Commodities & Agriculture:
- The execution of an agreement on Ukrainian grain exports is scheduled to be discussed between President Vladimir Putin and his Turkish counterpart Tayyip Erdogan, according to the Kremlin on Friday.
- The world’s largest copper mine, Chile’s Escondida, has unionized employees who decided to strike over safety concerns on Thursday, boosting copper prices by over +4%.
- Brent crude increased $1.24, or +1.4%, to $90.39 per barrel. West Texas Intermediate (WTI) crude for the United States increased $1.05 or +1.3% to $84.59.
- Sharp Dollar Decline; Hawkish ECB Strengthens Euro. After reaching a 20-year high of 110.79 earlier in the week, the Dollar Index, which measures the value of the dollar against a basket of six other currencies, traded -1.1% down to 108.585, aiming for a -0.6% weekly decline.
During Market hours Yesterday — (Thursday – 08.09.2022):
- The Dow (Symbol: DIA) gained +0.60%. The S&P 500 (Symbol: SPY) earned +0.65%. and the Nasdaq (Symbol: QQQ) gained +0.52%.
- GameStop (Symbol: GME) — Shares of video game retailer rose more than +7% after the company disclosed a new partnership with cryptocurrency exchange FTX in its quarterly update. GameStop plans to collaborate with FTX on e-commerce and online marketing initiatives. The increase in the stock price came even as GameStop reported a sales decline and widened losses for the most-recent quarter.
- Rivian Automotive (Symbol: RIVN) — Rivian shares popped nearly +11% after the electric-vehicle startup and Mercedes announced they were planning a joint venture to build electric commercial vans for both brands in Europe. Production for the vehicles will be done on a shared assembly line to reduce costs and will begin in a few years.
- Advanced Micro Devices (Symbol: AMD) — Shares of the chip stock gained +4% following an upgrade from Stifel to a buy rating. The firm said Advanced Micro Devices’ stock could rally more than 50% going forward.
- Snap (Symbol: SNAP) — Shares of the social media company jumped more than +9% after the Verge reported that CEO Evan Spiegel broke down a turnaround plan in an internal memo. Spiegel said the company aims to grow Snapchat’s user base by 30% to 450 million by the end of next year. He also said he expects to increase revenue to $6 billion in 2023. Snap recently laid off 20% of its workforce.
- Moderna (Symbol: MRNA) — Moderna jumped +4.7% after Deutsche Bank upgraded the stock to buy, saying that a strong showing in the biotech company’s most recent quarter points to a buying opportunity.
During Premarket hours today – (Friday – 09.09.2022):
- DocuSign (Symbol: DOCU) — Shares of the electronic signature company surged +16.4% after the DocuSign’s quarterly numbers beat Wall Street expectations. DocuSign also shared revenue guidance for the third quarter above expectations and an outlook for the full year that fell in line with estimates.
- Virgin Galactic (Symbol: SPCE) — Shares of the space tourism company slipped -1.9% after Bernstein downgraded the stock to underperform, citing declining confidence in Virgin Galactic’s business as it burns through cash and delays flights.
- Tesla (Symbol: TSLA) — Tesla shares rose +1.3% in the premarket following news that the electric vehicle maker is considering building a lithium refinery for EV battery production in Texas this year, according to an application filed with the Texas Comptroller’s Office.
- Navient (Symbol: NAVI) — Shares slipped -2.1% after Barclays downgraded the student loan servicer’s stock to equal weight. The firm said President Joe Biden’s debt forgiveness plan could hurt Navient’s earnings going forward.
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