Nasdaq Index, Dow Jones, S&P 500 News: Major Indices On Track for Winning Week

U.S. Stock Futures Rise, Dow Eyes Eighth Straight Gain

U.S. stock futures climbed on Friday, setting the stage for another positive session for the Dow Jones Industrial Average. The Dow is poised to extend its winning streak to eight consecutive days, marking its longest stretch of gains since December.

Meanwhile, the S&P 500 closed above the key level of 5,200 on Thursday for the first time since April, indicating sustained upward momentum. As of Thursday’s close, major indices are on track for a winning week, with the Dow up 1.8%, the S&P 500 up 1.7%, and the Nasdaq Composite up 1.2%.

At 12:38 GMT, Dow Futures are trading 39642.00, up 106.00 or +0.27%. S&P 500 Index Futures are at 5257.25, up 18.25 or +0.35% and Nasdaq 100 Futures are trading 18295.50, up 81.00 or +0.44%.

Novavax Shares Surge 120% on Sanofi Partnership

Novavax witnessed a remarkable 120% surge in premarket trading following the announcement of a strategic deal with French pharmaceutical giant Sanofi. Under the multibillion-dollar agreement, Sanofi will co-commercialize Novavax’s Covid vaccine starting next year and collaborate on developing combination shots targeting Covid-19 and influenza. The deal also grants Sanofi access to Novavax’s Matrix-M adjuvant technology for vaccine development. Novavax’s CEO, John Jacobs, expressed confidence that the partnership would bolster the company’s financial position and accelerate its mission of global public health improvement.

Market Trends: Notable Stock Movements

CNBC is noting these companies making headlines before the bell.

Akamai Technologies: Shares of the cloud company plummeted over 10% after issuing weaker-than-expected guidance for the second quarter, citing adjusted earnings and revenue below analyst forecasts.

Sweetgreen: The salad chain witnessed a 5% surge following robust first-quarter revenue figures, slightly exceeding expectations.

Array Technologies: Rallying nearly 17%, the solar energy stock reported strong first-quarter earnings, surpassing analyst estimates.

Gen Digital: Shares rose approximately 4% as the cybersecurity firm reported a 15% increase in fiscal fourth-quarter adjusted earnings and a 2% rise in revenue.

Bumble: The digital dating platform surged over 2% after beating earnings and revenue expectations for the first quarter and increasing its share repurchase program.

Insulet: Slight declines were observed in shares of the medical device company due to higher marketing expenses impacting first-quarter profits, despite management’s optimistic full-year revenue growth guidance.

Natera: Shares soared over 20% on better-than-expected results, with the DNA testing company posting a narrower loss and surpassing revenue forecasts.

Unity Software: The tech stock dipped 2% post-earnings, reporting a wider-than-expected loss for the first quarter and disappointing guidance for a key profitability metric.

Market Forecast: Bullish Sentiment Prevails

Investor sentiment remains upbeat following the Federal Reserve’s dovish stance, with indications of a possible cap on interest rates, which could bode well for equities. Positive earnings reports and encouraging labor data have further bolstered confidence in the stock market outlook. Amidst this backdrop, analysts ponder whether the current market environment signals the dawn of a sustained bull market.

Technical Analysis

As investor confidence builds, the E-mini S&P 500 Index continues to pullaway from its nearest support, the 50-day moving average at 5190.67.

Although prices could consolidate today between 5285.00 and 5308.50, the index remains on course for a test of its record high at 5333.50.

Two-sided trading is possible over the near-term ahead of next week’s major CPI and PPI reports, but the uptrend will remain intact as long as the 50-day MA holds as support.