Markets Plunge Amid Concerns About Fed, U.S. Economy, and China Contagion

U.S. stock futures faced one of the largest yearly premarket drops as investors were concerned with slowing growth, the spread of the delta variants and the possibility of the Fed tapering. Meanwhile, a “Lehman like” moment seems to be brewing in China, causing even more worries about whether China’s financial community can handle such a challenged.

This week, all eyes are on the Fed. The Federal Reserve’s two-day monetary policy meeting will end on Wednesday, which is when investors will get key updates on monetary policy. 

Historically, September tends to be the worst month for markets.

- Advertisement -

China’s Evergrande conglomerate is still in focus. Shares plunged on debt fears as the struggling company is facing upcoming bond payments this week. Chinese officials are still refusing to bail out the company and investors are worry that China won’t be able to contain the collapse of the development conglomerate and the potential contagion its downfall might bring. 

Equities

U.S. futures plunged in premarket trading on the concern over slowing growth and tighter monetary policy.

Level Chg. Chg. %
DOW Futures 33,855.00 -607 -1.76%
S&P 500 Futures 4,354.50 -67.25 -1.52%
Nasdaq Futures 15,113.25 -212.75 -1.39%

U.S. Dollar and Treasuries

- Advertisement -

The yield on the 10-year Treasury fell six basis points. The dollar strengthened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93.4 +0.21 +0.22%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.073% 0.002 0.071%
U.S. 2 Year Treasury Note 0.214% -0.008 0.222%
U.S. 5 Year Treasury Note 0.823% -0.037 0.860%
U.S. 10 Year Treasury Note 1.316% -0.055 1.371%
U.S. 20 Year Treasury Bond 1.794% -0.060 1.854%
U.S. 30 Year Treasury Bond 1.848% -0.057 1.906%

Stocks To Watch

Shares of SmileDirectClub, a teledentistry company, rose in premarket trading on retail investor interest. 

Verastem Oncology announced a partnership with Amgen to conduct a study on VS-6766 in combination with LUMAKRASTM in patients with KRAS G12C-mutant non-small cell lung cancer. 

Shares of Zivo Bioscience were up almost 200% in premarket trading, after dropping 16% on Friday as the company filed a shelf registration for a public offering. Retail investors took advantage of the company’s low float – a low number of shares outstanding, which means that the stock is vulnerable to large price swings. 

Symbol Price Chg. Chg. % Volume
SmileDirectClub SDC $7.35 +0.650 +9.70% 6.32M
Zivo Bioscience Inc. ZIVO $7.65 +4.850 +173.21% 4.65M
Verastem Inc VSTM $3.36 +0.600 +21.74% 4.58M

Commodities To Watch

Oil dropped on concerns over global growth and the strengthening dollar. Gold strengthened. 

Price Chg. %
WTI Crude Oil $70.42 -2.15%
Brent Crude Oil $73.95 -1.84%
Natural Gas $5.08 -0.59%
Gold $1,755.60 0.24%
Silver $22.30 -0.17%
Copper $4.16 -1.92%
Soybeans $1,273.50 -0.82%

Crypto

Crypto markets are down as they are facing increasing scrutiny by U.S. regulators. The global crypto market cap is $1.96T, an 8.3% decrease over the last 24 hours. Bitcoin’s dominance is currently 42.69%, an increase of 0.42% in the same period.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $43,708.11 -7.75% $822.27b
Etherium ETH $3,043.96 -8.54% $356.72b
Cardano ADA $2.06 -11.71% $63.95b
Ripple XRP $0.9182 -13.28% $40.47b
Dogecoin DOGE $0.2074 -11.85% $27.21b

 

 

 

SUBSCRIBE TO MY FREE NEWSLETTER

Liberals want to destroy America. Their radical agenda will pack our courts, change the voting laws, and take away our constitutional freedoms. That's why is important to Join My Newsletter and get the news directly from me.

David Marsanic
Freelance journalist, student of the Austrian school.

Related Articles

Stay Connected

137,091FansLike
693,028FollowersFollow
36,500SubscribersSubscribe
spot_img

Latest Articles

TRISH REGAN NEWSLETTER

Liberals want to destroy America. Their radical agenda will pack our courts, change the voting laws, and take away our constitutional freedoms. That's why is important to Join My Newsletter and get the news directly from me.

- Advertisement -spot_img
Get The Full Story From Me

Conservative Media is under attack from Big Tech. Please join my 100% FREE NEWSLETTER.

  • Trish Intel
  • Trish Regan
  • https://chrt.fm/track/23284G/traffic.omny.fm/d/clips/5e27a451-e6e6-4c51-aa03-a7370003783c/d93acfd6-a015-4c06-8697-ad42013d1e7d/2c146cb1-c684-4fe6-b82d-adec017e6806/audio.mp3