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    Home ยป Stock Futures Point Higher
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    Stock Futures Point Higher

    August 28, 20233 Mins Read
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    Stock futures were indicating a slightly higher opening on Monday, as the S&P 500 aimed to build on its positive momentum from the previous week. Federal Reserve Chairman Jerome Powell’s recent comments suggesting a cautious approach to interest-rate increases had a positive impact on market sentiment.

    Key Stocks to Watch

    Here are some stocks that are expected to make moves today:

    3M (MMM)

    Shares of 3M rose by 4.3% in premarket trading following a report from The Wall Street Journal. The report stated that 3M is nearing a settlement in a case involving faulty combat earplugs sold to the U.S. military. According to sources close to the discussions, 3M is expected to pay $5.5 billion to resolve the claims. Negotiations are still underway, and the final amount has yet to be determined.

    Jabil (JBL)

    Jabil has entered into an agreement to sell its mobility business to BYD Electronic, a subsidiary of Chinese electric-vehicle maker BYD. This deal is valued at approximately $2.2 billion and is set to become the largest transaction in the history of Jabil, a leading contract electronics manufacturer. As a result of this development, Jabil shares were up by 2.4% in premarket trading.

    Alibaba (BABA), JD.com (JD), and Baidu (BIDU)

    The Chinese government’s announcement of a reduction in trading taxes and other measures to boost its capital markets had a positive effect on Alibaba, JD.com, and Baidu. As a result, American depositary receipts of these tech giants saw gains of 1%, 1.2%, and 1.1% respectively.

    Nvidia (NVDA)

    Nvidia shares experienced a 1% increase in premarket trading. It is worth noting that despite the stock’s remarkable 215% surge this year, the latest earnings report from Nvidia suggests that the shares are currently priced more attractively. The forward price/earnings ratio, which measures a stock’s current price relative to future earnings, indicates that Nvidia shares are now cheaper than they have been since January 5th, even though the stock has seen significant growth since then.

    Upcoming Earnings Reports

    This week, investors can expect to see earnings reports from the following companies:

    • HP Inc. (HPQ)
    • Hewlett Packard Enterprise (HPE)
    • NIO (NIO)
    • Best Buy (BBY)
    • Salesforce (CRM)
    • CrowdStrike (CRWD)
    • Chewy (CHWY)
    • Okta (OKTA)
    • Broadcom (AVGO)
    • Dell Technologies (DELL)

    In conclusion, with the positive market sentiment following Jerome Powell’s remarks, combined with the potential settlements and significant deals in the tech industry, investors are approaching the week with anticipation for earnings reports from various prominent companies.

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