Good morning traders and investors of the r/StockMarket sub! Welcome to the trading month of April and Q2. Here are your pre-market stock movers & news this AM-
- Dow futures pointed to a drop of more than 700 points at Wednesday’s open on the first day of April and the second quarter on Wall Street. White House officials are projecting 100,000 to 240,000 U.S. deaths from COVID-19, with fatalities peaking over the next two weeks. The Dow Jones Industrial Average on Tuesday closed out its worst first-quarter ever with a 410-point decline. The Dow’s plunge in March was the worst of any month since October 2008 during the financial crisis. (CNBC)
- Cramer reveals second-quarter playbook, says the quarter is ‘going to be so ugly’ (CNBC)
- ADP issues its March report on private sector employment at 8:15 a.m. ET. On Thursday, the government’s look at weekly jobless claims is expected to show a second week of over 3 million people filing for unemployment insurance for the first time. On Friday, the government releases its monthly employment report for March. (CNBC)
- Start-ups cut nearly 4,000 jobs in March as coronavirus impact ripples through tech (CNBC)
- The Institute for Supply Management is out with its March manufacturing index at 10 a.m. ET. Economists expect a contraction. February construction spending, also released at 10 a.m. ET, is expected to show an increase of 0.7% following January’s 1.8% advance. The nation’s major automakers, with the exception of Ford (F), deliver first quarter sales figures today. Ford’s numbers come out tomorrow. (CNBC)
- More borrowers are refinancing their mortgages to save money on monthly payments, while potential homebuyers are backing away fast. Driven entirely by refinancing, total mortgage application volume increased 15.3% last week. Mortgage applications to purchase a home fell 11% last week. Refis surged 26%. (CNBC)
- Macy’s (M) is being removed from the S&P 500 index and will be placed in the S&P SmallCap 600 as of April 6. Macy’s has a market cap of about $1.5 billion, the smallest in the S&P 500. Carrier Global, which will become a publicly traded company as of Friday following its spin-off from United Technologies (UTX), will replace Macy’s in the S&P 500.
- President Donald Trump, in a grim news conference Tuesday evening, sought to prepare Americans for a coming surge in coronavirus deaths, calling COVID-19 a plague and saying the America faces a “very, very painful two weeks.” The president said that according to modeling, a U.S. death toll of 100,000 is a “very low number.” (CNBC)
- Confirmed cases across the nation rose to nearly 190,000 — nearly double the next worst country — with 4,081 deaths, according to Johns Hopkins University data. New York state’s over 76,000 known cases are the most in the U.S. by far. The Empire State’s death toll of 1,714 accounts for over 40% of all fatalities in the country. New York City Mayor Bill de Blasio orders investigation of Amazon’s firing of strike organizer (CNBC)
- Global coronavirus cases surged to over 870,000 with 43,287 deaths and about 176,000 recoveries. The U.S. has the most cases of any country and the third-most deaths. Italy’s over 105,000 infections were second highest, but the death toll of 12,428 was the worst. Fatalities in Spain were the world’s second worst at 9,053. Its 102,000 infections ranked third highest. (CNBC)
- US, Italy and Spain have the most coronavirus cases. These charts show their infection curves (CNBC)
- China starts to report asymptomatic coronavirus cases (Reuters)
- In its first report looking at underlying health conditions that could make COVID-19 worse, the Centers for Disease Control and Prevention said people with diabetes, chronic lung disease, heart disease or those who smoke may be at increased risk of developing severe complications if they were to get infected. (CNBC)
- Becton Dickinson and BioMedomics launch test to detect past and current coronavirus exposure (Reuters)
STOCK FUTURES CURRENTLY:
YESTERDAY'S MARKET MAP:
TODAY'S MARKET MAP:
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THIS WEEK'S ECONOMIC CALENDAR:
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THIS WEEK'S EARNINGS CALENDAR:
($RH $BB $VFF $CHWY $KMX $WBA $PAYS $TTNP $STZ $CALM $GNLN $CSU $CAG $MKC $RMBL $GPL $HEXO $PVH $DARE $CTEK $CYD $NVCN $LW $AYI $ICLK $ALPN $APOG $UNF $EAST $SMTS $CSSE $SCHN $LNDC $NG $RECN $EDAP $APTX $ASND $VRNT $MOTS $VERO)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
($BB $PAYS $PUMP $LW $UNF $VRNT $LNDC $JFIN $GWGH $MITO)
EARNINGS RELEASES BEFORE THE OPEN TODAY:
EARNINGS RELEASES AFTER THE CLOSE TODAY:
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THIS MORNING'S MOST ACTIVE TRENDING TICKERS:
THIS MORNING'S STOCK NEWS MOVERS:
Verizon (VZ) – Goldman Sachs added Verizon to its “Conviction Buy” list, saying it offers investors the most attractive combination of total return and risk, thanks to the stability of its wireless business.
STOCK SYMBOL: VZ
Xerox (XRX) – Xerox dropped its $35 billion hostile bid for HP Inc. (HPQ), saying it was prioritizing its response to the outbreak over all other considerations. Xerox had planned to put up its own slate of directors for election to HP’s board but has now dropped that effort as well.
STOCK SYMBOL: XRX
Home Depot (HD) – The home improvement retailer will institute new safety measures in response to the outbreak, including earlier store closures and limiting the number of customers allowed into stores at one time. The company has also increased paid time off for hourly workers.
STOCK SYMBOL: HD
British American Tobacco (BTI) – The cigarette maker’s US biotech unit – Kentucky BioProcessing – is developing a COVID-19 vaccine derived from tobacco leaves that is currently undergoing pre-clinical testing. The unit said it could produce between 1 million and 3 million doses per week starting in June.
STOCK SYMBOL: BTI
Royal Bank of Scotland (RBS), HSBC (HSBC), Barclays (BCS) – These and other big U.K. banks canceled their dividends to shore up their balance sheets amid an expected increase in bad loans due to the virus outbreak.
STOCK SYMBOL: RBS
Becton Dickinson (BDX) – The medical products maker and privately held diagnostics company BioMedomics will launch a test that can determine both current and past exposure to the coronavirus within minutes. Becton Dickinson said the tests will be distributed this month.
STOCK SYMBOL: BDX
Macy’s (M) – The retailer’s stock is being removed from the S&P 500 index and will be placed in the S&P SmallCap 600 as of April 6. Macy’s has a market cap of about $1.5 billion, the smallest in the S&P 500. Carrier Global, which will become a publicly traded company as of Friday following its spin-off from United Technologies (UTX), will replace Macy’s in the S&P 500.
STOCK SYMBOL: M
Caterpillar (CAT) – Caterpillar will withhold annual salary increases for executives, managers, and salaried employees, in an effort to hold down expenses amid the coronavirus outbreak. The heavy equipment maker will also not pay out bonuses to employees next year.
STOCK SYMBOL: CAT
Quest Diagnostics (DGX) – Quest has pulled its previous financial guidance for 2020, as it tries to determine the impact of the coronavirus on its results. The medical lab operator said that even with a surge of COVID-19 testing, overall testing volume dropped more than 40% during the last two weeks of March.
STOCK SYMBOL: DGX
Sysco Corp. (SYY) – Sysco is cutting out fresh food sales for its customers and focusing on frozen products, according to a report in the New York Post. The food distributor is also said to be cutting out Saturday deliveries, product returns, and guaranteed delivery times.
STOCK SYMBOL: SYY
Papa John’s Pizza (PZZA) – The restaurant chain’s stock was upgraded to “buy” from “neutral” at MKM Partners, which said the pizza segment of the restaurant industry appears better positioned to deal with the current environment, given their delivery and digital infrastructure.
STOCK SYMBOL: PZZA
/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. /u/bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.
What's on everyone's radar for today's trading day ahead here at r/StockMarket?
I hope you all have an excellent trading day ahead today on this Wednesday, April 1st, 2020! 🙂