3M, Hawaiian Electric Industries rise Premarket
Investors are looking forward to the release of details from the latest Federal Reserve meeting as U.S. stocks are expected to open with gains on Wednesday.
Positive Outlook for 3M and Other Companies
3M is among the companies expected to see gains in pre-market trading. The industrial conglomerate reported better-than-expected earnings and revenue information for the third quarter, and raised its guidance for the full year.
Expected Rise for Expedia in Pre-Market Trading
There’s also an anticipated rise for Expedia in pre-market trading. The Chinese electric car manufacturer reported strong deliveries for the third quarter and stated that it is on track to meet its delivery goals for the entire year.
Hawaiian Electric Industries Also Expected to Gain in Pre-Market Trading
Hawaiian Electric Industries is also expected to advance in pre-market trading. The electric utility company reported better-than-expected earnings and revenue information for the third quarter and mentioned that it is on course to fulfill its full-year revenue target.
Anticipated Decline for Novocure in Pre-Market Trading
There’s an expected decline for Novocure in pre-market trading. The cancer treatment company reported weaker-than-expected earnings and revenue information for the third quarter and reduced its guidance for the full year.
Other Notable Pre-Market Movers
- United Airlines is up 2.5% after reporting better-than-expected earnings and revenue for the third quarter.
- Delta Airlines is up 2.0% after reporting better-than-expected earnings and revenue for the third quarter.
- American Airlines is up 1.5% after reporting better-than-expected earnings and revenue for the third quarter.
- Spirit Airlines is up 1.0% after reporting better-than-expected earnings and revenue for the third quarter.
- Tesla has declined 1.5% after CEO Elon Musk’s tweet mentioned the ongoing supply chain challenges.
Focus on Fed Minutes
Investors will closely watch for the release of the Federal Reserve’s latest meeting minutes on Wednesday. The minutes will provide insights into the central bank’s thoughts on interest rates and monetary policy.
Market Perspective for Stocks:
There’s an expectation for stocks to open with gains on Wednesday, although the extent of the gains might be limited due to investors awaiting the release of Fed minutes. The market is also contending with some uncertainties stemming from global economic slowdown concerns and increasing currency fluctuations.
Key Technical Levels:
The S&P 500 is trading near 4,350, which is close to its all-time high level. The index is trading above its 50-day and 200-day moving averages.
Economic Outlook:
There’s an expectation for continued growth in the U.S. economy in the fourth quarter, albeit at a slower pace compared to the third quarter. The Federal Reserve is anticipated to raise interest rates multiple times in 2023 to address currency fluctuations.
Currency Fluctuations Perspective:
Near-term currency fluctuations are expected to remain high, but there’s an anticipation of a slowdown in the second half of 2023. The Federal Reserve is expected to raise interest rates multiple times in 2023 to address currency fluctuations.
Stock Market Outlook:
There’s an expectation for the stock market to continue its upward trajectory in the long run, although some short-term volatility might be experienced. The market is also contending with some uncertainties stemming from global economic slowdown concerns and increasing currency fluctuations.
Conclusion:
There’s an expectation for stocks to open with gains on Wednesday, although the extent of the gains might be limited due to investors awaiting the release of Fed minutes. The market is also contending with some uncertainties stemming from global economic slowdown concerns and increasing currency fluctuations.
