Trish: Stock Futures Plummet On Slowing China Growth

U.S. stock futures fell on signs of slowing global growth, especially from China. The drop came after retail sales and industrial output data showed slowing economic activity in the country. 

China’s retail sales increased by 8.5%, below the 11.5% anticipated by economists. Online sales gained 4.4%. In addition, industrial production gained 6.4% below the expected 7.8% increase.

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As investors are recovering from a shock due to falling consumer confidence tied to Delta in China, many are looking to the Federal Reserve to prop up the market in the U.S. Yet, there’s some speculation that Fed could do the opposite.

Investors are speculating that Fed Chair Jerome Powell will use the Jackson Hole symposium in late August to announce a tightening shift in monetary policy. 

This week, traders will be looking at this week’s Federal Open Market Committee’s minutes for signs of any shift in messaging. 

On Monday, investors will be looking at the Empire State Manufacturing Survey, a monthly survey of manufacturers in New York State conducted by the Federal Reserve Bank of New York. The data will be released before market open. (Story continues below.)

Equities

U.S. stock futures dropped in premarket trading, on concerns over slowing growth and a drop in consumer confidence. 

Level Chg. Chg. %
DOW Futures 35,310.00 -117 -0.33%
S&P 500 Futures 4,448.00 -15.5 -0.35%
Nasdaq Futures 15,074.75 -57 -0.38%

 

U.S. Dollar and Treasuries

U.S. Treasury yields dropped. The yield on the 10-year Treasury dropped one basis point. The dollar strengthened. 

Price Chg. Chg. %
U.S. Dollar Index (DXY): 92.64 +0.12 (+0.13%)

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.079% -0.005 0.084%
U.S. 2 Year Treasury Note 0.209% -0.004 0.213%
U.S. 5 Year Treasury Note 0.772% -0.005 0.776%
U.S. 10 Year Treasury Note 1.278% -0.008 1.286%
U.S. 20 Year Treasury Bond 1.833% 0.001 1.833%
U.S. 30 Year Treasury Bond 1.935% 0.005 1.930%

 

Stocks To Watch

Stocks of a medical tech company Surgalign Holdings surged after the SEC reports showed a large volume of insider buying. Terry Rich, the president and CEO of Surgalign bought more than one million shares at around $0.93 per share. 

Chinese electric vehicle company Nio unveiled a new mass-market brand to compete with companies like Volkswagen and Toyota. “The relationship between Nio and our new mass-market brand will be like that of Audi-Volkswagen and Lexus-Toyota,” the company’s CEO William Li said. Investors did not respond well to the announcement, as the shares dropped. 

Shares of a late-stage clinical company Sesen Bio continue to drop after the FDA declined to approve the company’s bladder cancer treatment. 

Shares of Cellect Biotechnology rose after the company filed a registration statement in connection to its announced merger with Quoin Pharmaceuticals. 

Symbol Price Chg. Chg. % Volume
Surgalign Holdings SRGA $1.06 +0.1599 +17.76% 1.96M
Nio A ADR NIO $39.33 -1.66 -4.05% 1.43M
Sesen Bio Inc SESN $1.84 -0.27 -12.80% 1.36M
Cellect Biotech APOP $4.19 +0.260 +6.62% 760.31K

Commodities To Watch

Oil dropped amid slowing demand in China, as the country is struggling with a covid-19 outbreak. Gold was stable in premarket trading. 

 

Price Chg. %
WTI Crude Oil $67.36 -1.58%
Brent Crude Oil $69.58 -1.43%
Natural Gas $3.86 0.08%
Gold $1,774.80 -0.19%
Silver $23.46 -$0.01
Copper $4.32 -1.69%
Soybeans $1,368.00 0.22%

 

Crypto

The global crypto market topped $2 trillion again, for the first time in 3 months. Bitcoin is back above $47,000. 

Global cap global cap chg.%
$2.05T 5.08%

  

Symbol Price Chg. % Market Cap.
Bitcoin BTC $47,560.41 +3.77% $893.56b
Etherium ETH $3,301.38 +4.70% $385.31b
Cardano ADA $2.18 +3.16% $67.88b
Ripple XRP $1.29 +1.32% $56.85b
Dogecoin DOGE $0.3501 +17.66% $45.82b

 

 

 

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