The
Federal Reserve on Thursday unveiled a plan to support inflation
and restore the economy to full employment, adding to optimism
from medical progress to tackle the COVID-19 pandemic.
In the previous session, the Dow briefly turned positive on the
year, while the S&P 500 closed at a record level even as the
U.S. economy struggles to recover from the biggest downturn
since the Great Depression.
Data due at 8:30 a.m. ET is likely to show personal consumption
ticked up in July even as income fell.
The S&P 500 and the Nasdaq are on track for their fifth
consecutive week of gains, but the Dow is still about 3.6% from
its February all-time high.
In further proof that technology companies are booming in the
pandemic, business software provider Workday Inc <WDAY.O> jumped
11.2% in premarket trading after raising its annual subscription
forecast.
Dell Technologies Inc <DELL.N> gained 4.5% after reporting
quarterly profit that beat expectations as remote working and
online learning boosted demand for its notebooks and software
products.
At 6:20 a.m. ET, Dow e-minis <1YMcv1> were up 80 points, or
0.28%. S&P 500 e-minis <EScv1> were up 5.25 points, or 0.15% and
Nasdaq 100 e-minis <NQcv1> were down 26.25 points, or 0.22%.
Cosmetics retailer Ulta Beauty Inc <ULTA.N> jumped 15.1% after
posting quarterly profit ahead of market expectations.
(Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)
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