Trish: Markets Up Despite Mixed Earnings And Delta Spread – Meme Stocks Lose Steam As Robinhood Cashes In

U.S. stock futures were higher Thursday as investors weighed concerns over the global spread of the delta variant, as well as Wednesday’s mixed earnings.

Meme stocks lost some of their steam in the premarket, as Robinhood (HOOD) wasted no time cashing in on the phenomenon and filing to sell 97.9 million shares in a post-IPO share offering.

Equities

U.S. stock futures were up ahead of U.S. jobless claims data and continued their upside after the Labor Department reported that initial unemployment claims totaled 385,000 in the week ending July 31. This is the second week of declines and in-line with estimates.  

Level Chg. Chg. %
DOW Futures 34,732.00 42 0.12%
S&P 500 Futures 4,402.50 7.75 0.18%
Nasdaq Futures 15,103.50 30 0.20%
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U.S. Dollar and Treasuries

The yield on 10-year Treasuries declined one basis point. The dollar dropped against a basket of major currencies. 

Price Chg. Chg. %
U.S. Dollar Index (DXY): 92.15 -0.12 (-0.13%)

 

SYMBOL  YIELD  CHANGE 
US 1-YR 0.066 UNCH
US 2-YR 0.186 +0.004
US 5-YR 0.674 UNCH
US 10-YR 1.172 -0.012
US 20-YR 1.726 -0.018
US 30-YR 1.824 -0.017

 

Stocks To Watch

Shares of Chinese education technology company Meten Edtechx Education rose in premarket trading as investors responded positively to the group’s annual general meeting. The company decided to remove 8 directors, reduce the number of directors to five and change its name to Meten Holding Group. The meeting signaled a major shift in the company’s focus away from the Chinese ed-tech sector, which suffered a regulatory crackdown. 

Ensysce Biosciences announced a notice of allowance from the U.S. Patent and Trademark Office for a patent for controlled release of amphetamine for patients using Trypsin-Activated Abuse Protection. Ensysce focuses on prescription drugs abuse prevention. 

Robinhood dropped in premarket trading after an unprecedented spike of over 80% in Wednesday’s trading, as the trading app finally secured its meme-stock status. The company had already filed to sell 97.9 million shares to cash in. However, the stock is still well over the underwhelming IPO price of $38. 

AMC traded slightly lower in premarket trading as meme stocks retreated. 

Symbol Price Chg. Chg. % Volume
Meten Edtechx Education  METX $0.66 +0.1264 +23.55% 5.60M
Ensysce Biosciences ENSC $5.90 +1.81 +44.25% 2.57M
Robinhood Markets HOOD $63.01 -7.38 -10.48% 2.00M
AMC Entertainment AMC $29.27 -0.57 -1.91% 502.57K

 

Commodities To Watch

Oil prices rose on news from tensions in the Middle East as Israeli aircrafts struck targets in Lebanon. Gold rose. 

Price Chg. %
WTI Crude Oil $68.37 0.32%
Brent Crude Oil $70.52 0.20%
Natural Gas $4.14 -0.43%
Gold $1,817.20 0.15%
Corn $549.00 0.41%

 

Crypto

The global crypto market cap increased 7.07% in the last 24 hours. JP Morgan launched an in-house Bitcoin fund for its wealthy clients. 

 

Symbol Price Chg. % Market Cap.
Bitcoin BTC $38,128.88 -0.09% $715.94b
Etherium ETH $2,633.21 +5.08% $306.93b
Cardano ADA $0.1968 +0.92% $25.72b
Ripple XRP $0.7141 +1.12% $31.47b
Dogecoin DOGE $1.36 +0.00% $31.47b

 

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