S&P 500, Bitcoin, Li Auto: What to Watch When the Stock Market Opens Today
U.S. stock futures fell as jitters in China’s indebted property sector rippled into global markets. Here’s what we’re watching ahead of Monday’s trading session.
- The Cboe Volatility Index—Wall Street’s so-called fear gauge, also known as the VIX—ticked up to 25.92, its highest level since mid-May.
- Shares of banks and financial services companies, which tend to be among the most economically sensitive stocks, declined premarket. Bank of America and Goldman Sachs Group shares each fell 3%.
- Energy stocks fell premarket as futures for Brent crude, the benchmark in international energy markets, fell 1.6% to $74.13 a barrel. Shares of Occidental Petroleum fell 5%, Devon Energy declined 4.3% and Marathon Oil shed 4.4%.
- Shares of bitcoin mining stocks fell alongside the price of the world’s largest cryptocurrency by market value. Hut 8 Mining shares contracted almost 10% and Marathon Digital Holdings shed 9.4% premarket. Bitcoin’s dollar value fell 8.7% to $43,462.74 from its 5 p.m. ET level Sunday. Other cryptocurrencies also fell, with joke crypto dogecoin tumbling 12% over the same period.
- U.S.-listed shares of Li Auto fell 5.5% premarket after the company revised lower its outlook for third-quarter vehicle deliveries due to Covid-19 hampering chip production in Malaysia.
- Pfizer and partner BioNTech said their Covid-19 vaccine was found to be safe and generated a strong immune response in children aged 5 to 11 years in a late-stage study but the positive news wasn’t enough the shake the broader market rout. Pfizer shares edged 1.5% lower premarket and U.S. listed shares of BioNTech fell 4.8%.
- AstraZeneca shares bucked the broader selloff, with U.S.-listed shares up 1.3% premarket. The company shared strong data on its new breast cancer drug Enhertu at a large medical conference over the weekend.
- Individual-investor favorite AMC Entertainment declined 5.9% premarket. GameStop fell 4.2%
- U.S.-listed shares of Chinese companies declined, with Alibaba Group Holding down 3.7%, JD.com down 3.9% and Baidu down 2.7%.
Chart of the Day
- Natural-gas prices have surged, prompting worries about winter shortages and forecasts for the most expensive fuel since frackers flooded the market more than a decade ago.
Write to Caitlin Ostroff at firstname.lastname@example.org