Commodities & Agriculture:
- Oil prices increase when Putin issues a supply-cut threat. At $93.68 per barrel, U.S. Brent crude futures were up 85 cents or +0.92%. To reach $87.68, West Texas Intermediate crude futures increased by 80 cents, or 0.92%.
Forex:
- The dollar soared as high as 144.38 yen in Asia trade, hitting the level for the first time since August 1998
- The rouble declines. The rouble has dropped -0.4% to trade at 60.66 against the euro and was down -0.1% against the dollar at 61.28.
During Market hours yesterday — (Tuesday – 06.09.2022)
- The Dow (Symbol: DIA) went down -0.50%. The S&P 500 (Symbol: SPY) lost -0.38%. and the Nasdaq (Symbol: QQQ) fell -0.72%.
- Illumina (Symbol: ILMN) — Shares of the biotech company rose +2.52% after Illumina said it plans to appeal a decision by the European Commission prohibiting the company’s acquisition of Grail. That decision follows last week’s ruling by a U.S. Federal Trade Commission judge in favor of the deal.
- Digital World Acquisition Corp (Symbol: DWAC) — Shares of the blank-check acquisition company, which agreed to merge with Donald Trump’s social media company Trump Media & Technology Group, plunged -12.2%. The move came on the heels of a Reuters report that Digital World Acquisition failed to secure enough shareholder support for a one-year extension to close the deal.
- Bed Bath & Beyond (Symbol: BBBY) — The beaten-down stock continued its losing streak, falling another -18.42%. On Tuesday, the home-goods retailer appointed its chief account officer as interim CFO after his predecessor, Gustavo Arnal, died by suicide Friday.
- Alibaba (Symbol: BABA) — Shares of Chinese e-commerce company slid -3.65% after China announced new Covid restrictions in its southern tech hub of Shenzhen starting Monday, and Chengdu announced an extension of lockdown curbs. A total of 33 Chinese cities are under full or partial lockdown as the country sticks to is zero-Covid policy.
- Dropbox (Symbol: DBX) — Dropbox gained +1.46% after Bank of America initiated coverage of the stock with a buy rating. The firm cited strong free cash flow for the call.
During Premarket hours today — (Wednesday – 07.09.2022)
- Nio (Symbol: NIO) — The stock dropped -5.7% after the Chinese electric vehicle maker lost $409.8 million in the second quarter, implying significantly widening losses. Nio CFO Steven Wei Fang said the company dealt with cost pressures during Covid shutdowns in April and May.
- Newell Brands (Symbol: NWL) — Shares dropped -5.4% after Newell lowered its third-quarter revenue guidance. The parent company behind brands such as Yankee Candle and Rubbermaid cited a “significantly greater than expected pullback” in orders as consumers deal with inflation.
- Pinterest (Symbol: PINS) — Pinterest jumped +4.1% after Wolfe Research upgraded the social media stock to outperform, saying the company can execute on long-term user and monetization goals under its new CEO.
AstraZeneca (Symbol: AZN) — Shares declined -2.6% after Morgan Stanley downgraded the stock to equal weight from overweight, saying the stock has a “more balanced” risk-reward profile.
*Any information contained in this article, including any information contained in external third party links, if any, is solely for informational purposes and does not contain, or should not be construed as containing, investment advice or an investment recommendation, or, an offer of or solicitation for any transactions in financial instruments. Past performance does not guarantee or predict future performance. Colmex Pro Ltd does not take into account your personal investment objectives or financial situation and makes no representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on presented information.