Stock futures moved slightly higher Thursday after the S&P 500 declined for a fifth consecutive day and Wall Street evaluated the likelihood of a recession ahead.
Dow Jones Industrial Average futures added 100 points, or 0.4%. S&P 500 futures gained 0.4%, while Nasdaq 100 futures advanced 0.4%.
Exxon rose 1% as the oil giant it lifted its buybacks, while Chevron gained on a higher capital spending budget. Tesla slumped amid reports of shortened shifts at its Shanghai factory.
“U.S. equity futures are trying to stabilize, and Treasuries are witnessing tiny profit taking, but the mood is still gloomy,” said Adam Crisafulli, founder of Vital Knowledge in a note to clients Thursday. “The problem for domestic stocks is the absence of catalysts – two inflation figures come Fri (PPI and Michigan expectations), but the real fireworks arrive next week.”
Investors’ attention has shifted toward next week’s Federal Reserve policy meeting, where the central bank is widely expected to issue a 50 basis point interest rate hike. It’s a smaller increase than the prior four rate hikes, but may do little to alleviate concerns over whether the Fed can avoid a recession next year in its attempt to squash surging prices. November’s consumer price index, due Tuesday, should also provide more clarity on the direction of inflation.
In the near term, Wall Street awaits the latest data on weekly jobless claims before the bell on Thursday. Economists polled by Dow Jones are anticipating claims to come in at 230,000, up slightly from the prior week’s total of 225,000.
Traders expect most recent earnings results from Lululemon Athletica, DocuSign, Broadcom and Costco after the bell Thursday.
On Wednesday, the S&P 500 declined 0.19% in its fifth straight losing session. The Dow was virtually flat, adding just 1.58 points. Meanwhile, the Nasdaq Composite slipped 0.51%.
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Ciena (CIEN) – The networking equipment maker’s stock surged 19.1% after a substantial top and bottom line beat in its latest quarter. Ciena earned an adjusted 61 cents per share for its latest quarter, compared with a consensus estimate of 8 cents. The company also said it sees “outsized” revenue growth in 2023.
STOCK SYMBOL: CIEN
GameStop (GME) – GameStop reported a wider-than-expected quarterly loss and sales that fell short of predictions. CEO Matt Furlong said the company had completed necessary investments and would be very judicious in future spending. GameStop moved between gains and losses in premarket trading.
STOCK SYMBOL: GME
Rent The Runway (RENT) – Rent The Runway surged 16.9% in the premarket after its quarterly revenue came in well above Wall Street forecasts and the fashion rental company issued an upbeat sales forecast. The company also said its restructuring process was substantially complete.
STOCK SYMBOL: RENT
Oxford Industries (OXM) – Oxford Industries rose 2.6% in premarket trading after the maker of the Tommy Bahama and Lily Pulitzer apparel brands reported better-than-expected quarterly results and issued an outlook that surpassed analyst predictions.
STOCK SYMBOL: OXM
Unilever (UL) – Unilever is weighing a possible $3 billion sale of its U.S. ice cream brands including Ben & Jerry’s, according to a Bloomberg report.
STOCK SYMBOL: UL
Kinder Morgan (KMI) – Kinder Morgan forecast an increase in adjusted earnings for 2023, with the pipeline operator anticipating higher transportation demand for crude oil and other energy products. Kinder Morgan shares gained 2.1% in premarket trading.
STOCK SYMBOL: KMI
Cano Health (CANO) – Cano Health fell 5.3% in the premarket after Bloomberg reported that Daniel Loeb’s Third Point sold its remaining stake in the healthcare provider amid concerns about its liquidity.
STOCK SYMBOL: CANO
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 Thursday, December 8th, 2022! 🙂
