Stock Market Futures Trading Mixed As Corporate Earnings Continue To Impress

Stock market futures appear to be seeking direction in early morning trading on Tuesday. With a strong focus on tech earnings yesterday, the Nasdaq futures continues to lead the pack in terms of gains. In the larger scheme of things, inflation is once again the main topic in investors’ minds this week. This would be due to the Consumer Price Index (CPI) figures due tomorrow. Overall, investors have and continue to navigate the market while considering rising inflation, consumer spending power, and supply chain strains.

Rubeela Farooqi, chief economist at High Frequency Economics, had this to say, “We continue to expect that a normalization of demand and supply constraints over time will take pressure off inflation statistics … the exact timing is uncertain, given we cannot predict when supply chains will adjust. However, our best guess is that prices will start moderating by the middle of next year — possibly sooner if goods that are stuck off ports reach their destinations in the early part of the year, which will result in an excess supply of goods after the holiday.” Should this be the case, investors could be further motivated to buy into the current uptrend in the stock market. As of 6:37 a.m. ET, Dow futures are edging lower by 0.06% while the S&P 500 and Nasdaq futures are gaining by 0.03%, and 0.21% respectively.

Roblox On The Rise As Revenue Skyrockets Year-Over-Year

Roblox (NYSE: RBLX) is among the headliners in the stock market this week thanks to its recent stellar earnings report. In its third quarter, the company posted total bookings of $637.8 million. Meanwhile, revenue for the quarter was $509.3 million. Notably, this marks a massive 102% year-over-year surge. The company also notes, “It’s clear that even as users revert back to pre-pandemic routines and behaviors, Roblox remains an important part of their day.” By the company’s current estimates, it currently caters to 47.3 million daily active users. Moreover, Roblox has also kept said users engaged for a total of 11.2 billion hours.

video game stocks (RBLX stock)

As a result of all this, RBLX stock saw gains of over 20% in pre-market trading today. Adding to all of this, Roblox appears more than intent to maintain its relations with its dedicated developer base. Namely, the company also addressed the recent outage of its services in late October. To help developers who lost income during this period, the company is issuing a payout of about $6.8 million in total.

CFO Michael Guthrie said, “Once you have a great developer base, like we do, you cannot take that for granted, number one, and number two, you have to, you have to respect that.” Given all of this, investors could be keeping an eye on RBLX stock today.

Read More

Bitcoin Soars Over $68,000 Mark Towards Record Highs

In other news, the crypto world continues to turn heads thanks to its flagship digital currency Bitcoin (BTC). For the most part, this would be thanks to Bitcoin’s latest record-breaking session throughout Monday. As of early Tuesday, it sits above the $68,000 mark. Thanks to all this momentum, even crypto stocks such as MicroStrategy (NASDAQ: MSTR) and Coinbase Global (NASDAQ: COIN) are gaining. So much so that both companies’ shares are up by over 17% over the past month.

Not to mention, there are also plenty of analysts who appear to be bullish on Bitcoin’s long-term growth prospects as well. Analysts over at JPMorgan (NYSE: JPM) recently reiterated its $146,000 price target for the cryptocurrency. In the short term, JPMorgan sees Bitcoin climbing to $73,000 a piece this year. By and large, there also appears to be similar movement in other top cryptocurrencies. Evidently, Ethereum (ETH) also hit a new all-time high, surpassing $4,800 yesterday. After considering all of the focus on the crypto industry now, I can understand if some are eager to jump on the bandwagon.

[Read More] Top Reddit Stocks To Buy Right Now? 5 For Your Late 2021 Watchlist

Nio Earnings On Tap After The Closing Bell

Electric vehicles (EVs) are starting the week off on a high as well, and Nio (NYSE: NIO) would be among the key names to watch today. Accordingly, this would be because the company will report its third-quarter financials after today’s closing bell.

best electric vehicle stocks to buy (nio stock)

In early October, the company reported that it delivered 24,439 vehicles in the third quarter of 2021, representing an increase of 100.2% year-over-year. Investors would be keen to see how that flows to the bottom line. As Nio continues to make expansions overseas and grow its market presence, NIO stock would be in the limelight today.

Not to mention, the EV industry as a whole appears to be keeping active as well. On one hand, the industry received major positive news as the $1 trillion infrastructure bill was passed by the U.S. House of Representatives. Because of this, a total of $7.5 billion could possibly be directed towards building EV charging infrastructure nationwide. Additionally, industry leader Tesla (NASDAQ: TSLA) seems to be taking a breather as CEO Elon Musk mentioned plans to potentially sell 10% of his shares. With Nio being considered the “Chinese Tesla”, investors looking to diversify could be turning to NIO stock amid all this.

[Read More] 5 Metaverse Stocks To Watch In November 2021

Notable Names Reporting Earnings In The Stock Market Today

From the current wave of positive news to earnings, there are plenty of factors potentially driving stocks higher now. Regarding the latter, we have a wide array of companies set to report their quarterly figures today. In the pre-market, biotech firms like BioNTech (NASDAQ: BNTX) and Ocugen (NASDAQ: OCGN) would be in focus today. At the same time, Palantir (NYSE: PLTR), Workhorse (NASDAQ: WKHS), D.R. Horton (NYSE: DHI), and UWM Holdings (NYSE: UWMC) are also reporting their latest quarterly results.

Alternatively, we also have several notable names posting financial results in the post-market hours as well. From the tech industry, firms like Coinbase, Upstart (NASDAQ: UPST), Unity (NYSE: U), and PubMatic (NASDAQ: PUBM) could take center stage. Meanwhile, there are also more cyclical players like FuboTV (NYSE: FUBO), Plug Power (NASDAQ: PLUG), Wynn Resorts (NASDAQ: WYNN), and DoorDash (NYSE: DASH) to consider. Whether it is the current momentum in earnings, crypto, or companies making moves, one fact remains. Investors have plenty of news to digest in the stock market today.


Sign up for our FREE Newsletter and get:

  • Stock Alerts And Ideas
  • Learn to Trade Stocks & Options
  • Free Access to The Fastest Growing Highest Rated Trading Chatroom
Privacy Policy

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@stockmarket.com

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
You May Also Like