All three major U.S. indices closed higher yesterday, but the NASDAQ led with a 1.4% advance. The S&P 500 also closed at a new all-time-high. Here’s what to watch for today.
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Futures are currently pointing towards another good day for stocks. Investors are feeling confident the Federal Reserve will do just about anything to keep the cash flowing, and that confidence part of the force behind the recent bump.
Some Asian indices closed higher overnight, but China markets were down including Hong Kong’s Hang Seng Composite which fell 0.3%. In Europe, stocks are way up. Germany’s DAX is leading the way with a 2.2% gain, and the Eurozone Stoxx 600 is up 1.94%.
Today’s featured pre-bell earnings reports include Macy’s (M). After the close, we’ll hear from Crowd Strike (CRWD) and Cloudera (CLDR).
Here is what’s moving the market this morning:
NVIDIA (NVDA)
NVIDIA officially launched a new line of chips yesterday and the buzz is carrying through the extended hours session. The company says it officially began shipping its GeForce RTX 30 series graphics processing unit, The powerful new GPU is expected to be a strong revenue driver for the company this quarter.
NVDA gained about 3% in yesterday’s session, but it continued to rally after the close. It’s trading actively this morning and it’s currently one the top gainers in the S&P 500 with a 4.8% advance.
Macy’s (M)
Macy released its fiscal Q2 earnings report today and Wall Street was pleasantly surprised.. The company reported a smaller-than-expected operating loss and beat expectations for quarterly sales thanks to a boost in its eCommerce channel. Macy’s topped Wall Street estimates for both revenues and earnings.
M is the most active pre-market stock and it’s currently up 4.7.
Lonestar Resources (LONE)
This down-on-its-luck energy stock is rallying today after disclosing it has successfully reached another forbearance agreement with some of its bondholders. Specifically, holders of outstanding 11.25% senior notes due 2023 has been extended to Sept. 11. The previous Benacerraf agreement expired August 21.
The bond payments would put a squeeze on Lonestar’s cash reserves so investors are happy to see that lenders are giving the company a break, LONE is one of the mornings top gainers with a 94.68%gain.
Rocket (RCKT)
Rocket has been red-hot since it’s IPO, but today’s earnings report has to live up to the hype for it to keep up with the momentum. The company released a preliminary Q2 financial statement in Mid-August as part of a financial disclosure to bondholders but today’s report will be the first official earnings release.
Traders are expecting good things, so they’re jockeying to get into the stock in anticipation of a post-earnings pop. RKT is trading actively and its’ up 6.8% in the pre-market.
