The Dow Is Finally Rebounding. 5 Stocks That Are on the Move.
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Stocks look set for a higher open as the market rebounds from a Federal Reserve-related selloff Friday.
Dow Jones Industrial Average futures have gained 196 points, or 0.6%, while S&P 500 futures rose 0.4%, and Nasdaq Composite futures have advanced 0.1%.
Stocks were rebounding from a selloff Friday spurred by comments from St. Louis Fed President Jim Bullard, who said the central bank could tighten monetary policy soon. Higher interest rates are meant to slow down inflation but would also slow down economic growth, as well. It would be too much to read into one day, but at least the market is trying to find a floor.
“Stock futures are trading cautiously higher this morning while international equities were mixed overnight as markets attempt to stabilize following last week’s volatile, Fed-induced declines,” writes Tom Essaye, founder of Sevens Report Research.
Here are five stocks making moves in Monday’s premarket action:
Marathon Oil (MRO) stock gained 1% after getting upgraded to Neutral from Underperform at Bank of America.
MarineMax (HZO) stock gained 3% after getting upgraded to Buy from Neutral at B. Riley Securities.
ZipRecruiter (ZIP) stock gained 4.2% after five analysts initiated coverage with Neutral, Buy, Strong Buy and two Outperform ratings.
Taiwan Semiconductor Manufacturing Company (TSM) stock dropped 0.6% after getting downgraded to Equal Weight from Overweight at Morgan Stanley.
Arcturus Therapeutics (ARCT) stock dropped 4% after getting downgraded to Underweight from Equal Weight at Barclays.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com