U.S. stock-index futures rebounded from Monday’s rout and European stocks were modestly in the green as investors weighing corporate earnings against the uncertain outlook for global growth, or as Bloombnerg put it, “as buy the dip outweighs fears.” But in a continuation of yesterday’s moves, treasury yields edged lower sliding to 1.16% while the dollar hit a fresh three month high while bitcoin tumbled below the key support level of $30,000. At 730 a.m. ET, Dow e-minis were up 200 points, or 0.6%, S&P 500 e-minis were up 23.00 points, or 0.54%, and Nasdaq 100 e-minis were up 70 points, or 0.48%.
IBM gained 4.0% in premarket trading as brokerages raised their price targets on the stock following strong quarterly growth in the company’s cloud and consulting businesses. Energy stocks Chevron, Schlumberger, Occidental and Phillips 66 rose between 0.8% and 2.7%, as oil prices edged higher after the previous session’s 7% slide. Halliburton added 2% after it posted a second-straight quarterly profit, as a rebound in crude prices from pandemic-lows buoyed demand for oilfield services. Here are some other premarket movers:
- Amazon.com (AMZN) gains 0.6% in premarket trading ahead of Jeff Bezos’s flight to space with his Blue Origin crew.
- Ardelyx (ARDX) slumps as much as 73% in premarket after the FDA identified deficiencies on the company’s New Drug Application for
- Tenapanor for the Control of Serum Phosphorus. Piper Sandler downgraded the stock to neutral from buy and slashed its price target to $4 from $14, adding that it struggles to see a path forward for Tenapanor.
- Cryptocurrency-exposed stocks fall in premarket trading after the selloff in Bitcoin accelerated and pushed the token below $30,000 for the first time in around a month. Marathon Digital (MARA) slides 2.3% and Riot Blockchain (RIOT) drops 2.4%, while Bit Digital (BTBT) falls 1.6%.