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Dow Jones Futures: Market Rally Takes Big Step; Microsoft Hits $2 Trillion; Bitcoin Rebounds

June 23 2021
Dow Jones futures were little changed Wednesday morning, along with S&P 500 futures and Nasdaq futures. The Nasdaq hit a record high, leading a solid stock market rally Tuesday, getting a boost from Federal Reserve chief Jerome Powell.
 
Meanwhile, Bitcoin rebounded strongly after plunging Tuesday to a 2021 low in a key test.
 
Microsoft (MSFT) cleared a buy point to a record high, on the cusp of joining Apple (AAPL) with a $2 trillion market cap. Upwork (UPWK) broke out in strong volume. ServiceNow (NOW), Twilio (TWLO) and American Eagle Outfitters (AEO) offered various early entries.
 
Microsoft and ServiceNow stock are on IBD Leaderboard and IBD Long-Term Leaders. UPWK stock and American Eagle were added to SwingTrader on Tuesday.

Fed Chief Powell

 
Fed chief Powell gave a rather dovish stance on monetary policy before Congress on Tuesday. He expects a lot of economic improvement in the coming months while recent inflation spikes should be short-lived.
 
Fed chief Powell largely echoed his comments following the latest Fed meeting on June 16, but it served as a counterpoint to Friday's quasi-hawkish comments from St. Louis Fed President James Bullard on Friday.
 
Powell's comments turned a mixed market rally in mid-afternoon trading into a solid session by the close.
 
The 10-year Treasury yield edged lower on Tuesday, but so did the two-year yield.
 

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