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Futures Dip As Traders Await Fed Minutes

US equity futures and global markets were flat in listless trading as investors assessed the outlook for economic recovery and awaited the latest Federal Reserve minutes to gauge the direction of monetary policy while tracking the latest covid lockdown in New Zealand and on edge ahead of possible turbulence in Friday’s OpEx. Overnight the MSCI Asia Pacific Index added 0.4% while Japan’s Topix index closed 0.4% higher. In Europe the Stoxx 600 Index was broadly unchanged. S&P 500 futures pointed to a small move lower at the open, the 10-year Treasury yield was at 1.277%, oil rose and gold moved higher, while cryptos rebounded from a late Tuesday selloff.

Viacom CBS advanced 1.9% in premarket New York trading after Wells Fargo Securities raised the stock to overweight from equal weight, citing the media company’s success with streaming-video services. Targets slumped more than 3% in premarket trading despite posting stronger than expected results as sales growth moderated after the pandemic boom. Here are some of the other biggest U.S. movers today:

  • TD Holdings (GLG) shares soar 38% following the China-based company’s second quarter results, where revenue surged 2,981% y/y to $59.84 million.
  • Tilray (TLRY) shares rise 6.7% with Cantor Fitzgerald saying its deal to buy a majority position in senior secured convertible bonds issued by MedMen “adds credence” to its U.S. growth aims.
  • Virpax Pharmaceuticals (VRPX) rallies 63% in premarket trading, extending Tuesday’s surge after the firm said it received a pre-investigational new drug response from the U.S. Food and Drug Administration for an antiviral barrier product.
  • Weibo Corp. (WB) shares rise 5.6% in U.S. premarket trading after the Chinese social media platform reported second- quarter results that topped estimates.

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