Gary Kaltbaum, owner of Kaltbaum Capital Management, Courtney Dominguez, senior wealth advisor at Payne Capital and Luke Lloyd, Strategic Wealth Partners investment strategist, provide insight into the markets.
U.S. stock futures were pointing to a higher open a day after President Biden’s $1.9 trillion COVID-19 relief plan cleared Congress.
Dow Jones Industrial Average futures were higher by 120 points, or 0.37%, while S&P 500 futures and Nasdaq futures advanced 0.74% and 1.98%, respectively.
The early gains, which come as bond yields ease, have the Dow Jones Industrial Average on track to open in record territory. On Wednesday, the Dow closed above 32,000 for the first time.
The further easing of bond yields has high-flying technology stocks, including Tesla, outperforming.
In earnings, Oracle Corp. posted cloud revenue that fell short of expectations but its sales of more than $10 billion put the company on track for a record year. The enterprise software company increased its dividend payout and the size of its share repurchase program.
AMC Entertainment Holdings Inc. reported stronger-than-expected quarterly revenue and said as of Friday about 90% of its U.S. theaters have reopened. The company said COVID-19 vaccines and a number of blockbuster releases will lift sales this year.
Meanwhile, shares of video game maker Roblox Corp. were sharply higher after a filing showed investment manager Cathie Wood purchased more than 50,000 shares during its New York Stock Exchange debut. The stock gained 54% on Wednesday, closing at $69.50 after setting a reference price of $45.
In commodities, West Texas Intermediate crude oil rose 66 cents to $65.10 per barrel and gold gained $8.10 to $1,729.90 an ounce.
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In Europe, France’s CAC 40 was trading down 0.05% and Germany’s DAX 30 was up 0.2% after the European Central Bank said it would purchase bonds at a “significantly faster” pace. Elsewhere in the region, Britain’s FTSE 100 was lower by 0.09%.
Asian markets rallied across the board with China’s Shanghai Composite advancing 2.36%, Hong Kong’s Hang Seng Index climbing 1.65% and Japan’s Nikkei 225 adding 0.6%.
