Dow Futures Up 300 Points As Congress Looks To Avoid Default

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U.S. stock futures were up in premarket trading as investors recognized that Congress would most likely come to agreement on raising the debt ceiling ahead of the looming October deadline.

The Republican Senator Minority Leader Mitch McConnell offered a short-term debt ceiling extension causing the markets to assume a resolution is near.

Also helping the markets, energy prices fell slightly easing some mounting concerns about inflation. Meanwhile, Prices of natural gas in Europe dropped after Russian President Vladimir Putin hinted at increasing gas supplies to the continent.

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Jobless claims dropped more than expected, showing signs of improvement in the U.S. economy and boosting investor sentiment.

Level Chg. Chg. %
DOW Futures 34,589.00 298 0.87%
S&P 500 Futures 4,395.25 41.25 0.95%
Nasdaq Futures 14,940.50 181.5 1.23%

U.S. Dollar and Treasuries

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The yield on the 10-year Treasury rose slightly. The dollar weakened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 94.15 -0.12 -0.12%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.093% -0.001 0.094%
U.S. 2 Year Treasury Note 0.306% 0.004 0.302%
U.S. 5 Year Treasury Note 0.991% 0.006 0.985%
U.S. 10 Year Treasury Note 1.527% 0.003 1.524%
U.S. 20 Year Treasury Bond 2.027% 0.000 2.027%
U.S. 30 Year Treasury Bond 2.081% -0.001 2.082%

Stocks To Watch

Brickell Biotech, a clinical-stage pharmaceutical company, announced positive topline results of 3 pivotal case studies in Sofpironium Bromide Gel, 15%. The treatment, used for excessive underarm sweating was generally well tolerated.

Meme stock Camber Energy rebounded after losing 40% on Wednesday’s trading. Chinese meme stock Farmmi reversed some of its gains, after trading up 20% on Wednesday.

IT security company and penny stock Cyren Ltd, was up significantly as it received a 180-day extension from the NASDAQ’s Listing Qualification Department. If the stock trades at above $1 per share at any point during that time, it will regain listing compliance. A listing at a major exchange has serious implications on the company’s ability to raise capital.

Shares of Osmotica Pharmaceuticals dropped after the company announced a $35 million underwritten public offering, at $3.10 per share.

Symbol Price Chg. Chg. % Volume
Camber Energy Inc CEI $1.19 +0.2815 +30.99% 9.27M
Brickell Biotech BBI $0.80 +0.1378 +20.81% 6.00M
Farmmi Inc FAMI $0.37 -0.0228 -5.79% 4.06M
Osmotica Pharma OSMT $1.90 -1.16 -37.91% 3.56M
Cyren Ltd CYRN $0.63 +0.1387 +28.48% 3.17M

 

Commodities To Watch

Oil drops as the U.S. considers selling strategic resources to control prices. Gold was stable. 

Price Chg. %
WTI Crude Oil $76.15 -1.65%
Brent Crude Oil $80.03 -1.30%
Natural Gas $5.47 -3.68%
Gold $1,761.40 -0.02%
Silver $22.77 1.06%
Copper $4.23 1.99%
Soybeans $1,246.00 0.32%

Crypto

Bitcoin traded above $54,000 as crypto markets rebounded. The global crypto market cap is $2.29T, a 4.76% increase over the last 24 hours. Bitcoin’s dominance is currently 44.42%, an increase of 0.16% in the same period.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $54,310.00 +5.77% $1.02trillion
Etherium ETH $3,572.42 +5.52% $419.49b
Cardano ADA $2.32 +8.53% $72.09b
Ripple XRP $1.08 +4.72% $47.75b
Dogecoin DOGE $0.2499 +0.96% $32.89b

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