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Futures Rebound As Apple Soars To All Time High; “Dovish” Powell On Deck

US index futures rebounded from yesterday’s modest drop helped by a rise in mega-cap technology stocks as investors awaited Federal Reserve chair Jerome Powell’s testimony and more earnings reports from big banks poured in. At 745 a.m. ET, Dow e-minis were up 13 points, or 0.04% and S&P 500 e-minis were up 5 points, or 0.12%.Nasdaq 100 e-minis were up 52.50 points, or 0.35%, with Apple rising over $3 to $148.72 after a Bloomberg report it was targeting a 20% increase in next-gen iPhone production, while JP. Morgan added the iPhone maker’s stock to its “analyst focus list” and raised its price target as the stock is “positioned for upside led by upward revisions to iPhone 12 volumes on the back of recent momentum and share gains in key geographies.”

Among other companies reporting earnings, American Airlines rose 1.9% after it forecast positive cash flow in the second quarter for the first time since the pandemic began. Some other notable premarket movers include:

  • Bank of America shares fell 2% in premarket trading after the bank reported second-quarter results that missed analyst expectations.
  • Allena Pharma (ALNA) falls 18% in premarket trading after its planned share offering implied a slight discount.
  • Mediaco (MDIA) surges 24% as other shares that are favorites with retail traders also gain, rebounding after a group of so-called meme stocks fell on Tuesday.
  • Sgoco (SGOC) gains 5.5% and Powerbridge (PBTS) rises 9.2%, while Exela Technologies (XELA) advances 7.1%.

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