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Futures Drift From Record Ahead Of Powell, Inflation And Earnings

After hitting an all time high of 4,365 at the close on Friday, U.S. futures drifted lower to start the week as investors awaited the start of Q2 earnings season starting this week in order to gauge whether corporate profitability can support equity valuations. Treasury yields dropped, as an upsurge in new infections caused by the Delta coronavirus variant pushed some investors into the safety of bonds and capped commodity price gains on Monday. At 715am emini S&P futures were down 7.5pts or -0.17% to 4,352 , Dow Jones futures were down 150pts or down 0.42% and Nasdaq futures were up 30 pts or +0.20%.

Markets were jittery at the start of an eventful week that will see the U.S. second-quarter earnings season kick off, the release of inflation data in several countries, and testimony by Federal Reserve Chair Jerome Powell which will be scrutinized for any talk of tapering. Here are some of the biggest U.S. movers today:

  • Didi (DIDI) shares fall 4.4% in premarket trading, following last week’s 22% slump as Chinese regulators stepped up a crackdown on tech companies. Didi also said that CAC stated that 25 apps operated by the company in China had the problem of collecting personal information in serious violation of relevant PRC laws and regulations.
  • Sgoco (SGOC) surges 54% amid retail- trader touts on Reddit and StockTwits, while Carver Bancorp (CARV) jumps 16% after its three-day 170% gain.
  • Toughbuilt Industries (TBLT) falls 21% in premarket trading after a 39% surge last week and nearing the value to be paid in an offer.
  • Virgin Galactic (SPCE) shares rise 8.1% in premarket trading after Richard Branson’s test flight to space kicked off a landmark month for the future of space tourism.

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