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“Focus on the 20 percent that makes 80 percent of the difference.” – Marc Benioff
It seems weird to say that a 5% rally in Salesforce.com (CRM) is driving the Dow higher today, but since it was added to the index late last August, Marc Benioff’s company is on pace for one of its largest one-day gains accounting for about half of the Dow’s pre-market gains this morning.
In economic data, it’s been a busy morning but so far there hasn’t been much in the way of surprises. The only other releases on the calendar are Chicago PMI at 9:45 and Michigan Confidence at 10 AM. With the holiday weekend on the horizon, look for this afternoon’s trading to be on the quiet side.
Read today’s Morning Lineup for a recap of all the major market news and events including a recap of some notable earnings reports, major economic data out of Asia and Europe, and the latest US and international COVID trends including our vaccination trackers, and much more.
Although equity futures are higher this morning, the crypto space is under pressure heading into the long weekend following some cautionary comments from BoJ Governor Kuroda (who says crypto isn’t uncorrelated?). It’s been an interesting week for bitcoin and ether. Throughout the week, they made multiple attempts to break above short-term resistance, but each one was met with selling. In bitcoin’s case, the resistance level was right around $40,000 while for ether it was $2,900. After several unsuccessful attempts at sealing the deal, it looks like traders in both crypto assets have given up heading into the weekend.