Skip to main content

International Paper Company(IP-N)

Today's Change
Real-Time Last Update Last Sale Cboe BZX Real-Time

Stocks Climb on Strength in Mega-Cap Tech Stocks

Barchart - Tue Jun 21, 8:01AM CDT
Stocks-Money-Rates - Tall Buildings in New York City -J4M9FKPEaUA-unsplash

Morning Markets

September S&P 500 futures (ESU22) this morning are up by +1.59%.  Mega-cap technology stocks are leading the overall market higher this morning, with Apple,, Alphabet, and Microsoft all up more than +2% in pre-market trading.  Also, Kellogg is up more than +8% today in pre-market trading after announcing that it would split into three independent companies. 

The U.S. May Chicago Fed national activity index fell -0.39 to an 8-month low of  0.01, weaker than expectations of unchanged at 0.47.

Goldman Sachs and Morgan Stanley warned of more losses for stocks.  In a note to clients today, Morgan Stanley said the S&P 500 Index needs to drop another 15% to 20% to about 3,000 for the market to fully reflect the scale of economic contraction.  Also, Goldman Sachs said stocks were only pricing in a mild recession, "leaving them exposed to a further deterioration in expectations."

The Euro Stoxx 50 today is up by +0.63%.  European stocks are climbing today as lower valuations spur some dip-buying.  M&A activity is also supportive for stocks after Leonardo DRS agreed to purchase RADA in an all-stock deal.  Also, Norway’s Atea will acquire Human IT Sverige in Sweden. Higher European government bond yields limited the upside in stocks after hawkish ECB comments pushed bond yields higher.

ECB Governing Council member Rehn said that a 25 bp rate hike by the ECB next month is "very likely," and the rate hike in September "will be bigger than that," given the outlook for inflation.  Also, ECB Governing Council member Kazimir said "negative rates must be history by September" and that a 50 bp rate hike by the ECB that month is "highly probable."

Asian markets today settled mixed.  China’s Shanghai Composite Index closed down by -0.26%, and Japan’s Nikkei stock index closed up by +1.84%. 

Chinese stocks today closed slightly lower.  Weakness in technology stocks led the Shanghai Composite lower after China reported an outbreak of Covid infections in the technology hub of Shenzhen, which triggered mass testing and a lockdown of some neighborhoods. 

Japanese stocks rallied today, led by strength in export stocks after the yen tumbled to a new 24-year low against the dollar.  A weaker yen boosts the earnings prospects of Japanese exporters.   The yen tumbled despite comments today from Japanese Finance Minister Suzuki, who said he’s “concerned” about the sudden weakening in the yen, and he will continue to collaborate with the BOJ and take appropriate actions on forex if necessary. 

Pre-Market U.S. Stock Movers

Kellogg (K) jumped more than +8% in pre-market trading after it said it would split into three independent companies, focusing on global snacks, North American cereals, and plant-based foods. 

Tesla (TSLA) climbed more than +3% in pre-market trading after CEO Musk said Tesla would cut its salaried workforce by about 10% over the next three months.

Mega-cap technology stocks are moving higher in pre-market trading, extending last Friday’s gains.  Apple (AAPL), Alphabet (GOOGL), (AMZN), and Microsoft (MSFT) are all up more than +2%.   

Spirit Airlines (SAVE) rallied +13% in pre-market trading after JetBlue raised its offer for the company to $33.50 per share from $31.50.

Cryptocurrency-related stocks are climbing in pre-market, with Bitcoin up more than +2%, recovering from Monday’s 1-1/2 year low.  MicroStrategy (MSTR), Marathon Digital (MARA), and Riot Blockchain (RIOT) are up more than +5%, and Coinbase Global (COIN) is up more than +4%.

Palantir (PLTR) jumped +5% in pre-market trading after Bank of America initiated coverage of the stock with a buy rating and a price target of $13.

International Paper (IP) is down more than -1% in pre-market trading after Citigroup cut its rating on the stock to neutral from buy.

Under Armour (UAA) slid nearly -1% in pre-market trading after Cowen downgraded the stock to market perform from outperform, citing rising inventory.

Today’s U.S. Earnings Reports (6/21/2022)

La-Z-Boy Inc (LZB), Legacy Housing Corp (LEGH), Lennar Corp (LEN).

More Stock Market News from Barchart

Provided Content: Content provided by Barchart. The Globe and Mail was not involved, and material was not reviewed prior to publication.