Stock futures surged and bonds fell on Thursday as Federal Reserve Chairman Jerome Powell reiterated the central bank’s commitment to supporting the economy and jobs, as well as investors, backed more tax aid from the U.S. Government

Contracts related to the Dow Jones Industrial Average rose 24 points, S&P 500 futures fell 7 points, and Nasdaq futures fell 100 points

Shares closed significantly higher and the Dow hit a closing record on Wednesday after Powell announced the Fed would continue to support the economy and downplayed short-term inflation concerns, the Dow rose 424 points, or 135% to at 31961 to close

US. Government bond yields have risen, a sign of inflationary sentiment, leading many to believe that the Fed could be induced to raise interest rates

But Powell said it could take more than three years for inflation to hit the Fed’s 2% target, which means rates won’t hike until 2023

The 10-year Treasury yield was trading at 1.449% on Thursday, near its highest level in a year

Meanwhile, House Democrats expect to hand over $ 1 to President Joe Biden’s $ 19 trillion coronavirus relief bill on Friday.It would then go to the Senate for a vote, hoping to get it before Jan. March to send to Biden

GameStop (GME) – Get Report surged more than 50% on the Thursday leading up to trading after unexpectedly rising 103% on Wednesday as meme stocks soared in a spate of purchases. p>

The video game retailer, which was at the center of the Reddit fueled spending spree last month, rose 5122% to $ 13868 early Thursday

Reddit favorite AMC Entertainment (AMC) – Get Report up 16% early Thursday after closing on Wednesday and rising more than 18% to $ 909 AMC is expected to post quarterly results on Thursday

Reddit’s WallStreetBets forum recovered from an hour-long outage that affected thousands of users on Wednesday as volatility in meme stocks increased

The GameStop frenzy followed an announcement that CFO Jim Bell was leaving the company after less than two years in office, Bloomberg reported that Bell was ousted in a disagreement over strategy to give way to a leader who favors the activist’s vision Investors and board member Ryan Cohen better matches

Nvidia (NVDA) – Get Report was lower in premarket trading on Thursday amid concerns about slowing growth in the graphics chip maker’s data center space

The stock fell more than 2% to $ 56582 after CFO Colette Kress stated on a conference call that most of Nvidia’s growth would come from the gaming business in the current quarter, Bloomberg reported, raising concerns about a slowdown in the business Expansion of the data center

Data center chip sales increased 97% to $ 19 billion in the fourth quarter of fiscal year over year

Nvidia also posted profits that exceeded Wall Street estimates and sales that exceeded $ 5 billion for the first time

Adjusted earnings for the quarter were $ 310 accounting for $ 5,003 billion in revenue. Revenue increased 61% year over year

For the first quarter of the fiscal year, Nvidia expects sales of around US $ 53 billion, higher than expected of US $ 449 billion

“All in all, these were fantastic results, complemented by a better-than-expected guide,” said Jim Cramer and the Action Alerts PLUS team that Nvidia has in their portfolio

Results reports expected from Salesforce on Thursday get com (CRM) report, Get Best Buy (BBY) report, Get Wayfair (W) report, Get Airbnb (ABNB) report, Get Beyond Meat (BYND) report , Keurig Dr Pepper (KDP) – Get Report, Nikola (NKLA) – Get Report, Rocket Cos (RKT) – Get Report, Norwegian Cruise Line Holdings (NCLH) – Get Report, Dell Technologies (DELL) – Get Report, VMware (VMW) – Get Report, Domino’s Pizza (DPZ) – Get Report, ETSY (ETSY) – Get Report, First Solar (FSLR) – Get Report, Virgin Galactic (SPCE) – Get Report, HP IncGet (HPQ) report, Get Plug Power (PLUG) report, and Get Moderna (MRNA) report

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The US. The Thursday economic calendar includes durable goods orders for January at 8:30 a.m. ET, weekly jobless claims at 8:30 a.m., and fourth quarter gross domestic product estimate at 8:30 a.m., and pending home sales for January at 10 a.m.

Pfizer’s COVID-19 vaccine (PFE) – Get Report and its partner BioNTech (BNTX) – Get Report was highly effective in preventing the disease in Israel, according to a study that followed nearly 1 million people >

The study showed that two doses of the Pfizer shot prevented 94% of COVID-19 cases in all age groups

The study also showed that a single shot was 57% effective against symptomatic infections after two weeks, according to peer-reviewed data published in the New England Journal of Medicine

The study was conducted by the Clalit Research Institute. Teams from Harvard University also worked on the study with

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World News – CA – Nvidia, GameStop, AMC, Salesforce, Pfizer – 5 Things You Need To Know On Thursday

Source: https://www.thestreet.com/markets/5-things-you-must-know-before-the-market-opens-thursday-022521