May 21, 2024

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Stock futures haven't changed much after the third consecutive losing day for the S&P 500

Stock futures haven’t changed much after the third consecutive losing day for the S&P 500

Peloton shares jump on Amazon partnership

Peloton machine

Source: Peloton

Nordstrom, Bed Bath & Beyond are among the largest commodity carriers

People walk out of a Bed Bath & Beyond store amid the coronavirus disease (COVID-19) pandemic in New York, January 27, 2021.

Carlo Allegri | Reuters

Here are some of the biggest stocks that made headlines at Premier Market:

Nordstrom – Shares fell 13 percent after the luxury department store chain cut its full-year forecast, despite announcing earnings that beat earnings and revenue expectations.

bed bath behind – Shares rose 33% after a The Wall Street Journal reportCiting people familiar with the matter, they said the embattled retailer had found a source of funding to shore up its liquidity.

Advanced Auto Parts – The stock fell 5.9% after Advanced Auto Parts reported disappointing earnings results and cut its forecast, citing rising inflation and fuel costs.

Brinker International – Brinker International, the parent company behind the restaurant franchises Chili’s and Magiano, fell 7.3 percent after reporting a profit loss and a weaker-than-expected full-year outlook.

Check out more Primarket engines here.

– Sarah Main, Peter Shakir

Raymond James downgrades Medtronic

Raymond James downgraded Medtronic’s stock rating to market performance on Wednesday. The company cited deteriorating confidence in the medical device maker’s growth potential among the reasons for the shift in outlook.

The rating downgrade comes after the company beat analysts’ estimates last quarter, but showed a decline in year-over-year revenue as it grapples with supply chain issues.

CNBC Pro subscribers can do this Find out the full story here.

– Samantha Sobin

The housing market is still under pressure, but there are some slight signs of optimism

real estate loan Demand fell again last weekHowever, there were some signs that the sharp decline in the housing market is finding ground.

In fact, government mortgage applications rose 4% last week, according to the Mortgage Bankers Association, showing some strength among first-time homebuyers despite rising mortgage rates.

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On the corporate front, shares of Toll Brothers fell 2.6% in premarket trading after third-quarter home sales missed expectations and the home builder cut full-year guidance. But the company’s chief executive said there were “signs of increased demand” in August.

Pending home sales data is due at 10 am

– Jesse Pound

Expect some market stability after Jackson Hole, says Wells Fargo

The market is likely to find some stability after Federal Reserve Chairman Jerome Powell delivers his remarks Friday in Jackson Hole, Wyoming, Wells Fargo’s Christopher Harvey said in a note on Wednesday.

He said, “Fed concerns are expected to escalate and one (possibly both) of recent interest rate drivers will back down. Until then, interest rate and liquidity trends point to further disruption.”

The market rallied after hitting a low in mid-June, but has struggled recently due to renewed fears that the Federal Reserve will keep raising interest rates for longer than expected.

“In our view, the Jackson Hole takeaway will be in the eye of the beholder: Hawks will focus on hard-line statements (and vice versa for bathrooms),” Harvey said.

Fred Ambert

Time to Buy Frontier, Says Morgan Stanley

Morgan Stanley thinks it’s time to buy Frontier shares.

Analyst Ravi Shanker resumed coverage of the budget airline with an overweight rating, calling the airline a “perfect” ultra-low-cost airline now that its failed merger with Spirit is behind it.

CNBC Pro subscribers can do this Read the full story here.

– Samantha Sobin

BTIG’s Krinsky says the ‘tug-of-war continues’ in the market

Jonathan Krinsky, chief market technical officer at BTIG, said the market is “still in a tug of war between economic data and what the Fed might do.”

Kreinsky noted that recent economic data has been weaker than expected “causing an attempt to buy bonds and the perception that Powell might be ‘less hawkish’ at Jackson Hole.” “That may be enough to maintain stock supply…but it is not necessarily a ‘bullish’ medium-term scenario if environmental data continues to weaken.”

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Fred Imbert

European markets stabilize as global investors await the Federal Reserve

European markets Silent Wednesday with hard-line new comments from A US Federal Reserve The policy maker made investors reluctant.

pan europe Stokes 600 The index was flat in early trade, with communications down 0.5% while household goods rose 0.2%.

– Elliot Smith

Morgan Stanley says making “smart” electric cars is the next big thing in technology. Here are our top stock picks

Morgan Stanley says tech supply chains are about to see growth in the next big thing: the features of smart technology — from electric car batteries to chips and self-driving technology.

The investment bank has named its top stock picks that are set to benefit from the trend.

Professional subscribers can read the story here.

– Weezin Tan

The Fed’s Kashkari says his biggest concern is that inflation will be more stable or higher than expected.

His biggest concern is that markets are underestimating how high or how long inflation will last, says Neil Kashkari, president of the Minneapolis Federal Reserve, adding that the Fed may need to be more aggressive than expected.

Commenting on the market, he commented on the market: “The big fear I have in my mind is whether we are wrong and the markets are wrong, and that this inflation is much more implied at a much higher level than we or the markets appreciate.” Expectations of inflation returning to 2% over the next two years.

“Then we will have to be more aggressive than I expect, and possibly longer, to bring inflation down again,” he said, speaking at an event at the University of Pennsylvania.

Kashkari also cited supply-side shocks that have led to “half to two-thirds” of high inflation in the country.

“The more help we get from the supply side, the less the Fed has to do, the better we are to avoid a hard landing,” he said. But, he added, there is some evidence that supply chains are beginning to normalize.

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Kashkari is already the most hawkish of the US central bank’s 19 policymakers, and he expects the Fed to need to raise its policy rate – now at its target range of 2.25% to 2.5% – another full two percentage points by the end of next year.

– Jie Lee

CNBC Pro: Citi calls energy stock ‘strongest balance sheet’

The energy sector has been a big winner in the volatile stock market this year.

But one stock still stands out for its “strongest balance sheet,” according to Citi. It also delivered a batch of second-quarter earnings that easily beat its listed major peers.

Professional subscribers can Read the story here.

– Xavier Ong

The hawkish Fed?

Many are expecting a hawkish speech from Federal Reserve officials later this week, which could lead to a massive sell-off in risky assets. Some fear continued and violent central bank tightening could push a sluggish economy into recession.

“I fully expect Federal Reserve Chairman Jay Powell and other Fed officials to remain hawkish,” Kristina Huber, chief global market strategist at Invesco, said in an email. “Aggressive rhetoric is very likely to cause stocks to drop globally in the near term, as markets are on eggshells, so asset owners must be prepared for short-term volatility.”

– Yun Lee

Nordstrom shares drop

shares Nordstrom It fell more than 13% in extended trading after the company It lowered its full-year financial forecast. Nordstrom said it is facing a challenge due to an overstocking as well as a slowdown in demand.

“Customer traffic and demand slowed significantly beginning in late June, mostly at Nordstrom Rack,” CEO Eric Nordstrom said in a press release.

However, the company reported fiscal second-quarter earnings and sales ahead of analyst estimates.

– Yun Lee