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Futures Steady Ahead Of Powell Testimony

U.S. stock-index futures were little changed, trading just 1% below their all time high, while global shares extended their recovery on Tuesday from four week lows, as investors focused on prospects for post-pandemic economic growth, putting fears of a hawkish Fed in the rearview mirror even as they awaited Fed Chair Jerome Powell’s testimony before Congress. Nasdaq 100 futures extend increase to as much as 0.3%, the highest for Tuesday’s session, with contracts on the S&P 500 rising 0.1% as of 7:15am in New York.

In premarket trading, meme stock Torchlight Energy Resources jumped 10.5% on heavy volume following a 58% surge to a record on Monday, as the company upsized its stock offering after its shares doubled in value last week on interest from individual traders. Other meme stocks trade mostly higher with ContextLogic (WISH) rising 3.3% and Clover Health (CLOV) gaining 1.9%.

Here are some other notable premarket movers:

  • Adial Pharmaceuticals (ADIL) surges 28% in premarket trading after a positive mention of the company in a post on the Seeking Alpha investment site.
  • Microvision (MVIS) sinks 9% after saying it may offer from time to time up to $140 million in shares via Craig-Hallum Capital Group.
  • Nikola (NKLA) drops 2% after registering shares for potential sale by holder Tumim Stone Capital.
  • Crypto stocks including miners Riot Blockchain, Marathon Patent Group, Ebang International and MicroStrategy Inc fell between 2% and 3% as China’s crackdown on bitcoin mining expanded to the province of Sichuan.

The Dow jumped more than 500 points on Monday following last week’s selloff, its best day since early March, with the largest share of S&P members advancing since April 2020.

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