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Keep An Eye Out: Pre-Market Movers And Recommendations

Bruno T
Latest News
September 26 2023 05:01AM

Here are some of the biggest premarket U.S. stock movers today:

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Tesla  (NASDAQ:TSLA) stock fell 0.8% after the Financial Times reported that the EV manufacturer’s export vehicles from China to the European Union will be included in the EU’s investigation into whether China’s electric vehicle industry is benefiting from unfair subsidies.

United Natural Foods  (NYSE:UNFI) stock fell 13% after the organic foods company swings to a loss amid lower inflation benefits.

Snap  (NYSE:SNAP) stock fell 1.5% after HSBC initiated coverage of the social media company with a ‘reduce’ rating, saying a successful turnaround of its core advertising business is unlikely.

Alibaba  (NYSE:BABA) ADRs fell 0.3% after the Chinese e-commerce giant announced a plan to list its logistics arm Cainiao in Hong Kong that would make the unit the first to be separated since it announced its break-up six months ago.

Coty  (NYSE:COTY) stock fell 3% after the cosmetics maker launched a global offering of 33 million shares and said it had submitted an application for dual listing of its shares on the Paris Stock Exchange.

Fisker  (NYSE:FSR) stock rose 3.8% after the EV manufacturer announced that it expects to ramp up deliveries to 300 vehicles per day in U.S. and Europe, having manufactured 5,000 Fisker Oceans to date.

DraftKings  (NASDAQ:DKNG) stock rose 3.1% after JPMorgan upgraded its stance on the betting company to ‘overweight’ from ‘neutral’, seeing promising potential for same-store and new market growth.

Nordson  (NASDAQ:NDSN) stock fell 1.5% after Jefferies downgraded its stance on adhesive manufacturing company to ‘hold’ from ‘buy’, doubting the company’s near-term growth.

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Wall Street poised for weak open as rate worries keep Treasury yields elevated

The primary indices of Wall Street appeared set to begin Tuesday with lower openings, as investors grappled with the potential implications of an extended restrictive monetary policy from the Federal Reserve and its subsequent impact on the economy.

Adding to investor unease was the looming possibility of a partial U.S. government shutdown by Sunday, which, according to ratings agency Moody’s, could have a “negative credit” effect.

Chris Giamo, the Head of Commercial Banking at TD Bank, remarked, “A divided political climate, uncertainty regarding macroeconomic conditions, and the added complication of a government shutdown create a murky landscape with no clear direction.”

As of 8:15 a.m. ET, Dow e-minis were down 111 points, or 0.32%, S&P 500 e-minis were down 15.5 points, or 0.35%, and Nasdaq 100 e-minis were down 54.5 points, or 0.36%.

In premarket trading, mega-cap growth stocks such as Apple, Microsoft, Meta Platforms,, and Tesla experienced losses ranging from 0.2% to 0.7%.

Heading into the final trading days of September, all three major U.S. stock indexes are poised to register quarterly declines for the first time this year.

The benchmark two- and 10-year Treasury yields have climbed to multi-year highs following the Fed’s hawkish long-term rate outlook, a stance also adopted by other major central banks. Chris Giamo added, “There’s significant market uncertainty…the elevated interest rates and the timing of their potential decrease are the key factors.”

According to CME’s FedWatch tool, traders’ expectations for the benchmark rate to remain unchanged in November and December were around 76% and 61%, respectively. Meanwhile, a 25-basis-point rate cut is currently being priced in as early as March, with probabilities increasing to over 33% in June and July.

A report from Goldman Sachs indicated that hedge funds increased their bearish bets primarily on U.S. stocks last week, with clients predominantly taking short positions and reducing long ones. Consumer discretionary, industrials, and financials saw the most significant net selling activity.

Investors will be closely monitoring the consumer confidence index for September and a report on new home sales for August, scheduled for release after the market opens.

Throughout the week, various data points, including durable goods, the personal consumption expenditures price index for August, and second-quarter gross domestic product figures, will be scrutinized for insights into inflation and the economic outlook.

Statements from Fed policymakers, including Chair Jerome Powell, will also be under close scrutiny this week, with several of them already supporting the central bank’s commitment to combat inflation above the 2% target.

In terms of individual stocks, Moderna gained 1.1% on reports of ongoing discussions between the European Union and the company regarding a new procurement deal for its COVID-19 vaccines.

Immunovant witnessed a substantial surge of 63.2% after the drug developer reported success in an early-stage trial of its antibody treatment. Roivant Sciences, the company’s largest shareholder according to LSEG data, saw a corresponding increase of 15.2%.

On the flip side, Sirius XM Holdings dropped 5.7% following Liberty Media’s merger proposal with the satellite and online radio company.