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.


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.


Best Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists

Two Hot Cybersecurity Stocks, Chip Giant Are On Tap: Action Plan

IBD 50 Stocks To Watch: Small Cap Already Dominate Player In Its Group

Source link

Originally posted 2019-09-19 23:19:49.


No comments.

Leave a Reply

error: Content is protected !!