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Stocks Rebound as Crypto Rallies
21 Aug
Summary
- U.S. stock futures indicate a modest rebound after recent declines.
- Ross Stores surged on raising its annual earnings forecast.
- Cryptocurrency-linked stocks rallied as Bitcoin extended its rebound.
U.S. stock futures suggested a modest recovery for Wall Street on Friday, following its steepest decline in three weeks. Investors navigated a landscape marked by a renewed increase in Treasury yields and a notable rally in cryptocurrency-related stocks.
In individual company news, Ross Stores shares experienced a significant jump in premarket trading. The discount retailer boosted its annual earnings forecast and anticipated quarterly comparable-store sales growth exceeding expectations, indicating sustained demand for value-focused products amidst economic uncertainty.
O-I Glass shares also climbed following an upgrade to 'Buy' from Citi, who also raised its price target. This upgrade reverses a trend of target reductions for the stock earlier in the year.
Conversely, Flowers Foods shares fell after reporting weaker-than-expected second-quarter results, with both earnings per share and revenue missing analyst consensus. The company also saw a decline in adjusted EBITDA.
Meanwhile, the cryptocurrency market saw a positive movement, with Bitcoin extending its rebound. Stocks linked to digital assets rallied, possibly influenced by calls for clearer regulations on digital assets.
