Major Stock Market News For Today March 22, 2022 |


Stock futures are little changed after Powell’s Hawkish update

US Stock Futures are moving sideways this morning as investors consider the latest comments from Jerome Powell. Essentially, the Federal Reserve Chairman’s hawkish remarks on the economy seemingly halted the earlier rally in stocks. In some context, Powell points out that the central bank always resorts to higher short-term interest rates”as required,to fight inflation. In fact, he points out that the Fed is seeking to bring inflation down to an annual rate of around 2% while keeping the unemployment rate low.

Amid all of this, there are also analysts providing somewhat positive coverage of the current state of affairs. Ed Yardeni, President of Yardeni Research, says, “I think the market is looking for opportunities and opportunities continue to exist in areas such as energy and commodities. I think the market will also find more opportunities in financial services as interest rates rise and technology seems awfully cheap to me..” To be sure, there is no shortage of notable stock market news to consider alongside all of this. As of 4:06 a.m. ET, Dow, S&P 500 and Nasdaq futures contracts edged up 0.16%, 0.11% and 0.18% respectively.

Nike takes supply pressures in stride and beats estimates as sales pick up pace

Nike (NYSE: NKE) is one of the companies taking center stage in the stock market today. This is mainly due to the fact that the company released its latest quarterly results after yesterday’s closing bell. Diving, Nike is looking at earnings of $0.87 per share on revenue of $10.87 billion for the quarter. To put it into perspective, that compares to Wall Street estimates of $0.71 billion and $10.59 billion. With Nike leading the forecast across the board, it’s no wonder NKE action is focused today.

Going into specifics, Nike’s overall sales are currently up 5% year over year. According to CEO John Donahoe, this would all serve to show Nike’s resilience. After all, the company has operated and continues to operate in an unstable business environment. Meanwhile, Nike products also remain top offerings among consumers. This is evident as Donahoe notes, “Market demand continues to significantly exceed available inventory supply.“After considering all of these strengths in its core business, investor concerns about the possible impact of the Ukraine-Russia war on Nike’s business may ease slightly. With its global operations in mind, Nike would also be a benchmark for how retailers, in general, are doing now.

As for the company’s outlook for the upcoming fiscal year, Nike is withholding guidance at this time. The company quotes “higher levels of volatilityfor that. For its current fiscal year, the company is sticking to its guidance for mid-single-digit year-over-year sales growth. 3%.In closing, Nike notes that it relies on its “deep consumer relationships, compelling product innovation and expanding digital advantage,” to weather future volatility.

Source: Trading View

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Lockheed Martin leads defense sector after post-Cowen Update rally

Elsewhere, defensive actions such as Lockheed Martin (NYSE: LMT) seems to be another big section of the stock market now. Overall, this is understandable with the level of geopolitical tensions in the world today. In particular, Lockheed Martin (LMT) appears to be leading the pack in terms of stock market gains this week. For starters, LMT is a major name in the global aerospace, weapons and defense industries today. Throughout its extensive network of operations, the company focuses on the design, development and manufacture of advanced technology systems for these markets.

More importantly, LMT shares are currently trading up more than 20% year-to-date. The most recent catalyst for this growth would be an update from analysts of cowen (NASDAQ: COW). To emphasize, analysts Cai Von Rumohr raised his price target for LMT stocks yesterday. Rumohr’s currently has a price target of $435 on the stock, an 11.5% increase from its previous forecast of $390. As a result of all this, the company’s shares are trading today above the $435 mark.

Rumohr himself explains the reason for this pink update. The analyst argues that ongoing conflicts are generating greater support for higher defense spending. Accordingly, he cites the United States and Europe as key markets to consider on this front. The two already account for around 60% of total LMT sales. With all of this in mind, investors looking for the best stocks to buy during the war might turn to LMT stocks.

LMT Stock
Source: Trading View

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Fertilizer stocks hit record highs as global supply challenges persist

On the other hand, some of the biggest fertilizer suppliers in the market are also on the rise. Similar to defense stocks, fertilizer stocks are reaching new heights as demand for their services skyrockets amid the current war. For the uninitiated, Russia and Ukraine are among the largest exporters of major fertilizers in the world. As you can imagine, with war and a wave of sanctions in play, these two providers are currently irrelevant. As a result, with this potentially leading to supply shortages, investors are now turning to major fertilizer stocks.

Obviously, Nutrien (NYSE: NTR), Mosaic (NYSE:MOS), and CF Industries (NYSE:CF) are all trading at record highs now. At the same time, other names like CVR Partners (NYSE: UAN) and Fearless Potash (NYSE:IPI) climbed more than 9% and 21% respectively yesterday. To add some perspective to the current situation, Russia exports around 31% of the world’s urea and ammonium nitrate fertilizers. If that wasn’t enough, there are also ongoing strikes at the Canadian Pacific Railway. With all of these factors weighing on the global fertilizer trade, supplies remain tight while prices continue to rise.

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Ford F-150 Lightning offers 320 mile range and beats Rivian pickups

On the electric vehicle (EV) front, things also continue to heat up. This emerges from Ford (NYSE: F) latest update on its F-150 Lightning pickup truck. According to Ford, its next electric vehicle will have an electric range of up to 320 miles compared to Energy Protection Agency (EPA) estimates. Notably, this top-of-the-line all-electric pickup from Ford exceeds the company’s initial estimates. Additionally, it also exceeds the 314-mile range of by Rivian (NASDAQ: RIVN) Electric Microphone R1T.

Of course, this may fall just before General Engines (NYSE: GM) GMC Hummer Edition 1 pickup with a range of 329 miles. However, this is no small feat. Ideally, this news will serve to further energize the arrival of Ford’s F-150 Lightning trucks. The likes of which Ford will soon begin mass production. As it stands, the company expects first deliveries to begin this spring. With all the excitement in the EV space now, investors may want to keep an eye out for top EV stocks today.

Source: Trading View

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