U.S. futures were up in premarket trading, with Nasdaq spiking the highest, after a strong performance by top tech companies.
The tech-focused Nasdaq index gained 1.1%, rising 173 points in futures trading on strong earnings from major tech companies. Specifically, Google and AMD beat forecasts. More earnings will be coming this week. Specifically, Meta (formerly Facebook) is reporting later today.
While most analysts fear that a rate hike may hurt tech companies, some believe companies like Amazon, Google, Meta and Microsoft make enough money to retain investor confidence. At least for now.
|S&P 500 Futures||4,573.25||40.25||0.89%|
U.S. Dollar and Treasuries
The yield on the 10-year Treasury fell one basis point. The dollar weakened against a basket of major currencies.
|U.S. Dollar Index (DXY):||95.84||-0.55||-0.57%|
|U.S. 1 Year Treasury Bill||0.762%||0||0.763%|
|U.S. 5 Year Treasury Note||1.610%||-0.013||1.623%|
|U.S. 10 Year Treasury Note||1.778%||-0.014||1.792%|
Stocks To Watch
Google-parent Alphabet jumped about 10% in premarket trading after beating the forecast on revenue and profits. The company also announced a 20-for-1 stock split. The news indicates that the Dow Jones might soon list the company as well.
The semiconductor company Advanced Micro Devices surged even higher, some 12% on strong earnings. Chipmaker NVIDIA was also up after strong earnings from AMD.
A not-so-stellar performance came from PayPal, which dropped 16%. The company reported that the galloping inflation will likely hurt transaction volumes, hurting its bottom line.
PayPal’s warning might have affected other payment processors as well. Dorsey’s company Block dropped 6% in premarket trading, erasing its Tuesday’s gains of 4.7%.
|Symbol||Company Name||Price||Chg. %||Volume|
|PYPL||PayPal Holdings Inc.||$145.28||-17.36%||1.31M|
|AMD||Advanced Micro Devices Inc.||$131.48||12.59%||1.26M|
|GOOGL||Alphabet Inc. Cl A||$3,042.00||10.50%||124.18K|
Commodities To Watch
|WTI Crude Oil||$88.65||0.51%|
|Brent Crude Oil||$89.51||0.39%|
The global crypto markets slightly rebounded today. Most major cryptos remained stable. The outlier is Solana, which surged after Coinbase listed two of its native tokens.
|Currency||Symbol||Price||Chg. %||Market Cap.|