Trish: Markets Up As Earnings Beat Predictions

U.S. stock futures rose Thursday morning as strong earnings results took some focus away from the concern about the Delta variant.

According to Bloomberg, about 86% of the S&P 500 firms reporting so far have beaten analyst predictions. This is reassuring news for investors, as bad earnings results had the potential to induce a serious correction.

Slowing growth, inflation and the Delta variant continue to be a concern for investors. (Story continues below.)

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Equities

U.S. stock futures jumped in premarket trading on good earnings results.

  • S&P 500 futures: 4,361.25, +0.25%
  • Nasdaq futures: 14,856.75, +0.20%
  • DOW futures: 34,789.00, +0.29%

U.S. Dollar and Treasuries

Treasury yields increased as investors dumped treasuries for stocks. The dollar was stable against a basket of major currencies.

  • U.S. Dollar Index (DXY): 92.74, -0.01%
  • 10-year Treasury yield: 1.280%
  • 2-year Treasury yield: 0.220%

Stocks To Watch

Stocks of a pharmaceutical company Painreform rose despite no company-related news being released. Retail investors took advantage of the low stock price which allows them to “pump” the stock and take the profits.

NRx Pharmaceuticals has announced its first commercial formulation of the drug Zyesami (aviptadil) for intravenous use. The drug can be used in the treatment of COVID-19. The company is owned by a blank check company Big Rock Acquisition Corp (NRXP), due to an upcoming merger.

Medical company Second Sight announced that the European Patent Office granted its patent application for its technology that could help make artificial vision a reality. The company is developing a system that is designed to provide artificial vision for people that are blind due to glaucoma, optic nerve injury, or other types of trauma.

  • PRFX Painreform Ltd $4.950, +57.64%, 2.79M (volume)
  • NRXP Big Rock Acquisition Corp  $12.10, +19.68%, 941.37K (volume)
  • EYES Second Sight Medical Products $5.020, +16.20%, 4.35M (volume)

Commodities To Watch

Oil prices are back on an upward trend, even amid concerns that the Delta variant could slow demand. Gold fell below $1,800.

  • WTI crude: $71.13, +1.18%
  • Brent crude: $73.03, +1.11%
  • Gold: $1,794.90, +0.47%

Crypto

The global crypto market cap increased by 2.35% in the last 24 hours. Bitcoin is back above $30,000. Elon Musk stated that Tesla will “most likely” resume accepting Bitcoin when it becomes “more eco-friendly.”

  • BTC: $31,796.03, +1.15%
  • ETH: $1,975.45, +3.79%
  • DOGE: $0.1896, +1.28%
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Trish Reganhttps://trishintel.com
Trish Regan is an award winning financial journalist, an American television talk show host and author who interprets political events through an economic lens.

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