Tuesday’s 5 S&P 500 Winners and 5 Losers in the Premarket
Afternoon buying on Monday stopped a four-day skid in the major U.S. stock indexes. Tuesday, however, started off just like Monday, with all three indexes trading sharply lower in the premarket session.
The three major U.S. equities indexes posted small gains on Monday to break a four-day streak of losses. The Nasdaq closed up 0.49%, the Dow Jones industrials added 0.29% and the S&P 500 closed up 0.28%. Among S&P 500 stocks, winners outnumbered losers by slightly less than two to one. Eight of 11 sectors closed higher, led by consumer cyclicals (up 1.2%), communications services (0.7%) and energy (0.7%). The utilities (down 1.0%), consumer staples (0.3%) and health care (0.3%) sectors closed lower.
Crude oil settled at $83.31 on Monday and traded up about 0.5% in early morning trading Tuesday at $83.77. The 10-year/two-year U.S. Treasury note spread ended the day at 0.746%, essentially flat.
Here are the five S&P 500 stocks that closed with the biggest gains on Monday: Gap (up 7.94%), Bath & Body Works (5.90%), Generac Holdings (5.54%), Paycom (5.25%) and Caesars (5.25%).
Monday’s biggest losers among S&P 500 stocks were Signature Bank (down 3.73%), Dish Network (2.93%), Electronic Arts (2.74%), Netflix (2.60%) and Freeport-McMoRan (2.51%).
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As of 7:00 a.m. ET Tuesday morning, S&P 500 futures were down about 1.31%, the Nasdaq down 1.86% and the Dow down about 0.74%.
The leading gainer among S&P 500 stocks in Tuesday’s premarket trading was Brown & Brown Inc. (NYSE: BRO), up more than 8% at $70.00. The insurance broker beat estimates when it reported quarterly results Monday afternoon.
International Business Machines Corp. (NYSE: IBM | IBM Price Prediction) traded up 1.85% at $131.20. The company hammered fourth-quarter estimates on both the top and bottom lines when it reported early Monday.
Nike Inc. (NYSE: NKE) traded up 1.23%. Wells Fargo analysts upgraded the stock from Equal Weight to Overweight Tuesday morning and maintained the $175 price target. The stock traded at around $146.90 in premarket action.
Investment management firm Invesco Ltd. (NYSE: IVZ) traded up 1.21% in Tuesday’s premarket. The company reported quarterly results in the morning that beat analysts’ consensus on both the top and bottom lines.
3M Co. (NYSE: MMM) traded up by 0.69% Tuesday. It was another company reporting results Tuesday morning that solidly beat estimates. Shares traded at around $174.00.
Stocks trading lower in Tuesday’s premarket session include Raytheon Technologies Inc. (NYSE: RTX), which was down 3.67% at $84.89. Earnings results reported first thing were mixed, and the defense giant issued downside guidance for the 2022 fiscal year.
Auto parts maker Aptiv PLC (NYSE: APTV) traded down about 2.9% Tuesday morning at $33.91. The company had no specific news. Shares have dropped about 20% since the beginning of the year.
Kroger Co. (NYSE: KR) closed up about 1.7% on Monday and traded down by about 2.6% in Tuesday’s premarket. Wells Fargo has downgraded the stock from Equal Weight to Underweight. The analysts maintained their $42 price target.
Global Payments Inc. (NYSE: GPN) traded down by about 2.42% Tuesday morning. The digital payments company had no specific news.
General Electric Co. (NYSE: GE) traded down by 2.32% in the premarket. The company reported mixed results, beating the earnings estimate but missing on revenue. Earnings guidance for 2022 came in a range of $2.80 to $3.50, less than the consensus estimate of $4.00.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
