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%.
- 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.
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