During Market hours Yesterday — (Tuesday – 06.07.2021):

  • The Dow (Symbol: DIA) slid 0.61%. The S&P 500 (Symbol: SPY) went down 0.18% and the Nasdaq (Symbol: QQQ) went up 0.43%.
  • Didi (Symbol: DIDI)— Shares of the Chinese ride-hailing giant Didi Chuxing plunged 19.5% after China announced that new users in the country would not be able to download the app while it conducts a cybersecurity review of the company. The investigation came less than a week after the Chinese app listed on the New York Stock Exchange.
  • Tencent Music (Symbol: TME)— The U.S.-traded shares of several Chinese companies took a hit on Tuesday after the country’s regulators began a security review of Didi. Shares of Tencent Music fell 6.8%, while shares of Baidu (Symbol: BIDU) declined kan. Kanzhun (Symbol: BZ) and Full Truck Alliance (Symbol: YMM), two smaller companies also under review by regulators, dropped 16% and 6.7%, respectively.
  • Nov (Symbol: NOV)— Shares of the energy name dipped 6.3% as oil prices pulled back. West Texas Intermediate crude futures hit their highest level in more than six years earlier in the session before turning negative, which weighed on the energy sector broadly. Diamondback Energy (Symbol: FANG) also slid about 7%, while Occidental (Symbol: OXY) and Halliburton (Symbol: HAL)were down more than 6.3%.
  • Amazon (Symbol: AMZN)— The e-commerce giant saw its stock rising 4.7% to lead Big Tech shares higher despite overall weakness in the stock market. Andy Jassy officially took over as CEO on Monday, and Jeff Bezos became the executive chairman of the board. This caps off Bezos’ monumental run leading Amazon since its inception in 1994.
  • 3M (Symbol: MMM)— The industrial products stock fell 1.5% after Credit Suisse downgraded it to neutral from outperform, saying it has concerns about two “difficult to quantify liabilities” weighing on 3M, including legal issues. “Despite fundamental potential upside from a cyclical upturn in global IP, and potential inventory restocking, we think it will be difficult for 3M to regain its premium multiple at this point in the cycle,” analyst John Walsh said.
  • Pfizer (Symbol: PFE)— The pharmaceutical giant saw its stock tumble 1.10% after Israel’s health ministry reported its Covid-19 vaccine showed less effectiveness in preventing infection and symptomatic disease as the highly infectious delta variant spreads worldwide, including in Israel. Israel also said the Pfizer vaccine remains effective in preventing serious illness.
  • Apple (Symbol: AAPL)— Shares of the technology giant added 1.47% after JPMorgan raised its price target on the stock to $170 from $165 and said to “start buying shares again.” The firm said despite first-half underperformance, Apple’s stock historically outperforms the broader market from July to September leading up to fall iPhone launches, and expects shares to do the same in 2021.
  • Tesla (Symbol: TSLA)— Tesla shares fell 2.85% despite JPMorgan raising its price target on the automaker Tuesday morning. That change came after Tesla reported Friday that said global deliveries came in slightly ahead of its model.
  • Frontier Communications (Symbol: FYBR)— The telecommunications cable company’s stock is trading 5.2% up after Goldman Sachs initiated coverage of it with a buy rating, saying it has “an opportunity to create material value as it deploys and drives penetration of its fiber network.”

During Premarket hours today – (Wednesday – 07.07.2021):

  • Devon Energy (Symbol: DVN), Occidental Petroleum (Symbol: OXY)— Energy stocks were set to gain as oil prices rose. Devon Energy advanced 3% in premarket trading, while Occidental Petroleum climbed 1.7%.
  • Didi (Symbol: 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 (Symbol: NOVA)— Shares of the solar company climbed more than 3% after Raymond 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 (Symbol: WHR)— The home appliance stock edged up about 1% after JPMorgan 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 (Symbol: JPM), Goldman Sachs (Symbol: GS)— 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.

*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.