Stocks regained some of their losses after Monday’s rout, as concerns about the global growth outlook eased. Investors remain cautious however, as they worry about the spread of Covid-19 variants and the economic challenges another lockdown could bring to the global economy.
Cryptocurrencies meanwhile experienced a significant drop as Bitcoin dropped below $30,000. Story continues below.
U.S. stock futures were rebounded in premarket trading as traders reassessed their global growth outlook.
- S&P 500 futures: 4,266.00, +0.35%
- Nasdaq futures: 14,594.75, +0.37%
- DOW futures: 33,973.00, +0.40%
U.S. Dollar and Treasuries
Treasury yields rebounded after the Monday drop to the lowest level since February. The dollar was stable against a basket of major currencies.
- U.S. Dollar Index (DXY): 92.89, 0.00%
- 10-year Treasury yield: 1.370%
- 2-year Treasury yield: 0.220%
Stocks To Watch
Stocks of a biotech company Neurobo surged despite no company-related news. The surge was likely fuelled by retail investor interest.
A biotech company Adrelyx dropped more than 70% after an FDA regulatory update. The company announced that the Food and Drug Administration is unlikely to approve its drug for dialysis patients. Adrelyx specializes in treatments for renal conditions.
- NRBO Neurobo Pharmaceuticals $3.720, +31.91%, 907.49K (volume)
- ARDX Ardelyx Inc $2.300, -70.13%, 3.06M (volume)
Commodities To Watch
Oil was stable after falling $5 a barrel on Monday, the worse daily drop since March. OPEC+ agreement and rising coronavirus cases were behind the drop. Gold strengthened.
- WTI crude: $66.37, +0.03%
- Brent crude: $68.73, +0.16%
- Gold: $1,817.90, +0.48%
The global crypto market cap dropped by 7.13% in the last 24 hours, wiping out more than $100,000 in cryptocurrencies. Bitcoin dropped below $30,000. The selloff coincided with Monday’s market crash.
- BTC: $29,463.56, -6.15%
- ETH: $1,735.93, -7.43%
- ADA: $1.03, -12.42%
- DOGE: $0.1615, -9.02%