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Dow Futures Edge Higher; Netflix, Tesla Rebound, But Bitcoin Weak Again

Dow futures rose slightly in Thursday’s premarket session along with S&P 500 futures and Nasdaq 100 futures. The bulls were hoping for a strong rally after the Nasdaq composite slumped  1.2% Wednesday in higher volume. FANG stock Netflix (NFLX) rebounded 2% in premarket trading after slumping 6% Wednesday in fast turnover. RBC Capital raised its price target to 440 from 360, according to CNBC. Meanwhile, shares of Tesla (TSLA) were up 2% after CEO Elon Musk cited favorable August sales data from InsideEVs.

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Early Thursday, earnings reports from Guidewire (GWRE), DocuSign (DOCU) and Zscaler (ZS) were in focus as Dow futures were mostly unchanged. All three traded lower despite better-than-expected earnings.

Economic Data

In economic news, ADP private payrolls increased 163,000 in August, a little below the consensus estimate of 182,000. On Friday, nonfarm payrolls are expected to increase 195,000, with the unemployment rate ticking lower to 3.8%.

Chevron Weighs On Dow Futures

Chevron (CVX) was a drag on Dow futures after BofA Merrill Lynch downgraded shares to neutral from buy. WTI crude oil futures edged higher to around $68.86 a barrel.

Bitcoin Slumps Again

Bitcoin futures extended losses after Wednesday’s drubbing. Sellers were in the cryptocurrency Wednesday on news Goldman Sachs is abandoning plans for a cryptocurrency trading desk. Bitcoin futures were down another 4% early Thursday.

After the close, watch for earnings from Broadcom (AVGO), Five Below (FIVE) and Palo Alto Networks (PANW).

Five Below exited the Leaders list Wednesday. It was a big winner on Leaderboard after being added as an earnings option play just ahead of its June 6 earnings report.

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