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Futures On Edge At All Time High As Oil Surges To Highest Since 2014

Stock futures were steady, if drifting lower from overnight highs in muted trading as traders were watching whether Monday’s surge in oil which pushed WTI to the highest price since the November 2014 OPEC Thanksgiving massacre would depress stock sentiment after yesterday’s breakdown in OPEC+ talks. As of 730am, Emini S&P futures were down 2 points ot -0.05%, Dow jones futs were down 28 points ot -0.08% and Nasdaq minis were up 16.75 or +0.12%.

Wall Street was facing a groggy restart after its July 4 holiday, with the S&P near-record streak of 7 consecutive all time highs looking shaky. Europe’s equity markets were spluttering at the prospect of higher inflation and China spooked its tech sector again with another high-profile clampdown. Chinese ride-hailing giant Didi plunged 22% in premarket trading after a Chinese regulator ordered the removal of its platform from app stores, days after its U.S. listing. Full Truck Alliance (YMM) and Kanzhun (BZ), which were also part of the crackdown, sinks 15% and 10% respectively Here are some of the other notable U.S. movers today:

  • Odonate Therapeutics (ODT) climbs 37% in premarket trading after a filing showed Ikarian Capital boosted its stake in the pharmaceutical company.
  • Oil-linked stocks gain after WTI crude rose to the highest level in more than six years in New York as OPEC+ failed to agree on a production increase. Transocean (RIG) climbs 7.3% and Occidental Petroleum (OXY) rises 2.5%, while Schlumberger (SLB) gains 2.1%.
  • Retail trader favorites advance after a long weekend with Marin Software (MRIN) rising 20% and Ocugen (OCGN) gaining 17%.

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