Alibaba, CrowdStrike Set to Open Higher— And What Else Is Happening in the Stock Market Today

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Updated Aug. 24, 2021 9:28 am ET / Original Aug. 24, 2021 9:07 am ET

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The stock market was set for a higher open as the Chinese central bank said it wants monetary policy to support economic growth.

The Dow Jones Industrial Average gained 60 points, or 0.15%, while the S&P 500 rose 0.15% and the Nasdaq Composite advanced 0.2%.

Most of the action was happening overseas. Chinese stocks rose after the People’s Bank of China said it wants to keep monetary policy supportive of economic growth. The Shanghai Composite Index rose 1.1% and the Hang Seng Index rose 2.5%. Chinese tech stocks also got a big boost, with Alibaba (BABA) gaining 4.7%, Baidu (BIDU) rising 3.8%, and (JD) jumping 8.2%.

“Rising equities globally, and specifically Asia, are leading the mild risk on sentiment today,” writes NatAlliance Securities’ Andrew Brenner. 

In Europe, Germany’s gross domestic product came in stronger than expected. Economic output grew 9.8% year-over-year growth, better than the expected 9.6%, and another sign that Europe’s economy had been rebounding strongly. Germany’s Dax rose 0.3%, though the FTSE 100 and the Stoxx Europe 600 were both lower.  

Here are five stocks making moves in Wednesday’s premarket action:

Palo Alto Networks (PANW) stock rose 12% after reporting a profit of $1.60 a share, beating estimates of $1.44 a share, on sales of $1.22 billion, above expectations for $1.17 billion.

Best Buy (BBY) stock rose 5.4% after reporting a profit of $2.89 a share, beating estimates of $1.85 a share, on sales $11.85 billion, above expectations for $11.49 billion. 

CrowdStrike (CRWD) rose 4.9% after getting added to the Nasdaq-100.

Cigna (CI) stock rose 1% after the company announced a $2 billion accelerated share repurchase program

DXC Technology (DXC) stock gained 1.3% after getting upgraded to Positive from Neutral at Susquehanna. 

Victoria’s Secret & Company (VSCO) stock dropped 3.3% after getting downgraded to Equal Weight from Overweight at Morgan Stanley.  

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