November 21, 2024

Dow Jones Today: Stock Futures Rise as Investors Digest Earnings Reports; Bitcoin Surges to Another Record High Above $98K

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Stock futures are higher Thursday morning as investors digest earnings reports from AI favorite Nvidia (NVDA) and other companies, while bitcoin continued its march toward $100,000.

Futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq were each up 0.5%. On Wednesday, stocks turned in a mixed performance as market participants awaited the highly anticipated release of Nvidia’s results after the closing bell.

Nvidia shares were up 2% in premarket trading Thursday as the AI chipmaker reported revenue and profit that blew past analysts’ expectations, as well as a rosy outlook for revenue growth, Other mega-cap technology stocks were mostly higher, with Apple (AAPL), Microsoft (MSFT), Tesla (TSLA), Amazon (AMZN) and Meta Platforms (META) inching higher, while Alphabet (GOOGL) lost ground.

Among other noteworthy moves before the opening bell, shares of Snowflake (SNOW) were up 25% after the data analytics software maker reported better-than-expected earnings and boosted its revenue outlook. Shares of Palo Alto Networks (PANW) were down more than 3% after the cybersecurity company released its quarterly results.

Shares of MicroStrategy (MSTR), one of the world’s largest holders of bitcoin, rose 15% as the cryptocurrency hit another record high. MicroStrategy’s stock price has more than doubled since the start of the month.

Bitcoin hit an all-time high above $98,000 this morning after trading near $95,000 yesterday for the first time. The cryptocurrency has gained about 40% since the U.S. election two weeks ago as investors bet that President-elect Donald Trump and a crypto-supportive Congress will implement policies that benefit the asset class.

Gold futures, which have lost ground since the election as the U.S. dollar has strengthened, were up about 0.5% to $2,670 an ounce. Oil futures rose about 2%.

The yield on 10-year Treasurys, which has been rising over the past several weeks as market participants have scaled back their expectations for rate cuts by the Federal Reserve, was down slightly to 4.39% this morning.

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