Register now for my free Q&A event with David Prince on LinkedIn today!
DJIA Futures: +11 (+0.03%)
SPX Futures: +4 (+0.1%)
NASDAQ Futures: +8 (+0.1%)
Good morning friends!
Futures are flat but higher as traders look to extend the recent rally.
Let’s get right to it!
The major indexes are on track to open slightly higher after the S&P 500 closed at 10-month high on Tuesday.
The index closed 0.24% higher at 4,283.85, the highest level since August 2022.
The Nasdaq also gained 0.36%, notching out its highest close in 2023.
Some analysts say the recent market action is a bullish signal.
“The fact that it refuses to fall to me is extremely bullish,” said Adam Sarhan, CEO of 50 Park Investments. “Normally, after a big run up, you see a market pullback, and when the market doesn’t pull back and goes sideways, that to me is very bullish.”
The U.S. trade deficit rose less than expected in April.
The Commerce Department reported that gap jumped 23% to $74.6 billion.
That was lower than expectations for $75.2 billion but was the highest level in six months as imports rebounded.
Imports jumped 1.5% to $323.6 billion while exports fell 3.6% to $249 billion.
Coinbase (COIN) shares are up 3.2% ahead of the open after tumbling 12.1% on Tuesday after the SEC sued the crypto exchange.
The jump comes after investor Cathie Wood increased her fund’s stake in the stock amid the drop.
In an email, ARK Invest funds said it added more than 400,000 shares of COIN spread across the ARK Innovation ETF (ARKK), Next Generation Internet ETF (ARKW), and Fintech Innovation ETF (ARKF).
Wood’s funds are the second-largest holder of Coinbase with an 11.44 million share stake.
Stitch Fix (SFIX) shares are up 9.5% in premarket trade after beating fiscal Q3 expectations on the top and bottom line.
Here’s how the styling company’s results compared to analysts’ estimates:
The company announced further steps to reduce costs including closing its Dallas distribution center next year and letting the lease on another distribution center expire this year.
Stitch Fix also said it would “explore exiting” the U.K. to focus on its styling business in the U.S.
The company said it expects fiscal Q4 revenue between $365 million and $375 million, below analysts estimate of $379 million