Markets closed lower yesterday after a broad selloff left the Dow lower by 2.25%, the worst drop since September. The S&P 500 was down 2.49%, and the NASDAQ was down 3.23%. The selloff was partly fueled by fears of a looming recession indicated by lower retail sales and Fed Chair Powell's comments about more economic weakness in 2023.
Pre-Market futures show the DOW still down around 300 points, pointing to another low open for the market today.
Bitcoin (BTC) is hanging tight at around $17k and Ethereum (ETH) is around $1,200.
Stocks to Watch
Darden Restaurants (DRI) is up in premarket trading after reporting earnings that topped estimates. The owner of Olive Garden and Longhorn Steakhouse raised lower-end guidance for 2023. Will the company fare well in an environment of lower consumer spending as indicated by other companies and the FED?
Adobe (ADBE) rose 6% in extended trading on Thursday after reporting a beat on earnings, but revenue as expected. Revenue is up 10% year over year and guidance for 2023 remained as is, but CEO Shantanu Narayen remains cautious and says the company will not be immune to worsening economic conditions. The stock is up around 4% in pre-market trading.
Facebook and Instagram parent company Meta Platforms (META) was upgraded to overweight from neutral at J.P. Morgan securities. The stock is up around 2% in premarket trading. Could this be a sign of a turnaround for the troubled stock?
Happy Trading!
The Punnkrock Capitalist
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