US Stocks Drop Amid Chinese Tech Stock Meltdown

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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.)

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Equities

U.S. stock futures dropped as investors dumped Chinese tech stocks.

Price Chg. Chg. %
Dow Jones 34,967.00 -62.81 -0.19%
S&P 500 4,409.25
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-4.89

-0.11%
Nasdaq 15,125.50 +3.7 +0.05%


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
3-Month Treasury 0.04% 0.05%
2-Year Treasury 0.22% 0.22%
5-Year Treasury 0.71% 0.72%
10-Year Treasury 1.28% 1.29%
30-Year Treasury 1.93% 1.93%

Price Chg. Chg. %
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.

Symbol Last Chg. Chg. %
New Oriental Education EDU $2.06 +0.120 +6.19%
EyeGate Pharmaceuticals EYEG $7.52 +4.400 +141.03%
ObsEva SA OBSV $3.24 +0.720 +28.57%
Meten Edtechx METX $0.64 +0.1660 +35.02%
TAL Education TAL $4.69 +0.29 +6.59%
Tyme Tech TYME $1.47 +0.0900 +6.52%

 

Commodities

Oil edged higher as concerns over tight supply outweighed the concerns over the spread of the Delta variant. Gold dropped. 

Price Chg. %
Crude Oil WTI $ 72.08 +0.24%
Brent Oil $ 74.82 +0.43%
Gold $ 1,796.60 -0.14%

Crypto

The global crypto market cap decreased by -2.14% in the last 24 hours.

Price Chg. % Cap
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

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Trish Reganhttps://trishintel.com
Trish Regan is an award winning financial journalist, an American television talk show host and author who interprets political events through an economic lens.

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