investor Services unit. State Street cited difficulties in gaining the approval of regulators for the deal.
STOCK SYMBOL: STT
Biogen (BIIB) – Biogen shares rose 3.6% in premarket action after partner Esai said it believed two deaths in the trial of their experimental Alzheimer’s drug could not be attributed to the treatment. Biogen stock fell earlier in the week when the report of the second death first surfaced. Data from the trial showed that the drug slowed cognitive decline but could carry a risk of serious side effects.
STOCK SYMBOL: BIIB
NetApp (NTAP) – NetApp tumbled 10.9% in the premarket on a weaker than expected forecast from the cloud computing company, which reported better than expected quarterly earnings.
STOCK SYMBOL: NTAP
Workday (WDAY) – Workday shares rallied 9.6% in off-hours trading after the maker of human resources software lifted its outlook and announced a share buyback program. Workday also reporter better than expected top and bottom line results for its latest quarter.
STOCK SYMBOL: WDAY
Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise added 1.9% in the premarket after the enterprise computing company reported record quarterly sales and issued strong revenue guidance.
STOCK SYMBOL: HPE
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.
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