Top Movers

S&P Nears 5,700 Amid Inflation Data Anticipation

Pre-Market

By Athena Xu

7/11, 06:58 EDT
Alcoa Corporation
Albemarle Corporation
Costco Wholesale Corporation
Delta Air Lines, Inc.
PepsiCo, Inc.
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Pre-market Top Moves

As of early morning trading, U.S. equity futures are slightly down, with the S&P 500 futures dipping 0.1% to 5,680.50. Investors are keenly awaiting June inflation data, which is expected to be the next significant market catalyst. The S&P 500 recently hit a milestone, topping 5,600 for the first time ever, indicating a robust market sentiment despite today's minor pullback.

  • S&P 500 Futures: Down 0.1%, reflecting cautious sentiment ahead of inflation data.
  • Key Catalysts: June inflation data, recent S&P 500 milestone.

Highlights by Sector

Chemicals

Albemarle (ALB) is down 1.7% after Wells Fargo downgraded the stock to equal-weight in their second-quarter preview for the chemicals sector. This downgrade reflects a more cautious outlook on the company's near-term performance.

Airlines

Airline stocks are under pressure in premarket trading following Delta Air Lines' disappointing third-quarter adjusted earnings per share forecast, which missed consensus expectations. This has led to a broader sell-off in the sector.

Retail

Costco (COST) shares are up 3.0% after the warehouse-club chain announced plans to increase annual membership fees for the first time since 2017. Jefferies noted this as a positive catalyst for the stock. Additionally, Costco's U.S. comparable sales, excluding fuel and currencies, surpassed consensus estimates.

Consumer Goods

PepsiCo (PEP) shares have fallen 2.3% after the company reported weaker-than-expected revenue for the second quarter and tempered its full-year outlook. Despite reiterating its annual profit forecast, the market reacted negatively to the revenue miss.

Notable Gains and Losses

  • Alcoa (AA): Shares are up 2.7% after the aluminum producer's preliminary adjusted EBITDA for the second quarter came in ahead of estimates.
  • Costco (COST): Up 3.0% following the announcement of a membership fee increase and strong U.S. comparable sales.
  • PepsiCo (PEP): Down 2.3% due to weaker-than-expected Q2 revenue and a tempered full-year outlook.
  • Albemarle (ALB): Down 1.7% after a downgrade by Wells Fargo.
  • Airline Stocks: Broadly down following Delta Air Lines' disappointing earnings forecast.

Key Movers & Takeaway

The premarket session is characterized by cautious trading ahead of key inflation data. Notable movements include Costco's rise on positive membership fee news and strong sales, while PepsiCo and airline stocks face pressure from disappointing earnings and forecasts. Albemarle's downgrade also highlights sector-specific concerns in chemicals.

Key Movers Table by Market Cap

LargeCap Movers (>$20B)

Stock Ticker Price Change Key Takeaway
Costco COST +3.0% Boosted by plans to increase membership fees and strong U.S. sales
Alcoa AA +2.7% Preliminary Q2 adjusted EBITDA ahead of estimates
PepsiCo PEP -2.3% Weaker-than-expected Q2 revenue and tempered full-year outlook
Albemarle ALB -1.7% Downgraded by Wells Fargo in Q2 preview

Mid-Cap Movers ($5B-$20B)

Stock Ticker Price Change Key Takeaway
Delta Air Lines DAL -2.0% Disappointing Q3 earnings forecast

Top Overbought/Oversold by 14-Day RSI

Overbought Stocks

Stock Ticker RSI
Faraday Future Intelligent Electric FFIE 97.9
Defiance Silver DNCVF 89.2
Novavax NVAX 88.9
Bristow Group VTOL 88.6
Ardmore Shipping ASC 88.4

Oversold Stocks

Stock Ticker RSI
Seritage Growth Properties SRG 9.2
Dlocal DLO 15.0
Evolent EVH 17.3
Cerence CRNC 17.9
Papa John’s PZZA 17.9

In summary, the premarket session is marked by cautious trading ahead of inflation data, with notable movements in retail, consumer goods, and airline sectors. Investors should keep an eye on Costco's positive momentum and PepsiCo's challenges, while also considering the broader implications of Delta's earnings forecast on the airline industry.