Trish: Markets Slump As Major Banks Downgrade U.S. Stocks – El Salvador Botches Crypto Rollout

U.S. stock futures slumped as investors weighed increasing risks of high stock valuations. 

Leading investment banks such as Morgan Stanley, Citigroup, and Credit Suisse are cautioning investors when it comes to U.S. stocks. Meanwhile, Goldman Sachs has downgraded its growth outlook for U.S. economy.

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The spread of the Delta variant and the Chinese regulatory crackdown remains a serious concern of global markets. If the Fed pulls back as planned, investors worry the economy will stuggle and valuations will suffer.

Equities

U.S. stock futures fell in premarket trading.  

Level Chg. Chg. %
DOW Futures 35,085.00 -6 -0.02%
S&P 500 Futures 4,518.25 -1 -0.02%
Nasdaq Futures 15,667.75 -7 -0.04%

U.S. Dollar and Treasuries

U.S. Treasury yields fell as investors fled into safe-havens. The yield on the 10-year Treasury fell two basis points. The dollar strengthened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 92.67 +0.16 +0.17%
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Yield Change Previous close
U.S. 1 Year Treasury Bill 0.078% 0.013 0.065%
U.S. 2 Year Treasury Note 0.216% -0.008 0.224%
U.S. 5 Year Treasury Note 0.811% -0.013 0.824%
U.S. 10 Year Treasury Note 1.354% -0.020 1.373%
U.S. 20 Year Treasury Bond 1.885% -0.027 1.911%
U.S. 30 Year Treasury Bond 1.959% -0.031 1.990%

Stocks To Watch

Pharmaceutical company Sanofi has entered into a merger agreement with Kadmon. Kadmon shareholders will receive $9.50 in cash per share. Investors quickly reacted to the announcement and the share price rocketed up. Kadmon Holdings is a biopharmaceutical company that develops treatment in areas of unmet medical need. 

Biopharmaceutical company ADMA Biologics received FDA approval for its in-house aseptic fill-finish machine. 

A diversified holding company Alset EHome International has announced it will increase its position in Document Security Systems through a $15 million subscription agreement. Investors reacted positively to the announcement. 

India Globalization Capital announced the completion of its Phase 1 clinical trial on a cannabis-based investigational drug for patients suffering from Alzheimer’s.   

Symbol Price Chg. Chg. % Volume
Kadmons KDMN $9.21 +3.910 +73.77% 10.19M
ADMA Biologics Inc ADMA $1.38 +0.1100 +8.66% 6.07M
Alset Ehome Interna. AEI $2.85 +0.450 +18.75% 3.20M
India Globalization. IGC $1.73 +0.1400 +8.81% 1.45M

 

Commodities To Watch

Oil rose as U.S. supply rose more slowly than expected due to the damage caused by Hurricane Ida. Gold strengthened. 

Price Chg. %
WTI Crude Oil $69.37 1.49%
Brent Crude Oil $72.60 1.27%
Natural Gas $4.66 2.10%
Gold $1,800.00 0.08%
Silver $24.39 0.07%
Copper $4.24 -1.02%
Soybeans $1,283.75 0.53%

Crypto

El Salvador’s Bitcoin adoption turned out to be a bit of a flop, at least for now. The rollout was accompanied by glitches and bugs, sending crypto markets tumbling. 

The global crypto market cap is $2.06T, a 9.71% decrease over the last 24 hours. Bitcoin’s dominance is currently 42.55%, an increase of 0.44% in the same period.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $46,541.71 -8.78% $875.45b
Etherium ETH $3,418.31 -9.00% $400.02b
Cardano ADA $2.40 -9.67% $74.58b
Ripple XRP $1.09 -15.28% $48.06b
Dogecoin DOGE $0.2484 -13.11% $32.59b

 

 

 

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Trish Reganhttps://trishintel.com
Trish Regan is an award winning financial journalist, an American television talk show host and author who interprets political events through an economic lens.

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