Futures are edging up after the Nasdaq Composite reached its 33rd record close of the year. Here’s what we’re watching ahead of Thursday’s open.
- Okta dropped 2.6% premarket. The cloud-based identity services provider raised its full-year revenue outlook, but its losses widened in the fiscal second quarter as costs and expenses ballooned.
- Bitcoin is up more than 3% from its 5 p.m. ET level on Wednesday, and companies in the crypto universe were also ticking higher. Trading platform Coinbase Global added 2% premarket, and bitcoin miner Marathon Digital gained 4.8%.
- Virgin Galactic shed 1.8%. Aviation regulators are investigating how the spacecraft returned to the ground after taking billionaire entrepreneur Richard Branson to the edge of space.
- Tesla shares slipped 1% premarket. Chief Executive Elon Musk on Wednesday said the company’s redesigned Roadster sports car likely would be available in 2023, three years later than planned.
- American Eagle Outfitters , Hormel Foods and Kirkland’s are due to report earnings before the opening bell.
- Smith & Wesson Brands dropped 1.6% premarket, though the gun maker’s profit rose in its first quarter amid strong demand for its firearm even as the company cut its costs.
- Shares of the online pet-products retailer Chewy fell fell 9.1% premarket after revenue in the latest quarter and its third-quarter guidance came in slightly below analysts’ expectations for both.
- Five Below was trading 8.5% below its Wednesday closing price. The youth-focused retailer’s earnings more than doubled but sales came in a little short of expectations.
- Hewlett Packard Enterprise , Broadcom , Tilly’s and DocuSign will provide earnings updates after the close.
Chart of the Day
- Bitcoin’s recent lull can be attributed to investor interest in other corners of the crypto market—including Ethereum and NFTs.
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