Futures Briefly Dip After Global Internet Outage, Then Storm To All Time Highs

US equity futures suffered a violent airpocket shortly after 6am, sliding 20 points in minutes after news that a Fastly outage had sent many media and government websites offline in a repeat of last year’s Cloudflare fiasco, pushing traders to buy safe assets, but then rebounded just as quickly rising to session highs even as the dollar and Treasuries also rose. Nasdaq 100 contracts rebounded. The 10-year yield fell back to 1.55% area with focus turning toward Thursday’s blistering CPI report that may offer clues on how far the Fed can postpone a tapering of stimulus.

Fastly shares fall as much as 5.5% Tuesday morning in pre-market trading after its services went down, impacting websites across the internet including the New York Times, Reddit, and the U.K. government. It has since pared its losses to about 2.7%, after the software company said the issues that were impacting some of its services earlier had been identified and a fix is being implemented. Cyberstocks which moved on the news were FEYE +0.6%, CRWD +0.6%, SWI -0.4%, while other stocks also moving were AMZN -0.3%, CLDR -0.6%. Amusingly, NYT shares were up about 0.5% after the NYT website went down. Here are some of the other notable pre-market movers today:

  • Apple (AAPL) gains 0.3% as analysts praised its Worldwide Developer Conference for small software changes that would improve the user experience, though some said these wouldn’t have a direct impact on sales and noted that the tech giant didn’t release any new hardware products.
  • AMC Entertainment (AMC) climbs 4%, pointing to an extension of Monday’s 15% rally.
  • Biogen (BIIB) slips 0.3% in premarket trading amid concerns on the pricing of its Alzheimer’s drug. At least five analysts upgraded the stock.
  • Cyclerion Therapeutics (CYCN) soars 16% after company insiders, including its own chief executive officer, bought shares.
  • Cryptocurrency-exposed companies like Marathon Digital (MARA) and Coinbase (COIN) slide in premarket trading Tuesday with Bitcoin and other digital tokens falling.
  • Tesla (TSLA) rises 3% in premarket trading after the electric-vehicle maker reported a surge in May deliveries in China.
  • Wendy’s (WEN) shares gain 8.3%, following a tout for the fast-food restaurant operator on Reddit. Other so-called meme stocks also higher.
  • Stitch Fix jumped 16% after the clothing company projected revenue that topped analyst expectations.


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