To The Moon

S&P 500 futures rose slightly Thursday after the U.S. House passed a debt ceiling bill in a crucial step to avoid a U.S. default, with the measure now moving it to the Senate.

Market Snapshot

At 07:50 a.m. ET, Dow e-minis were down 5 points, or 0.02%, S&P 500 e-minis were up 7 points, or 0.17%, and Nasdaq 100 e-minis were up 10.25 points, or 0.07%.

Pre-Market Movers

$C3.ai, Inc.(AI)$ - It tumbled nearly 20% in premarket trading. The company said it expects revenue for the full year ending April 2024 to be between $295 million and $320 million compared with Wall Street's consensus of $317 million.

$Salesforce.com(CRM)$ - It fell more than 6% after investors were left disappointed that the cloud-based software company didn't raise its full-year guidance following better-than-expected first-quarter earnings.

$Okta Inc.(OKTA)$ - Stocks crashed over 19% as CEO and co-cofounder Todd McKinnon said that even while increasing his annual forecast, he sees a tougher business environment ahead.

$CrowdStrike Holdings, Inc.(CRWD)$ - Stocks fell over 10% as revenue growth slowed and the cybersecurity company's full-year forecast fell short of expectations. The company expects full-year revenue of $3 billion to $3.04 billion, compared with analysts' expectations of $3 billion, according to FactSet.

$Nordstrom(JWN)$ - Stocks rose over 3%, its total quarterly revenue fell about 11% to $3.18 billion, excluding items, it reported a per-share profit of 7 cents.

$Lucid Group Inc(LCID)$ - Stocks slipped over 13%, it announced plans to raise about $3 billion through stock offerings, with most of the money expected to come from Saudi Arabia's Public Investment Fund (PIF).

$Chewy, Inc.(CHWY)$ - Stocks surged over 17% as it reported a surprise profit of 20 cents a share, and its gross margins had increased by 0.9 percentage point, while net sales per active customer and Autoship sales per customer reached record levels.

$NetApp(NTAP)$ - Stocks gained over 7%, it reported fourth-quarter net income of $245 million, or $1.13 a share, adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.54 a share

Market News

The House passed debt-limit legislation forged by President Joe Biden and Speaker Kevin McCarthy that would impose restraints on government spending through the 2024 election and avert a destabilizing US default.

$Apple(AAPL)$ is testing a pair of new high-end Macs and their accompanying processors ahead of its Worldwide Developers Conference next week, suggesting that it’s nearing the release of professional-focused desktop computers.

$NVIDIA Corp(NVDA)$ Chief Executive Officer Jensen Huang is heading to China to meet with tech executives in the world’s biggest chip market, despite rising tensions, according to people familiar with the matter.

$Tesla Motors(TSLA)$ has doubled discounts on some already made new Model 3 electric cars and offered discounts on the Model Y and others in its U.S. inventory to entice buyers amid economic uncertainty, rising competition and the upcoming redesign of its mainstay model.

$Alibaba(BABA)$ is integrating its most advanced artificial intelligence system into its Slack-like DingTalk messaging app and a meeting assistant named Tingwu.

The certification of the $Boeing(BA)$ 737 MAX 7 is taking a "considerable amount of time" due to new documentation requirements, but the planemaker still believes it can be certified by the end of the year, a company executive said on Wednesday.

$C3.ai, Inc.(AI)$ said its sales will increase 11% to 20% to a midpoint of $307.5 million in the fiscal year ending April 2024,and projected an adjusted loss of $50 million to $75 million in the fiscal year.

$Salesforce.com(CRM)$’s revenue was $8.25 billion for the quarter ended April 30, posting an 11% rise in quarterly revenue, its slowest pace of growth in 13 years, and it expects revenue of between $8.51 billion and $8.53 billion for the current quarter, representing growth of about 10% from last year.