Commodities & Agriculture:
• Brent crude futures (UKOIL) fell $2.08, or -1.9%, to $104.94 by 1221 GMT after climbing 2.3% on Friday. U.S. West Texas Intermediate (WTI) crude futures (USOIL) declined by $2.55, or -2.4%, to $102.24, paring a 2% gain from Friday.
• Dollar Index, which tracks the greenback against a basket of six other currencies, traded +0.5% higher to 107.325, climbing to levels not seen since the start of 2002.
• USD/JPY rose +0.7% to 137.03, paring gains slightly, climbing as high as 137.26 in early trading, its highest since late 1998, a 24-year peak.
• EUR/USD fell -0.5% to 1.0129, heading back towards the 20-year intraday low hit Friday, with the risk of a recession in the Eurozone growing as the likelihood of an energy crisis in the region rises.
• GBP/USD fell -0.4% to 1.1975, with the political uncertainty surrounding the ruling Conservative party’s choice of their next leader and prime minister weighing on sterling.
During Market hours Yesterday — (Friday – 08.07.2022):
• The Dow (Symbol: DIA) went down -0.16%. The S&P 500 (Symbol: SPY) lost -0.08% and the Nasdaq (Symbol: QQQ) gained 0.13%.
• Spirit Airlines (Symbol: SAVE) — The airline company’s shares added +4.2% after Spirit Airlines postponed yet another shareholder vote on its plan to merge with Frontier Group. It is the third time Spirit delayed a vote, as Frontier Group and JetBlue Airways compete in a bidding war for the airline company.
• Twitter (Symbol: TWTR) — Shares of Twitter lost -5.1% following a Washington Post report that Elon Musk’s deal to buy the social media company is in jeopardy.
• Tesla (Symbol: TSLA) — Tesla’s shares gained +2.5% following a report from the China Passenger Car Association that showed Tesla sold a record number of China-made vehicles. Tesla sold 78,906 China-made vehicles in June, compared to 32,165 vehicles in May.
• GameStop (Symbol: GME) — Shares of the video game retailer fell -4.9% a day after the company said it has fired its chief financial officer, Mike Recupero, and is making staff cuts across departments as part of an aggressive turnaround plan. CEO Matt Furlong explained the changes in the memo to employees and said the company has to take bold steps as it invests in its digital future.
During Premarket hours today – (Monday – 11.07.2022):
• Twitter (Symbol: TWTR) — Twitter slid in premarket trading after Elon Musk announced late Friday that he was abandoning his $44 billion takeover deal. Twitter responded by saying it plans legal action to hold Musk to the agreed-upon transaction.
• Uber Technologies (Symbol: UBER) — Uber is said to have lobbied extensively to relax labor and tax laws, and used so-called “stealth technology” to block government scrutiny and gain public trust, according to a report by the International Consortium of Investigative Journalists. Uber issued a statement saying it had made mistakes in the past and that it is a different company today. Uber lost -2.6% in premarket action.
• Nio (Symbol: NIO) — The China-based electric car maker said its board had formed an independent committee to investigate allegations made by short-selling firm Grizzly Research. Grizzly had accused Nio of exaggerating its revenue and profit margins, allegations that Nio said were without merit. Nio lost -3.2% in the premarket.
• China tech stocks — These stocks fell after the Chinese government fined Alibaba (BABA), Tencent and other China tech companies for failing to comply with anti-monopoly rules and not disclosing transactions. Alibaba lost 3.9% in the premarket, with JD.com (Symbol: JD) off -3.4%, Pinduoduo (Symbol: PDD) slipping -4.4% and Baidu (Symbol: BIDU) down -3%.
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