Markets Look To Stabilize After Worst Sell Off In Months

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.

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Equities

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%

Crypto

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%
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