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14th May 2022

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Pfizer Stock Gains, CVS Jumps. What the Stock Market Is Doing.

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Stocks look set for a lower open Tuesday as the market digests recent earnings and looks ahead to Friday’s payrolls report.


Dow Jones Industrial Average

futures have dropped 87 points, or 0.24%, while

S&P 500

futures have fallen 0.36%, and Nasdaq Composite futures have declined 0.65%.

Monday, stocks rallied with the S&P 500 closing just 0.5% below its all-time high, amid signs that the economy continues to recover and as earnings beat estimates handily. Still, companies continue to mention higher input costs, while investors monitor the Federal Reserve for any sign of a change in policy. With April payrolls are due Friday, investors have little reason to bet one way or another, particularly with the S&P 500 up 11% so far this year.

“The stock market is cautious,” said Kristina Hooper, chief global market strategist at Invesco. “After all, stocks have already rallied dramatically.”

Here are five stocks making moves in Tuesday’s premarket action:


Pfizer

(PFE) stock rose 1% after reporting a profit of 93 cents a share, beating forecasts for $77 a share, on sales of $14.6 billion, above expectations for $13.5 billion.


CVS Health

(CVS) has gained 1.8% after reporting a profit of $2.04 a share, beating forecasts for $1.71, on sales of $69.1 billion, topping expectations for $68.39 billion.


Gartner

(IT) stock rose 13% after reporting a profit of $2 a share, beating forecasts for $1.05 a share, on sales of $1.1 billion, above expectations for $1.05 billion.


United States Steel

(X) stock gained 1.3% after getting upgraded to Outperform from Underperform at Credit Suisse.


Nutanix

NTNX) stock gained 3% after getting upgraded to Overweight from Neutral at JPMorgan.


Bank of America

(BAC) stock dropped 1% after getting downgraded to Neutral from Outperform at Baird.

Write to Jacob Sonenshine at jacob.sonenshine@barrons.com

2021-05-04 13:03:00


www.barrons.com


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