Stock futures edged higher in early Monday trading as investors eagerly anticipate the next policy decision from the Federal Reserve. The market expects interest rates to remain steady during the upcoming meeting this week.
Nikola Corporation (NASDAQ:NKLA) experienced a 6% increase in its stock price after the electric vehicle company announced the addition of ITD Industries to its dealer network in Canada for Class 8 truck sales and service coverage. The company plans to start delivering its hydrogen fuel cell vehicle by late September or early October.
Alteryx (NYSE:AYX) saw a 5% rise in its stock price after Morgan Stanley upgraded its stock recommendation from equal weight to overweight. The investment bank believes that Alteryx’s current valuation undervalues its growth and profit potential. Analysts suggest that the company’s subpar performance in the first half of the year was due to a challenging client spending environment, but they anticipate that a future budget increase and a stronger cloud portfolio will help stabilize new business. The prediction for annualized recurring revenue is no longer pessimistic, and the stock price is considered undervalued.
Investors are closely watching these stock movements as they position themselves ahead of the Federal Reserve’s decision.