NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

US STOCKS-Nasdaq set to open higher after Salesforce, HP Enterprise results

Published 08/26/2020, 09:07 PM
Updated 08/26/2020, 09:10 PM
DJI
-
INTU
-

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* Salesforce set to hit new high after forecast bump
* Intuit , Hewlett Packard Enterprise jump after results
* Futures: Dow dips 0.10%, S&P flat, Nasdaq up 0.12%

(Adds comment, details; updates prices)
By Medha Singh and Devik Jain
Aug 26 (Reuters) - The tech-heavy Nasdaq was set to open
slightly higher on Wednesday after upbeat business updates from
Salesforce and HP Enterprise, while the S&P 500 headed for a
subdued start.
Salesforce.com Inc CRM.N , which is set to enter the
blue-chip Dow index .DJI next week, jumped 14.3% in premarket
trading after the cloud software maker raised its annual revenue
forecast on surging demand for its online business software.
Income-tax filing software firm Intuit Inc INTU.O advanced
6.1% after it reported a 17% rise in quarterly revenue, while
Hewlett Packard Enterprise Co HPE.N added 7.2% as its
full-year profit outlook came ahead of market expectations.
The S&P 500 and the Nasdaq hit a series of record closing
highs recently, driven by stimulus and demand for tech-focused
stocks, even though economic data pointed to an uneven recovery
from a recession. A survey on Tuesday showed U.S. consumer
confidence hit a six-year low in August.
All eyes will be on Fed Chair Jerome Powell's address at the
virtual Jackson Hole symposium before markets open on Thursday,
where he is expected to outline a softer policy stance on
inflation.
"We know that he's going to speak about inflation, and that
he's going to say that the Fed remains committed to use all the
necessary tools to help the economy as needed," said Peter
Cardillo, chief market economist at Spartan Capital Securities
in New York.
"A lot of this is already in the marketplace, but the market
wants confirmation of it."
At 8:44 a.m. ET, Dow e-minis 1YMcv1 were down 29 points,
or 0.1%, S&P 500 e-minis EScv1 were up 0.25 points, or 0.01%
and Nasdaq 100 e-minis NQcv1 were up 13.75 points, or 0.12%.
Nordstrom Inc JWN.N tumbled 5.1% after reporting a
bigger-than-expected loss as its stores were shuttered for about
half of the reported quarter and consumers stayed at home with
little need for designer clothes.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.