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Toplines Before US Market Open on Wednesday

Tiger Newspress2021-07-07

The Nasdaq futures hit a record high on Wednesday as a fall in Treasury yields supported tech-heavy growth stocks, while investors focused on the Federal Reserve’s minutes from the June meeting to gauge the trajectory of policy support going forward.

At 8:05 a.m. ET, Dow E-minis were up 23 points, or 0.07%, S&P 500 E-minis were up 7.5 points, or 0.17% and Nasdaq 100 E-minis were up 79.25 points, or 0.54%.

*Source From Tiger Trade, EST 08:05

Yield on the U.S. 10-year notes slipped for the seventh straight session, while mega-cap technology names Facebook Inc Apple Inc, Alphabet Inc and Amazon.com Inc gained between 0.6% and 0.7% in premarket trading.

Fast-growing technology stocks are sensitive to yields as their value rests heavily on future earnings, which are discounted more deeply when bond returns go up.

The Fed minutes, due at 2 p.m. ET, is expected to offer clues on how the U.S. central bank may begin to pare its large bond-buying program amid signs of quickening economic recovery.

Wall Street has been concerned over runaway inflation, with investors moving between economy-linked value stocks and growth names in the past few sessions.

Stocks making the biggest moves in the premarket:

Devon Energy,Occidental Petroleum— Energy stocks were set to gain as oil prices rose. Devon Energy advanced 3% in premarket trading, while Occidental Petroleum climbed 1.7%. U.S. West Texas Intermediate gained $1.23, or 1.7%, to trade at $74.60 per barrel, having declined by more than 2% in the previous session amid uncertainty about OPEC+ supply policy.

Didi— The slide in Chinese ride-hailing company continued with shares falling another 4% in premarket trading. Didi shares sunk nearly 20% after Chinese regulators announced a cybersecurity review of the company, less than a week after Didi's public debut on the New York Stock Exchange.

Sunnova Energy— Shares of the solar company climbed more than 3% afterRaymond James upgraded the stock to strong buy from outperform, saying the stock's recent underperformance was caused by misguided concerns. The stock is down about 13% this year.

Whirlpool— The home appliance stock edged up about 1% afterJPMorgan named the company a top pick,saying that the rest of Wall Street was too negative about the company. JPMorgan's price target of $278 represents a 28% upside for Whirlpool stock.

JPMorgan,Goldman Sachs— Bank stocks were set to extend their sell-off as long-term bond yields fell further. The 10-year Treasury yield dipped another 3 basis points below 1.35%, its lowest level since February. The 30-year Treasury yield fell a similar magnitude to 1.97% on Wednesday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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  • JCai
    ·2021-07-08
    Like pls
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    • ken26ksh
      Done, please like back
      2021-07-08
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  • estherytwu
    ·2021-07-08
    Test
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  • Hayleypang
    ·2021-07-07
    Ooo
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  • Zhem
    ·2021-07-07
    Thks
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  • HwaHwa
    ·2021-07-07
    hmmm
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  • Yimong
    ·2021-07-07
    While Goldman Sach involves in such huge scandal of 1MDB, they can still have their way out and continues like nobody’s business ?‍♀️
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    • STKG
      it's just part of their biz. no impact.
      2021-07-08
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    • Yimong
      Indeed ?‍♀️
      2021-07-07
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    • AuroraJ
      Cash is K I N G
      2021-07-07
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  • mcks
    ·2021-07-07
    Like and comment pls
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    • JeremyKok
      hi. please like and comment back. thank you.
      2021-07-08
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  • Derlin
    ·2021-07-07
    Like my comment tty
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    • JeremyKok
      hi. please like and comment back. thank you.
      2021-07-08
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  • Lingg
    ·2021-07-07
    I
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  • FU5591
    ·2021-07-07
    nice
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  • Juelo
    ·2021-07-07
    Another round
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  • jiaxinn
    ·2021-07-07
    Like
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    • JCai
      k
      2021-07-08
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    • lilyplant
      ?
      2021-07-07
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  • Meshaarias72
    ·2021-07-07
    Wait and see what happen when market opening 
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  • Reindeerrr
    ·2021-07-07
    Pls like thanks!
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    • Derlin
      Nice
      2021-07-07
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  • fer
    ·2021-07-07
    Like n comment pls
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  • 玉树临风英俊
    ·2021-07-07
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  • AlphaSpiker
    ·2021-07-07
    The bull never sleeps yeah
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  • HMHB
    ·2021-07-07
    [得意] 
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  • Meshaarias72
    ·2021-07-07
    Like n comment pls
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    • 玉树临风英俊
      Done
      2021-07-07
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    • JeremyKok
      hi. please like and comment back. thank you.
      2021-07-08
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  • AventadorKK
    ·2021-07-07
    ??
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