Dow Jones Futures: Market Rally Keeps Rising Before Fed Chief Powell; Salesforce Leads 4 Earnings Movers In Buy Zones – Investor’s Business Daily
Dow Jones futures rose slightly Thursday morning, while S&P 500 futures were flat and Nasdaq futures tilted lower. The stock market rally held near recent highs while small caps reclaimed a key level. Salesforce stock and Snowflake (SNOW) were among the notable earnings reports overnight.
The major indexes rose slightly but the S&P 500 and Nasdaq hit fresh all-time highs while the Dow Jones nudged closer to record levels. The small-cap Russell 2000 reclaimed its 50-day moving average for the first time on July 12. Infrastructure plays, financials, housing, chips and cybersecurity were solid performers.
Fed’s Powell, Fellow Policymakers In Focus
The stock market rally is acting well with Fed chief Jerome Powell due to give a big speech. Powell speaks at the (this year) virtual Jackson Hole monetary conference at 10 a.m. ET on Friday. He could drop hints about the Fed scaling back asset purchases, but many analysts expect him to leave most or all of that “taper talk” for the September Fed meeting.
On Thursday morning, Fed Gov. Esther George said the economy has made “substantial further progress,” a standard that policymakers have starting to reduce monetary stimulus. George said she’s ready to discuss tapering bond buys sooner rather than later.
Salesforce.com (CRM), Snowflake, Autodesk (ADSK), Box (BOX), NetApp (NTAP), Zuora (ZUO) and Williams-Sonoma (WSM) reported earnings late Wednesday.
CRM stock rose modestly overnight after closing in a buy zone. SNOW stock advanced. ADSK stock and Box retreated after closing around buy points. NTAP stock is signaling a breakout. WSM stock and Zuora surged higher, also flirting with buy points.
Early Thursday, Chinese EV maker Xpeng Motors (XPEV) reported a wider-than-expected Q2 loss while topping revenue forecasts. Xpeng expects Q3 deliveries of 21,500-22,500, up 151%-162% vs. a year earlier. That would also be a substantial increase from Q2’s 17,398. The Xpeng P7 competes with the Tesla (TSLA) Model 3 in China.
XPEV stock fell modestly in premarket trade.
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