Stock futures roughly flat after a 400-point rally in the Dow Jones

European markets push higher; Big Bank of England hike expected

European stocks were slightly higher on Thursday, building on gains made in the previous session.

The pan-European Stoxx 600 was up 0.3% in early trade. Retail stocks were the best performers, gaining 2.5%, while telecommunications fell 0.4%.

The United Kingdom FTSE was muted Thursday morning with market jitters ahead of the bank of englandnext monetary policy decision. It is generally expected that the central bank raise interest rates by 50 basis pointsits largest increase since 1995.

-Elliot Smith

Alibaba shares in Hong Kong gain 4% before earnings

Ali Baba is expected to report its fiscal first quarter results before the market opens and analysts expect the Chinese e-commerce giant posts its first ever drop in revenue.

Alibaba is expected to post revenue of 203.19 billion yuan ($30 billion) for the June quarter, down 1.2% from a year ago, according to Refinitiv’s consensus forecast.

Alibaba has faced a number of headwinds, from a tighter regulatory environment in China to a resurgence of Covid in the world’s second-largest economy that has led to major cities being locked down. These factors have hit the Chinese economy, dampening advertising budgets and consumer spending, which will likely weigh on Alibaba’s June quarter results.

Still, analysts expect the company to return to growth in the coming quarters. Hong Kong-listed shares of Alibaba rose more than 4% before earnings.

—Arjun Kharpal

Jim Cramer Says Charts Point to Gold Rally

CNBC’s Jim Cramer said it’s a good time to buy gold as signs point to a rally, according to analysis by commodity trader Larry Williams.

There “mad moneyThe host explained Williams’ analysis by looking at weekly gold action from 2014 and data on the positioning of small speculators in gold from the Commodity Futures Trading Commission’s Commitments of Traders report.

Gold prices typically peak soon after small speculators get too bullish on the precious metal, and bottom when small speculators are too bearish, according to Williams.

“The charts, as interpreted by the legendary Larry Williams, suggest that the general public is massively abandoning gold and they believe this makes it the perfect time to buy,” Cramer said.

—Abigail Ng, Krystal Hur

Here’s how to invest for returns to beat a bad year for stocks and bonds – according to the pros

Stocks are volatile and bonds haven’t fared any better for much of this year, with US investment grade bonds tumbling in 2022.

But analysts have recently been bullish on income investing as yields start to climb again.

Here are some ways the pros suggest investors position their portfolios for diversification and protection against market volatility as well as seek higher returns as inflation continues to rise. Pro subscribers can read the story here.

—Weizhen Tan

Fortinet shares fall

Fortinet shares fell more than 9% in extended trading after the cybersecurity company released its quarterly results, which included free cash flow of $283.5 million, compared to FactSet estimates of 337, $2 million. Services revenue also missed the estimates.

Other cybersecurity stocks also fell after hours. CrowdStrike was down slightly by 1% and Palo Alto Networks was down more than 1%.

—Tanaya Macheel

Walmart lays off, about a week after its profit warning

Walmart has began to lay off employees from the company about a week after the retail giant reduces its profit outlook and warned of a pullback in discretionary consumer spending due to inflation. The company described the layoffs as a way to “better position the company for a strong future” in a statement to CNBC. The shares fell slightly less than 1% after hours.

—Tanaya Macheel

Lucid shares fall nearly 12%

Shares of the luxury electric vehicle maker Lucid Group fell 11.7% in extended trading after the company reduced its full-year production targets a second time at 6,000. The original forecast was 20,000. The company also reported a quarterly loss of 33 cents per share.

—Tanaya Macheel

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