Markets Rebound After Biggest Sell-off In 4 Months

U.S. stocks futures recovered some of their losses from the Monday selloff ahead of the start of the Federal Reserve monetary policy meeting.

Just as our publisher Trish Regan wrote yesterday, the markets were overreacting. 

Monday’s drop was the biggest daily decline in four months, fuelled by growing concerns over risks in China. 

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The Evergrande conglomerate is still facing a likely default, even as chairman Hui Ka Yuan vowed that the company would “walk out of its darkest moment” and resume full-scale operation as soon as possible. 

Equities

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U.S. futures recovered in premarket trading, after the biggest daily drop in four months.

Level Chg. Chg. %
DOW Futures 34,096.00 270 0.80%
S&P 500 Futures 4,378.75 32.25 0.74%
Nasdaq Futures 15,111.25 108.75 0.72%

U.S. Dollar and Treasuries

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

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93.08 -0.2 -0.21%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.070% 0.003 0.068%
U.S. 2 Year Treasury Note 0.226% 0.004 0.222%
U.S. 5 Year Treasury Note 0.836% 0.010 0.826%
U.S. 10 Year Treasury Note 1.329% 0.016 1.313%
U.S. 20 Year Treasury Bond 1.816% 0.019 1.797%
U.S. 30 Year Treasury Bond 1.870% 0.018 1.852%

Stocks To Watch

Shares Rewalk Robotics, a company specializing in commercial powered walking assistance, surged despite no major company announcements. The surge could be linked to the news that Jeff Becerra, a vocalist of a metal band Possessed, was able to walk for the first time in 30 years thanks to the Rewalk system. The news made mainstream media and likely brought attention to the company. 

Vaccine company NanoViricides announced positive results from the NV-CoV-2-R, a remdesivir encapsulated nanoviricide drug, which showed the potential of becoming a cure-all for all coronaviruses

Shares of Viridian Therapeutics were up despite the news of a public offering of common and preferred stock at $11.00 per share. Trading is likely driven by retail investor interest. 

Symbol Price Chg. Chg. % Volume
Rewalk Robotics RWLK $1.56 +0.2600 +20.00% 8.28M
NanoViricides Inc NNVC $5.60 +1.810 +47.76% 7.01M
Viridian Therapeuti. VRDN $12.71 +2.02 +18.90% 1.15M

 

Commodities To Watch

Oil rose on shortage in U.S. supply, as well as a weakening dollar. Gold was stable. 

Price Chg. %
WTI Crude Oil $70.93 1.13%
Brent Crude Oil $74.63 0.96%
Natural Gas $4.95 -0.64%
Gold $1,768.80 0.28%
Silver $22.57 1.63%
Copper $4.16 1.13%
Soybeans $1,263.25 0.06%

Crypto

Crypto markets were down $250 billion on Monday, together with the rest of the stock market. On Tuesday, cryptocurrencies stabilized. 

The global crypto market cap is $1.94T, a 0.64% decrease over the last 24 hours. Bitcoin’s dominance is currently 42.26%, a decrease of 0.58% in the same period.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $43,348.76 -0.57% $815.92b
Etherium ETH $3,063.00 +1.01% $358.99b
Cardano ADA $2.17 +6.50% $67.40b
Ripple XRP $0.9505 +4.24% $41.89b
Dogecoin DOGE $0.2127 +3.29% $27.94b

 

 

 

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