MarketsmithIndia Articles

Dow Jones Futures: $1.2 Trillion Infrastructure Bill Lifts Dow, S&P 500 To Highs As Micron Hits Growth; IPOs Upstart, FuboTV Are Big Earnings Movers

Posted Date: August 11 2021
Dow Jones futures were little changed early Wednesday, while S&P 500 futures and Nasdaq futures fell slightly. Treasury yields continued to rise ahead of a key inflation report. Meanwhile, crude oil prices dipped as the White House called on OPEC+ to boost production.
The stock market rally had a mixed session Tuesday, as Micron Technology (MU) and chips led a growth retreat. But the Dow Jones and S&P 500 hit all-time highs, with steel, financial, retail and housing-related stocks faring well as the Senate passed a bipartisan infrastructure bill.
Cryptocurrency exchange Coinbase (COIN), gaming development software Unity Software (U), AI lending platform Upstart Holdings (UPST), online food ordering play Olo (OLO), sports streaming and would-be-gambling operator FuboTV (TV), Covid vaccine component supplier Maravai LifeSciences (MRVI) were just some of the recent IPOs reporting earnings late Tuesday.
Coinbase stock, Unity, Upstart, FuboTV, Oolo and Maravai all beat views. UPST stock surged nearly 20% up the right side of a base, signaling a definitive clearing of resistance from the past several weeks. Fubo soared overnight after closing just above its 50-day and 200-day lines. MRVI stock rose sharply after pulling back from recent highs.
Unity stock was little changed, not far from a bottoming base buy point. COIN stock rose modestly before the open, after guiding crypto trading volume lower. Olo stock rose slightly in premarket trading, reversing late Tuesday losses.

What do you think? Please email us any questions or comments.

Disclaimer: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.For more information, see our Legal disclosures here.

Related Article