PinDuoDuo e-commerce platforms on smartphone

US stock futures were mixed on Thursday ahead of the US GDP data later in the day. Futures tied to the heavy tech stock Nasdaq 100 were on the edge signaling after the earnings report by tech stocks on Wednesday. S&P 500 futures were at a standstill while futures contracts tied to the Dow Jones Industrial Average inched slightly higher.

US Economic Sentiment

The Nasdaq 100 index closed its trading session lower on Wednesday following the Fed’s monetary policy statement. The Federal Reserve maintained its federal cash rate at the current target range of 0%-25%.

According to the Federal Open Market Committee (FOMC), the current surge in inflation largely reflects short-lived factors. According to the monetary policy statement by the FOMC, the committee found it appropriate to maintain the current target range until inflation has risen to the committee’s 2% target in the long term.

US Treasury yields were relatively unchanged as investors digested the Fed’s latest policy decision. The yield on the benchmark 10-year Treasury note was unchanged at 1.263%. The yield on the 30-year Treasury bond inched higher to 1.913%.

Oil prices extended their rally following the Federal Reserve’s decision. The US West Texas Intermediate (WTI) crude was up 0.73% to trade at $72.92 per barrel. Brent crude advanced 0.51% to $75.12 per barrel.

The US GDP data is scheduled to be released later in the day. Economists expect the numbers to jump 8.5% up from 6.4% signaling an economic expansion in the second quarter.

The weekly initial jobless claims data in the US will also be released later today. Economists polled by Dow Jones expect the jobless claims to reduce to 380,000 from the previous 419,000.

Nasdaq 100 Movers

Pinduoduo was the best performer in the Nasdaq 100 premarket trade. Pinduoduo is the largest agriculture-focused technology platform in China. The company gained more than 5.56% in its stock earnings. Beijing’s regulatory crackdown saw e-commerce sales surge boosting gains in companies like Pinduoduo.

Cognizant Corp is an information technology consulting company based in the US. The company’s stock price advanced 5.39% after reporting strong earnings for the June quarter. The company posted a growth revenue of $4.6 billion.

PayPal Holdings Inc led the drags in the premarket trade. PayPal’s stock price dipped 4.74% after the company posted its earnings on Wednesday. According to the report, the company’s earnings topped analysts’ estimates but its revenue missed Wall Street targets.

Facebook Inc slipped 4.10% in premarket trade. The company’s earnings for the second quarter beat analysts’ expectations. However, the company warned of a significant growth slowdown.

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