The Federal Reserve’s meeting minutes from the June policy gathering, set to be released on Wednesday, are expected to reveal an active debate among policymakers. Despite this, overall, they still seem inclined to support further measures to control inflation.
Scheduled for 2 p.m. EDT (1800 GMT), these meeting minutes come after three weeks of intense deliberation by U.S. central bank officials following the June Federal Open Market Committee meeting. During this period, officials, including Fed Chair Jerome Powell, have been outlining their perspectives on monetary policy. Powell and other key figures have emphasized the forecasts presented during the gathering, which strongly suggested that another half-percentage-point tightening later this year was still very much on the table.
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Netflix, Rivian, Wolfspeed rise premarket; Tesla, UPS fall
U.S. futures traded lower, with investors cautious ahead of the release of Federal Reserve meeting minutes from the June policy gathering.
Here are some of the biggest premarket U.S. stock movers today:
- Netflix (NASDAQ:NFLX) stock rose 0.8% after Goldman Sachs upgraded the streaming giant to ‘neutral’ from ‘sell’, citing the “overall positive current operating performance”.
- Tesla (NASDAQ:TSLA) stock fell 0.8% after the EV manufacturer cut prices in Japan of its Model 3 and Y electric vehicles by low single-digit percentages from the start of this month.
- United Parcel Service (NYSE:UPS) stock fell 2.1% on the growing chance of a strike after the Teamsters Union said the parcel delivery firm had “walked away” from negotiations over a new contract, a claim denied by the company.
- United States Steel (NYSE:X) stock fell 2.3% after Exane BNP Paribas downgraded its stance on the steel producer to ‘neutral’ from ‘outperform’ ahead of its latest earnings report.
- Coinbase (NASDAQ:COIN) stock fell 2.5% after Piper Sandler downgraded the cryptocurrency exchange to ‘neutral’ from ‘overweight’, citing the uncertainty caused by the recent case brought forth by the SEC, as well as the continued lack of regulatory clarity in the U.S.
- Wolfspeed (NYSE:WOLF) stock soared 15% after Renesas Electronics (TYO:6723) signed a ten-year deal with the chipmaker, worth up to $2 billion, for the supply of wafers to scale up the move into the power device market.
- Rivian Automotive (NASDAQ:RIVN) stock rose 7.7% with e-commerce giant Amazon (NASDAQ:AMZN) set to deploy its first European vans made by the EV maker in Germany over the coming weeks as part of long-term plans to electrify its transportation network.
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Some of the biggest movers:
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Stock Analysis
Meet WVS Financial Corp. (OTCMKTS:WVFC), the cool kid on the banking block, holding the reins of West View Savings Bank in the United States. With a dazzling array of banking products and services, this financial maverick has carved out a name for itself. Boasting five branches and a hefty asset value of USD 363 million, WVS Financial Corp. means business.
Now, let’s talk about the competition, shall we? Cue Mid-Southern Bancorp, Inc. (Nasdaq:MSVB) and Texas Community Bancshares, Inc. (Nasdaq:TCBS). When pitted against these small fry, WVS Financial Corp. shows off its financial muscles with pride. It’s got higher earnings per share, a sweeter price-to-earnings ratio, a tastier profit margin, and a juicier yield than both Mid-Southern Bancorp and Texas Community Bancshares. Oh, and let’s not forget about the cherry on top: WVS Financial Corp. even boasts a superior return on equity compared to Texas Community Bancshares.
These impressive numbers make investors weak in the knees, turning their heads toward WVS Financial Corp. faster than you can say ‘money talks.’ So, if you’re looking for an attractive investment opportunity, you might want to pull up a chair and get cozy with this financial frontrunner.
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