Morning Markets
March S&P 500 futures (ESH23) this morning are up +0.60%, and March Nasdaq 100 E-Mini futures (NQH23) are up +0.43%.Â
Stock indexes this morning are moderately higher on some positive corporate earnings news. Nike jumped more than +12% in pre-market trading after reporting stronger-than-expected Q2 revenue. Also, FedEx climbed more than +4% after reporting better-than-expected Q2 EPS. In addition, Tesla is up more than +2%, in a boost for technology stocks, after Elon Musk said yesterday he will resign as CEO of Twitter when a successor is found.
Energy stocks are climbing in pre-market trading, with the price of WTI crude oil up more than +1% after the API reported late Tuesday that U.S. crude supplies fell -3.1 million bbl last week. The EIA reports on weekly crude inventories later this morning.Â
A decline in T-note yields is supportive of equities. The 10-year T-note yield fell back from a 3-week high of 3.716% and is down -0.6 bp at 3.677%. Also, the 10-year German bund yield fell back from a 6-week high of 2.315% and is down -0.3 bp at 2.301%. Conversely, the 10-year Japan JGB bond yield climbed to a new 7-year high of 0.487%.Â
The U.S Mortgage Bankers Association reported this morning that the 30-year fixed mortgage rate fell to 6.34% in the week ended December 16 from 6.42% the prior week. That is down by -82 bp from the 20-year high of 7.16% posted in late October.
Overseas stocks are mixed. The Euro Stoxx 50 index is up by +1.00%. By contrast, China’s Shanghai Composite closed down -0.17% at a 3-week low, and Japan’s Nikkei Stock Market Index closed down by -0.68% at a 2-1/4 month low.
Pre-Market U.S. Stock Movers
Tesla (TSLA) climbed more than +2% in pre-market trading after Elon Musk said yesterday he would resign as CEO of Twitter when a successor is found.
Nike (NKE) jumped more than +12% in pre-market trading after reporting Q2 revenue of $13.32 billion, well above the consensus of $12.57 billion.
FedEx (FDX) rose more than +4% in pre-market trading after reporting Q2 adjusted EPS of $3.18, stronger than the consensus of $2.80.Â
Chef’s Warehouse (CHEF) rose more than +2% in pre-market trading after Jeffries upgraded the stock to buy from hold with a price target of $43.
Energy stocks and energy service providers are climbing in pre-market trading, with WTI crude oil up more than +1%. ConocoPhillips (COP), Devon Energy (DVN), Exxon Mobil (XOM), Haliburton (HAL),  Marathon Petroleum (MPC), and Valero Energy (VLO) are up more than +1%. Â
Starbucks (SBUX) slid more than -1% in pre-market trading after Jeffries downgraded the stock to hold from overweight.
Brinker International (EAT) fell more than -1% in pre-market trading after Jeffries downgraded the stock to hold from buy.
Red Robin Gourmet Burgers (RRGB) fell more than -2% in pre-market trading after Jeffries downgraded the stock to hold from buy.
Today’s U.S. Earnings Reports (12/21/2022)
Carnival Corp (CCL), Cintas Corp (CTAS), Micron Technology Inc (MU),Toro Co/The (TTC).
More Stock Market News from Barchart
- Iron Condor Screener Results For December 21st
- Stocks Settle Mixed as Energy Stocks Gain while Tech Stocks Slip
- Spotify's Options Have High Premiums Perfect for a Jade Lizard Options Strategy
- Unusual Options Activity May Suggest Big 5 Sporting Goods (BGFV) Lacks ‘Firepower’
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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