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Dow Jones Futures Signal Market Rally Before Fed Chief Powell, 6 Earnings Movers; Tesla Shows Bullish Action

Posted Date: August 27 2021 | Reading Time: 2 minutes
Dow Jones futures rose slightly Friday morning, along with S&P 500 futures and Nasdaq futures. Marvell Technology (MRVL), Peloton Worldwide (PTON) and (BILL) were among the big earnings overnight. (SPRT), the latest meme stock, more the doubled in the premarket.

The stock market rally fell modestly Thursday, ending a winning streak, ahead of Fed chief Jerome Powell's much anticipated speech on Friday.
Tesla (TSLA) retreated slightly on Thursday. Tesla CEO Elon Musk said FSD Beta could open up broadly in just four weeks. But amid a variety of headlines, good and bad, often regarding Autopilot or Full Self-Driving, Tesla stock has had relatively tight daily and weekly closes.
CrowdStrike (CRWD), Palo Alto Networks (PANW) and other security software makers continued their strong run, after Microsoft (MSFT), Google (GOOGL) and others pledged big spending on cybersecurity after a White House summit on the subject.
CRWD stock, which joined the Nasdaq 100 before the open, rose 3.25% on Thursday and 17%  this week to a record high of 278.77. PANW stock added 2.4%, bolstering a spike to all-time levels of 457.69 after Monday's blowout earnings. But other cybersecurity stocks, including Zscaler (ZS), SentinelOne (S) and Okta (OKTA) also have sprinted this week. CrowdStrike and Okta report next week.
The multiple bomb attacks near the Kabul airport, killing at least 13 U.S. service members and dozens of Afghans, may have been a catalyst for Thursday's market losses. Investors also may have taken profits ahead of Fed chief Powell's speech, especially with multiple Fed officials calling for tapering bond buys. But after several days of solid price gains on declining volume, the market rally arguably was "due" for a down session.

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