Commodities & Agriculture:
- As China increases COVID limits, oil prices continue to decline. By 1002 GMT, Brent oil futures were down 40 cents, or -0.4%, to $87.60 per barrel, not far from a low from late January. Near a mid-January low, U.S. crude futures were down 41 cents, or -0.5%, at $81.53 per barrel.
- European Gas Prices Extend Falls After EU Announces Price Cap Measures. The benchmark for northwest Europe, the front-month Dutch TTF contract, fell -5.1% to 201.00 euros per megawatt-hour.
- Dollar climbs as Powell speech. The U.S. dollar index, which measures the currency against six major counterparts, edged up +0.04% to 109.73, after hitting a peak at 110.79 on Wednesday, a level not seen since June 2002.
During Market hours Yesterday — (Wednesday – 07.09.2022)
- The Dow (Symbol: DIA) gained +1.32%. The S&P 500 (Symbol: SPY) earned +1.80%. and the Nasdaq (Symbol: QQQ) gained +2.02%.
- Pinterest (Symbol: PINS) — The social media stock rose +4.6% after Wolfe Research upgraded it to outperform. The firm was positive on Pinterest’s new CEO, who analysts say could improve execution on the company’s long-term user and monetization goals.
- Twitter (Symbol: TWTR) — Twitter shares jumped +4.8% after a Delaware court shut down Elon Musk’s request to postpone a trial focused on his move to abandon a $44 billion deal to purchase the social media company. The court, however, said it would allow Musk to add claims from a Twitter whistleblower to his countersuit.
- Starbucks (Symbol: SBUX) — Shares of the coffee chain jumped +3% after Barclays said there was buying opportunity for the stock ahead of its upcoming investor day. Barclays said in a note to clients that it is confident in incoming Starbucks CEO Laxman Narasimhan.
- Petco Health and Wellness (Symbol: WOOF) — Shares of the pet products retailer jumped +4.5% after RBC initiated coverage with an outperform rating. Analysts noted that much of the weakening consumer environment is already reflected in the share price and believes Petco is well-positioned to take share of the U.S. pet category “given its revised company strategy, structurally advantaged real-estate portfolio and vet expansion opportunity.”
During Premarket hours today (Thursday – 08.09.2022)
- GameStop (Symbol: GME) — GameStop surged +9% before the bell despite sharing a widening quarterly loss and declining sales. The video game retailer also announced a partnership with crypto exchange FTX. GameStop’s results could not be compared since few analysts cover the company.
- First Solar (Symbol: FSLR) — Shares of First Solar rose +4.4% after Goldman Sachs double-upgraded the solar technology stock to buy and said the company is an immediate beneficiary of the Inflation Reduction Act.
- Frontier Group (Symbol: ULCC) — Shares of the discount airline fell -2.9% amid a downgrade to market perform from outperform by Raymond James. Shares of Allegiant Travel rose on the back of an upgrade to outperform in the same note.
- Moderna (Symbol: MRNA) — Moderna’s stock gained +1.8% after Deutsche Bank upgraded the stock to a buy rating, citing revision to estimates following strong quarterly results.
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