Futures swung from all time highs to losses during the European session and then rebounded again as Asian stocks hit their lowest this year on a third straight session of selling in Chinese internet giants, while real bond yields hit another record low ahead of earnings from the most valuable companies on Wall Street and in the run-up to the two-day Federal Reserve meeting. S&P 500 E-minis were down 5 points, or 0.11%, at 07:15 am ET. Dow E-minis were down 77 points, or 0.22%, while Nasdaq 100 E-minis were up 3 points, or 0.02%.
More than one third of the S&P 500 is set to report quarterly results this week, led by Apple, Microsoft, Amazon and Alphabet, the four largest U.S. companies by market value. Apple, Alphabet and Microsoft, which were largely flat in premarket trade, are set to report earnings after the market closes, while Amazon will report results on Thursday. U.S.-listed Chinese stocks extended their declines as fears over more regulations in the mainland persisted. Alibaba and Baidu lost about 3.6% and 4.9%, respectively (more below). Here are some of the biggest U.S. movers today:
- Chinese large cap stocks listed in the U.S. fall in premarket trading amid a deepening rout trigged by Beijing’s regulatory crackdown. Didi Global (DIDI) drops 4.4% and JD.com (JD) falls 6.4%, while Baidu (BIDU) declines 4.9%.
- Cryptocurrency-exposed stocks slumped in premarket trading after Bitcoin gave up some of the gains seen on Monday. Bit Digital (BTBT) sinks 18% and Riot Blockchain (RIOT) drops 5%, while Marathon Digital (MARA) falls 6.2%.
- ObsEva (OBSV) soars 34% after entering a pact for Organon to exclusively develop and commercialize ebopiprant, a treatment for preterm labor.
- Tesla’s (TSLA) second-quarter earnings beat and increased delivery outlook was well received by analysts, with the stock gaining 2.5% in premarket trading.