Stocks fell in premarket trading today after the Federal Reserve raised its inflation forecasts and trimmed its GDP outlook. Futures tied to the S&P 500 index, the Nasdaq 100 and the Dow Jones Industrial average all pointed to a slightly lower open.
The Fed kept rates on hold and Chair Jerome Powell reiterated that he saw no need for drastic action in the face of Donald Trump’s trade war and its effect on inflation — policymakers have time to wait for more data. Indicators due later this morning may also show the U.S. economy softening.
Weekly initial and continuing jobless claims probably increased, while the Philadelphia Fed index may plunge to 10.0 in March from 18.1 — mirroring other sentiment gauges. The data are due at 8:30 a.m EDT. Existing home sales, at 10 a.m., may also have deteriorated in February.
Markets closed higher yesterday, led by Nasdaq Composite index, as all of the Magnificent 7 shares advanced.
Here are some stocks to watch today:
Accenture’s (ACN-0.13%) shares rose about 1% before the open after the management consultant’s raised its full-year revenue forecast on demand for AI services.
Darden’s stock fell about 1.7% premarket after same-store sales growth of 0.7% fell short of the consensus estimate of 1.7%, as Olive Garden (DRI+0.60%) and LongHorn SteakHouse both fell short of expectations.
FedEx (FDX+0.84%) stock edged lower premarket. The delivery service is scheduled to report earnings after the close today. Both earnings per share and revenue are expected to increase year over year, according to a Zacks consensus estimate.
Micron’s (MU+0.85%) stock slid 0.7% in premarket trading. The chipmaker is scheduled to report quarterly earnings after the market closes today, with analysts estimate that per-share earnings and revenue will be in the middle of the forecast range.
Nike’s (NKE-0.58%) stock fell slightlybefore the opening bell. The shoemaker is scheduled to publish quarterly earnings after the market closes today. Bank of America (BAC+1.91%) analysts said the results matter less than the company’s message about its product reset and evidence its new offerings are resonating with consumers.
Nvidia (NVDA+2.83%) will spend hundreds of billions of dollars on chips and other electronics manufactured in the US over the next four years, out of about $500 billion of total electronics procurement, CEO Jensen Huang told the FT. The stock lost about 0.6% in premarket trading.
Zeekr’s (ZK) shares fell about 2.1% in premarket trading even after the EV maker said its full-year net loss narrowed. The ADRs of its parent, Geely Auto, may be active after its 2024 profit tripled as sales increased and it reduced costs.
The post Nvidia, Micron, Nike, Darden, Zeekr, FedEx, Accenture: Stocks to watch today appeared first on Quartz.
