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Dow Jones futures up 149pts, Peloton share price to be watched on Friday

Futures markets suggests the Dow Jones Industrial Average will open higher on Friday, while Peloton is likely to be closely watched by investors after surging in after-hours trade following the release of its FY20 results.

Dow Jones futures in focus

US markets continued to sell-off overnight – with the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 all finishing out the session lower.

As has been the case over the last week or so, the tech-heavy Nasdaq proved to be the worst performing benchmark overnight, falling 1.99% or 221 points, to finish out the session below the key 11,000 point level.

The Dow Jones also posted losses, dipping 1.45% during Thursday’s session. Tellingly, fast food stalwart McDonald's was the only Dow constituent to trade positively on Thursday, while Apple, Microsoft, and UnitedHealth witnessed the most pronounced share price declines.

Commenting on these market moves, IG Market Analyst Kyle Rodda said:

‘Although there remains a predominant risk-aversion in the market at the moment, the correction still appears a function of price-discovery and rebalancing, rather than anything that warns of a nascent trend reversal.’

Positively at least – for those with bullish inclinations – Mr Rodda added that there:

‘Were tentative signs last night that US indices were searching for a bottom. The jury remains out, but the major US indices sold-off on much thinner volumes, and avoided recording a new “lower-low”, at least for now.’

At the time of writing Dow Jones futures traded up some 149 points or 0.54% (11:49 New York time), suggesting that the key US benchmark would open higher on Friday, 11 September.

Nasdaq and S&P 500 futures were also trading in the green at the time of writing.

Peloton share price to be closely watched following FY20 release

On a more granular level, connected fitness company Peloton (PTON) is likely to be closely watched by investors on Friday, after releasing a strong set of fourth quarter and full-year (FY20) results to the market.

Overall, Peloton posted an impressive set of operational figures for fiscal 2020, reporting:

  • Total FY20 revenue growth of 100%, at $1.8 billion;
  • Connected Fitness subscriptions more than doubled, hitting ~1.09 million; while paid Digital subscriptions more than tripled, rising to ~316,800;
  • Q4 net income came in at $89.1 million; and
  • Peloton recorded 76,817 workouts in Q4, a record for the company.

Commenting on these results, Peloton’s Founder and Chief Executive John Foley said:

‘2020 was a transformative year for Peloton. We made great progress in scaling our business, from manufacturing and logistics, to member support and field operations. We launched operations in Germany, our first foreign language market, and continued to grow our footprint in the United States, Canada, and the United Kingdom.’

Investors appeared to agree with such a characterisation – with the stock being bid 9.69% higher in after-hours trade, to a 52-week high of $96.25 per share.

YTD Peloton is up 195%.

Trade after-market moves with IG

Trading pre- and post-market enables you to take a position on key US shares – like Tesla, Apple, Amazon and Netflix – outside normal trading hours.

To start taking advantage of pre- and post-market trading, create an IG Trading Account.

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.

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