U.S. Stocks Up As Chinese Tech Stocks Rebound

U.S. stocks were up in premarket trading in part on optimism surrounding a rebound in Chinese tech stocks. JD.com was up more than 8%, after the company posted positive earnings results, despite the Chinese crackdown. Alibaba group was up 5%. (Story continues below.)

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The rebound carried through U.S.-listed Chinese tech companies and helped bump up stock indices. It even prompted skeptical investors such as Cathie Wood back into Chinese stocks. 

China passed a significant law surrounding data protection on Friday but investors believe the law will be introduced slowly enough to allow tech companies the opportunity to grow.

Back home, investors will be looking at the Richmond Fed Manufacturing Index and New home sales data, set to be released on Tuesday morning. 

Equities

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U.S. stock futures opened higher in premarket trading, as investors weighed risks of lockdowns amid the spread of the delta variant. 

Level Chg. Chg. %
DOW Futures 35,335.00 54 0.15%
S&P 500 Futures 4,481.50 6 0.13%
Nasdaq Futures 15,333.00 28.5 0.19%

U.S. Dollar and Treasuries

U.S. Treasury yields increased. The yield on the 10-year Treasury rose one basis point. The dollar strengthened against a basket of major currencies. 

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93 +0.04 (+0.05%)

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.068% -0.001 0.069%
U.S. 2 Year Treasury Note 0.230% 0.008 0.222%
U.S. 5 Year Treasury Note 0.777% 0.005 0.772%
U.S. 10 Year Treasury Note 1.267% 0.014 1.253%
U.S. 20 Year Treasury Bond 1.811% 0.021 1.790%
U.S. 30 Year Treasury Bond 1.892% 0.021 1.871%

 

Stocks To Watch

Shares of a pharmaceutical company Baudax Bio increased on news of insider buying. The company’s CEO Richard Casten bought 50,000 shares at a price of $0.51 each.

Biotech company Bio-Path Holdings announced that the Food and Drug Administration cleared the Investigational New Drug application for its BP1002 treatment. 

Chinese tech stocks were some of the most traded companies in Tuesday’s premarket trading on Wall Street, including Alibaba and Didi Global

Symbol Price Chg. Chg. % Volume
Baudax Bio Inc BXRX $0.69 +0.1660 +31.68% 9.69M
Bio Path BPTH $7.49 +1.800 +31.63% 5.99M
Tonix Pharma TNXP $0.80 +0.1053 +15.27% 4.25M
Cara Therapeutic CARA $17.15 +2.87 +20.10% 2.00M
Pinduoduo PDD $90.44 +9.36 +11.54% 1.59M
Alibaba ADR BABA $169.77 +8.71 +5.41% 1.58M

 

Commodities To Watch

Oil continues to increase after recovering from a 7-day losing streak as investor sentiment shifts, despite ongoing fears over the delta variant. Gold was stable against the dollar. 

Price Chg. %
WTI Crude Oil $66.63 1.51%
Brent Crude Oil $69.89 1.66%
Natural Gas $3.94 -0.05%
Gold $1,805.80 -0.03%
Silver $23.73 0.31%
Copper $4.26 0.47%
Soybeans $1,304.25 0.89%

 

Crypto

The global crypto market cap is $2.13T, a 1.22% decrease over the last 24 hours. Bitcoins’ dominance is currently 43.42%, a decrease of 0.37% in the same period. The company behind the USD coin made an announcement that the stablecoin is no longer backed by 100% dollar reserves. 

Symbol Price Chg. % Market Cap.
Bitcoin BTC $49,428.91 -1.90% $929.07b
Etherium ETH $3,321.86 -0.69% $388.06b
Cardano ADA $2.89 +2.21% $89.79b
Ripple XRP $1.24 -3.27% $54.58b
Dogecoin DOGE $0.3125 -3.58% $40.93b

 

 

 

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