July 2, 2022

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5 things to know before the stock market opens Wednesday, May 25

5 things to know before the stock market opens Wednesday, May 25

Here are the top news, trends and analysis that investors need to start their trading day:

1. Nasdaq futures slip, a day after tech-heavy index fell more than 2%

Traders on the floor of the New York Stock Exchange, May 23, 2022.

Source: NYSE

US stock futures Wed fell, one day after Nasdaq decreased by 2.4% Explode, ExplodeA 43% drop in the wake of an earnings warning sent several other technology stocks down. Nasdaq bear market Tuesday He was just shy It is down 30% from its last high. The Standard & Poor’s 500 It fell 0.8%, breaking a winning streak for two consecutive sessions, but remained above the bear market level as it fell 20% or more from its previous high. The daw It managed to post minor gains for its third consecutive positive session. But the average of 30 stocks remained in a sharp correction as defined by a drop of 10% or more from their recent high.

2. Investors seek safety in bonds ahead of May Fed minutes

Federal Reserve Chairman Jerome Powell speaks at a press conference following the May 4, 2022 Federal Open Market Committee meeting in Washington, DC. Powell announced that the Federal Reserve will raise interest rates by half a percentage point to combat record high inflation.

Wayne McNamee | Getty Images

Bond prices Recently she was the recipient of the stock sale. The 10-year treasury bond yieldwhich moves inversely with the price, fell to about 2.7% on Wednesday, before the release of the afternoon minutes of Federal ReservePolicy meeting for the month of May. Investors are hoping to gain more insight into the central bank’s thinking on inflation and the economy. Earlier this month, the Federal Reserve raised interest rates by 50 basis points, double its rally in March.

3. High mortgage rates continue to reduce the demand for housing loans

A picture of a home for sale in the Alhambra, California, on May 4, 2022.

Frederick J. Brown | AFP | Getty Images

Even with the 10-year yield recently retreating from late 2018 highs above 3%, it’s still more than double its December low, pushing mortgage rates higher and Cooling demand for housing loans. Home purchase orders have been flat week to week, down 16% from a year ago. Mortgage demand from homebuyers is now approaching the lows last seen in spring 2020, at the beginning of the year. covid pandemic Shortly before frenetic demand pushed prices up at an astonishing rate over the past two years. Last week, home loan refinancing requests were down 2% and down 75% from the same week one year ago.

4. Dick landing, Nordstrom rising after very different seasons, outlook

Cars are seen parked in front of Dick’s Sporting Goods store at Monroe Marketplace in Pennsylvania.

Paul Weaver | SOPA photos | Light Rocket | Getty Images

Dick sporting goods Shares fell more than 11% in the Wednesday market, shortly after lowered its financial forecast for the full fiscal year, citing rising inflation and ongoing supply chain challenges. Dick’s decision to lower its guidance follows similar adjustments from Walmart, Target and Kohl’s. The sporting goods chain beat expectations in terms of quarterly earnings and revenue as shoppers spent money on golf clubs, soccer equipment and sportswear.

A shopper leaves a Nordstrom store on May 26, 2021 in Chicago, Illinois.

Scott Olson | Getty Images

Unlike the problems caused by inflation at other retailers, Nordstrom It gained nearly 6% in pre-market trading, although it surged overnight. The high-end department store chain after the closing bell Tuesday Raised annual sales and profit forecast. While Nordstrom posted a slightly larger-than-expected loss in the first quarter of the fiscal year, it saw sales increase 18.7% and exceed pre-pandemic levels as shoppers sought to update their wardrobes with branded and designer shoes.

5. Wendy’s largest shareholder pushes a deal to the fast food chain

Wendy’s restaurant logo appears in Plano, Texas, on July 2, 2020.

Dan Tian | Xinhua via Getty Images

Wendy Shares gained nearly 9% in the primary market after becoming known late Tuesday in a filing filed by the fast-food chain’s largest shareholder, Trian Partners, Explores a potential deal for the sake of the company. Trian, which is founded and operated by Nelson Peltz, first invested in Wendy’s in 2005. The hedge fund currently owns a 19.4% stake in Wendy’s. Traian holds three seats on the fast food company’s board of directors, including one held by Peltz, the chairman. Trian said she had previously urged Wendy’s to reduce restaurant overheads, improve operations and build its brand.

– CNBC channel Peter ShakirAnd Diana OlekAnd Lauren Thomas And Sarah Salinas Contribute to this report.

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