US stock futures rise as earnings optimism outweighs COVID concerns, while bitcoin climbs after Elon Musk's comments
- US stock futures rose on Thursday as investors cheered strong earnings from major companies.
- Stocks fell on Monday on concerns about COVID cases, but have since rebounded.
Bitcoinrose again after Elon Musk and other influencers spoke favorably of the asset.
US stock market futures rose on Thursday as company earnings season helped boost optimism, outweighing concerns about rising coronavirus cases across the world's major economies.Meanwhile, bitcoin continued to rebound from Tuesday's sub-$30,000 prices after Elon Musk and other crypto influencers spoke favorably of the asset.
View all Offers
- 18% OFF
Redmi 9A (Nature Green, 2GB RAM, 32GB Storage) | 2GHz Octa-core Helio G25 Processor | 5000 mAh Battery₹ 6999₹ 8499Buy On
OnePlus Nord 2 5G (Gray Sierra, 8GB RAM, 128GB Storage) I Extra upto Rs.1000 off on Exchange₹ 29999Buy On
- 18% OFF
Redmi 9A (Midnight Black 2GB RAM 32GB Storage) | 2GHz Octa-core Helio G25 Processor | 5000 mAh Battery₹ 6999₹ 8499Buy On
OnePlus Nord 2 5G (Blue Haze, 8GB RAM, 128GB Storage) I Extra upto Rs.1000 off on Exchange₹ 29999Buy On
- 19% OFF
Redmi Note 10 (Aqua Green, 4GB RAM, 64GB Storage) -Amoled Dot Display | 48MP Sony Sensor IMX582 | Snapdragon 678 Processor₹ 12999₹ 15999Buy On
Read more: GOLDMAN SACHS: Buy these 32 quality stocks that are set to grow profit margins despite rising costs while competitors get squeezed
A series of strong earnings reports lifted US stocks on Wednesday and appeared to be boosting sentiment on Thursday. Coca-Cola raised its forecasts for full-year sales and profit, while telecoms giant Verizon beat expectations.According to data compiled by Bloomberg, more than 85% of firms in the S&P 500 who have reported so far have outperformed expectations. "The worries expressed on Wall Street at the beginning of the week continued to evaporate yesterday… amidst a flow of corporate earnings reports that mostly beat expectations," said Chris Scicluna, head of research at Daiwa Capital
"The main focus today will be on the conclusion of the ECB meeting, where the Governing Council will adjust its forward guidance to take account of its recent strategic policy review conclusions including the 2% symmetric inflation target."
However, rising COVID-19 cases, driven by the delta variant, remain a concern for markets. This has been one of the factors driving government bonds, whose prices have risen and yields have fallen as investors rethink their forecasts of strong growth and inflation.Yet the yield on the 10-year US Treasury note rose 1.6 basis points to 1.298% on Thursday. The 10-year yield has rebounded from a drop to as low as 1.133% on Monday as investors bought bonds on concerns about rising cases.
In the crypto world, bitcoin rose 1% to $32,133 after jumping on Wednesday when Elon Musk said SpaceX holds the token and that Tesla was likely to start accepting it again. Ether also rose for the second day.
- The Tokyo Olympics are a hive of NFT activity — from pins to moments to artwork
- Twitter is rolling out an update to make Twitter Spaces easier to share and discover
- Tencent and Alibaba Group have lost more than $100 billion in July as China cracked down on internet giants
- Cadbury Dairy Milk's next phase of 'heart the hate' campaign urges bystanders to stand up against cyberbullying by sharing a Purple Heart
- Coinbase, CoinDCX, WazirX and other crypto firms aren’t just looking for engineers but designers, social media wizards, and managers too