U.S. stock futures fell as jitters in China’s indebted property sector rippled into global markets. Here’s what we’re watching ahead of Monday’s trading session.
- The Cboe Volatility Index—Wall Street’s so-called fear gauge, also known as the VIX—ticked up to 25.44, its highest level since mid-May.
- Shares of banks and financial services companies, which tend to be among the most economically sensitive stocks, declined premarket. Bank of America and Goldman Sachs Group shares each fell 2.6%.
- Energy stocks fell premarket as futures for Brent crude, the benchmark in international energy markets, fell 1.8% to $73.99 a barrel. Shares of Occidental Petroleum fell 4.9%, Devon Energy declined 4% and Marathon Oil shed 3.3%.
- Shares of bitcoin mining stocks fell alongside the price of the world’s largest cryptocurrency by market value. Hut 8 Mining shares fell 5.6% and Marathon Digital Holdings declined 6.1% premarket. Bitcoin’s dollar value fell 5.6% to $44,916.26 from its 5 p.m. ET level Sunday.
- U.S.-listed shares of Li Auto fell 3.8% premarket after the company revised lower its outlook for third-quarter vehicle deliveries due to Covid-19 hampering chip production in Malaysia.
- Pfizer and partner BioNTech said their Covid-19 vaccine was found to be safe and generated a strong immune response in children aged 5 to 11 years in a late-stage study but the positive news wasn’t enough the shake the broader market rout. Pfizer shares edged 1% lower premarket and U.S. listed shares of BioNTech fell 4.1%.
- AstraZeneca shares bucked the broader selloff, with U.S.-listed shares up 2% premarket. The company shared strong data on its new breast cancer drug Enhertu at a large medical conference over the weekend.
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- Natural-gas prices have surged, prompting worries about winter shortages and forecasts for the most expensive fuel since frackers flooded the market more than a decade ago.
Write to Caitlin Ostroff at email@example.com
S&P 500, Bitcoin, Li Auto: What to Watch When the Stock Market Opens Today Source link S&P 500, Bitcoin, Li Auto: What to Watch When the Stock Market Opens Today