U.S. stocks futures fell Tuesday amid growing concerns about the ripple effect of the Chinese tech stock crash.
Chinese regulators are cracking down hard on the tech sector. Education tech is the latest sector that’s being targeted, as regulators are aiming to reduce the cost of having children. Ed-tech stocks have fallen over 70% since news of the crackdown broke.
Investors will be looking out for Durable goods orders data and Consumer Confidence survey numbers, set to be released on Tuesday. (Story continues below.)
U.S. stock futures dropped as investors dumped Chinese tech stocks.
U.S. Dollar and Treasuries
10-year Treasury yields fell as investors were looking for safe havens for investment. The dollar strengthened against a basket of major currencies.
|Treasury yields:||Yield today||Previous Yield|
|U.S. Dollar Index (DXY):||92.71||0.06||0.07%|
Stocks To Watch
Chinese education tech stocks were among the biggest movers today. New Oriental Education and TAL Education increased slightly after losing more than 70% of their value after the Chinese regulatory crackdown on the sector. On the other hand, Meten Edtechx bounced back, almost reaching its pre-crash price of $0.7.
Stocks of EyeGate Pharmaceuticals spiked after the company announced that it entered into a non-binding agreement to acquire Bayon Therapeutics. The company also announced an appointment of Brian M. Strem as CEO.
A biopharmaceutical company ObsEva has entered into an agreement with Organon to commercialize Ebopiprant, as a treatment for reducing inflammation and uterine contractions in preterm labor.
A biotech company Tyme Tech was granted a patent for a Tyrosine-based drug delivery method for cancer treatment.
|New Oriental Education||EDU||$2.06||+0.120||+6.19%|
Oil edged higher as concerns over tight supply outweighed the concerns over the spread of the Delta variant. Gold dropped.
|Crude Oil WTI||$ 72.08||+0.24%|
|Brent Oil||$ 74.82||+0.43%|
The global crypto market cap decreased by -2.14% in the last 24 hours.
|Bitcoin BTC||$ 37,284.21||-2.00%||$ 699.75 billion|
|Ethereum ETH||$ 2,211.86||-4.81%||$ 257.55 billion|
|Ripple XRP||$ 0.6291||-3.59%||$ 27.73 billion|
|Cardano ADA||$ 1.25||-6.56%||$ 38.98 billion|