U.S stock futures edged higher on Tuesday in the pre-market trading today. This suggests that gains in tech stocks will push the S&P 500 higher as investors react to positive housing market data. While this would serve to rejuvenate the positive sentiment around the reopening trade, coronavirus fears continue to fester nonetheless. On the other hand, the FDA’s full approval of Pfizer’s (NYSE: PFE) vaccine could be a reason for optimism.
Meanwhile, Chinese tech stocks appear to be on the recovery as investors may look to buy on the dip. So much so that even notable names like Cathie Wood’s Ark Investment Management firm added a position in JD.com (NASDAQ: JD) after it beat earnings estimates. After all, this is not the first time regulatory concerns have weighed on Chinese stocks. If history is of any guide, these stocks could eventually see further recovery.
Adding to all this, there is no shortage of news for investors to digest in the stock market today. This would be the case from economic data to earnings beats, and even innovative plays. As of 6:58 a.m. ET, the Dow, S&P 500, and Nasdaq futures are pointing to further gains in the stock market today, moving 0.17%, 0.20%, and 0.31% higher respectively.
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Palo Alto Networks (NYSE: PANW) is among the cybersecurity giants in focus today. After Monday’s closing bell, the company reported adjusted earnings per share of $1.60 on revenue of $1.22 billion. This exceeds Wall Street’s expectations of $1.43 and $1.17 billion respectively. Overall, the company saw a solid year-over-year increase of 28% in terms of quarterly revenue. According to CEO Nikesh Arora, this would be thanks to strong execution across Palo Alto’s portfolio throughout the current quarter.
In particular, Arora highlighted that Palo Alto continues to see signs of a refresh cycle regarding the company’s hardware offerings. The trend, which had been initially subdued due to improving pandemic conditions, could pick up steam again. For the most part, this would be the case as more major companies postpone the return to physical offices.
Not to mention, Palo Alto would stand to benefit from the current increase in demand for its cybersecurity offerings. With the rise in cloud adoption across the board, organizations are more exposed to cybercrimes than ever. According to Arora, as ransomware attacks continue to surge, Palo Alto is looking to carry out 300 ransomware readiness engagements. The likes of which he believes will be excellent business opportunities. Given all of this, would you consider PANW stock worth looking out for in the stock market now?Visa Making Waves In The NFT Market
Non-fungible tokens or NFTs for short, have and continue to make headlines in the stock market today. Namely, NFTs are essentially digital collectibles that employ the same blockchain tech powering cryptocurrencies like Ethereum. From enthusiasts looking to pad out their collections to organizations looking to bank on the trend, there is plenty of hype for NFTs now. As a result, investors are even considering looking at some of the top NFT stocks in the market. Some of the biggest NFT-related news starting us off this week is from Visa (NYSE: V).
In detail, it is the latest major company jumping on the NFT train now. The company currently owns “CryptoPunk”, an NFT-based digital avatar, for the price of almost $150,000 in Ethereum coins. Visa’s head of crypto, Cuy Sheffield believes that NFTs “will play an important role in the future of retail, social media, entertainment, and commerce.” To get a better understanding of NFTs, the company is trying its hand at leveraging this NFT now. According to Sheffield, this would serve to provide Visa with the experience necessary to provide NFT-related services in the future.
While the price point may not be as massive as Beeple’s $69 million piece of digital artwork, this could be a strategic play by Visa. As more consumers learn about NFTs, fintech’ companies like Visa would be likely names to facilitate these trends. Could this make V stock a top NFT stock to invest in now?Existing Home Sales Continue To Gain Momentum Across Back-to-Back Months
Another positive piece of stock market news to digest this week would be existing home sales. For the second straight month in July, more consumers seem to be eyeing real estate. According to the National Association of Realtors (NAR), home sales rose by 2% to a seasonally adjusted 5.99 million units. This would mark a sizable lead over analyst expectations of a 0.5% decline and 5.83 million units.
Zillow (NASDAQ: ZG) economist Matthew Speakman argues that this would be a sign of more balance returning to the housing market. In turn, Speakman says that this could offer homebuyers “a bit more to work with” which translates to “more home sales in the coming months.” Even as the housing market continues to normalize from its explosive price surge at the onslaught of the pandemic, demand continues to return to pre-pandemic levels. As a result, home improvement companies such as Wayfair (NYSE: W) and Home Depot (NYSE: HD) could continue to gain.Stock Market Earnings Releases To Note Today
With the broader stock market bouncing back further from a volatile week, there would be fewer distractions from this earnings week. Particularly, investors would have a rather good mix of companies to watch today. If you’re looking to jump in on the action pre-market, major retail names such as Best Buy (NYSE: BBY), Pinduoduo (NASDAQ: PDD), and Advanced Auto Parts (NYSE: AAP) are set to report their earnings. Not to mention, the likes of Medtronic (NYSE: MDT), Citi Trends (NASDAQ: CTRN), and Scotiabank (NYSE: BNS) are also on deck.
For those keen on companies reporting earnings post-market, there are plenty of notable players as well. These include Intuit (NASDAQ: INTU), Nordstrom (NYSE: JWN), Toll Brothers (NYSE: TOL), and ScanSource (NASDAQ: SCSC) among others. Regardless, as the stock market seems to be on a roll, it could be wise to keep an eye on the latest movers now.