Dow Jones futures and S&P 500 futures rose Thursday morning, while Nasdaq futures jumped. Treasury yields fell further as the European Central Bank signaled even-more aggressive asset buys. Chinese e-commerce giant JD.com (JD) popped on booming growth.
The stock market rally attempt had another split session Wednesday. The Dow Jones rallied to a record high as the Biden stimulus bill cleared Congress, with Boeing (BA) breaking out. Meanwhile, the Nasdaq erased strong gains to close fractionally lower despite Treasury yields falling for a second straight session.
The stock market arguably is in both an uptrend and correction, with the Dow Jones and real economy names thriving while the tech-led Nasdaq slumps. Can a stock market divided stand for an extended period? And when the market is going in one direction, which direction will that be?
JD.com reported early Thursday. JD.com earnings shot up 188%, easily beating views. Revenue rose 40% to $34.4 billion, with growth accelerating for a third straight quarter. JD.com stock jumped, signaling a move back above its 50-day moving average.