Trish: Stocks Drop, Treasuries Rally, Amid Fear Economy Is Headed For ‘Zombie Recovery’

U.S. stocks dropped in premarket trading Monday on concerns about the Delta variant’s impact on the global economy.

Treasury yields fell and the dollar strengthened as investors fled stocks into “safer” investments.

As confidence in the market drops, some are concerned that central banks and governments will have to do more to “stimulate” the economy. Given the already record high levels of inflation, there’s increased concern that the Fed may do more harm than good. (Article continues below.)

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Equities

U.S. stock futures dropped, heading for a seven-week low. Investors are concerned about how the Delta variant could impact the global economy.

  • S&P 500 futures: 4,271.00, -1.10%
  • Nasdaq futures: 14,619.75, -0.35%
  • DOW futures: 34,212.00, -1.02%

U.S. Dollar and Treasuries

Treasury yields fell below 1.3% as investors fled stocks. The dollar strengthened.

  • U.S. Dollar Index (DXY): 92.98, +0.32%
  • 10-year Treasury yield: 1.29%
  • 2-year Treasury yield: 0.250%

Stocks To Watch

Retail investors were behind some of the biggest stock moves today.

Stocks of Creatd Inc reversed losses after falling by more than 21% in the past week, on concerns about insider selling. The surge seems to be driven by retail investor interest, who cite low float and high short interest as a reason to buy the stock.

Stocks of an insurance company Oxbridge Re Holdings surged on retail investor interest as well. Retail investors cited the company’s low float as an opportunity.

A drone technology company Red Cat Holdings announced it will sell shares of its common stock in a public offering. The company’s shares fell by more than 35% in premarket trading.

  • CRTD Creatd Inc $4.100, +28.53%, 1.20M (volume)
  • OXBR Oxbridge Re Holdings $4.190, +17.37%, 1.26M (volume)
  • RCAT Red Cat Holdings $4.430, -37.61%, 495.39K (volume)

Commodities To Watch

Oil dropped after OPEC+ reached an agreement on increasing output. Gold dropped.

  • WTI crude: 69.42, -2.99%
  • Brent crude: 71.55, -2.77%
  • Gold: 1,803.20, -0.65%

Crypto

The global crypto market cap increased by 3.05% in the last 24 hours. Ethereum co-founder Anthony Di Iorio has announced he is quitting the world of cryptocurrency. 

  • BTC: $31,317.66, -1.07%
  • ETH: $1,866.61, -4.70%
  • DOGE: $0.1769, -6.75%
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