here is a quick preview of next week's notable earnings releases courtesy of reddit's wallstreetbets: have yourself a terrific weekend ahead guys!
Top of the morning StonkForumers! Happy Friday to all of you and welcome to the final trading day of the week and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are over an hour into the US cash market open. GLTA on this Friday, March the 15th, 2024!
Morning Lineup - 3/15/24 - Busy Day to End the Week Fri, Mar 15, 2024 Were yesterday's stronger-than-expected inflation data and weaker retail sales the catalyst to kick off a more significant pullback, or will the dip buyers step back in once again and take us to new highs? This morning's economic news isn't helping matters. While Import Prices were in line with forecasts, the New York Fed's Empire Manufacturing report came in significantly weaker than expected as the headline index dropped to negative 20.9 versus forecasts for a reading of negative 7.0. Within the report, both the Prices Paid and Prices Received components also rose, so that's not a particularly encouraging sign, even if this report has been notoriously volatile over time. Futures have pulled back modestly following the reports. While the S&P 500 and Dow are still indicated to open higher, the Nasdaq is modestly lower following some weak earnings after the close on Thursday. The most notable of those was Adobe (ADBE). The stock is trading down over 11% in the pre-market and on pace for its fourth most negative reaction to earnings in the last 20+ years. It may look like a chart of an AI stock and its name does have the letters “AI” (in reverse order), but the Materials sector has been on fire for the last two months. Barring a decline of over 1.4% today, the sector will have its eighth straight weekly gain. That would rank as the longest weekly winning streak since May 2009 and just the sixth winning streak of eight or more weeks in the sector’s history dating back to 1990. That streak in May 2009 was also the only streak that stretched beyond eight weeks.
Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Friday, March 15th, 2024.