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Futures Coiled Ahead Of J-Hole As China Slumps, Bitcoin Slides

S&P futures continue to trade as if paralyzed in a tight 20-point range on dismal volumes just below 4,500 for the 3rd day in a row, and overnight they are fractionally in the red although off session lows, with the Nasdaq 100 down 0.2% and S&P 500 -0.1% amid a retreat in tech shares and commodities as markets remained on edge ahead of Friday’s Jackson Hole virtual gathering where Chairman Jay Powell is expected to speak at 10am and give clues on the upcoming taper. The dollar rose, yields were unchanged at 1.34%, oil dipped and bitcoin slumped.

Wall Street’s main indexes notched their latest record high on Wednesday but Asia’s session had been far more bumpy: Asia saw its first post-COVID outbreak interest rise in South Korea overnight, while Chinese markets tumbled after the country’s most indebted property developer Evergrande warned of a 39% slump in profits, Japan suspended Moderna’s COVID vaccine, while the mood of Germany’s consumers was darkening again. Cryptocurrency-exposed stocks fall, tracking a decline in Bitcoin after its recent rally. Bit Digital (BTBT) dropped 3.8% and Riot Blockchain (RIOT) was down 2.1%, while MicroStrategy (MSTR) slipped 3%.Here are some of the other notable U.S. movers today:

  • Amneal Pharmaceuticals (AMRX) rises 9.6% in premarket trading after a Parkinson’s drug trial met its its main goal, supporting plans for a new drug application. Piper Sandler reiterates an overweight rating, price target $9.
  • Joyy Inc. (YY) rallies 8.6% in the U.S. after Reuters reported itstwo top shareholders, Chairman David Li and Xiaomi founder Lei Jun, aim to take the Chinese social media company private in a deal that may value it at up to $8b.
  • Salesforce (CRM) gains 2.5% with analysts raising their price targets on the software giant, saying its quarterly results were strong across the board and that the acquisition of Slack should enhance its growth in future, even if it weighs on margins.
  • Selectquote (SLQT) slumps 24% after the insurance agency’s earnings missed estimates, prompting rating downgrades and price target cuts from RBC and KBW.
  • Snowflake (SNOW) rises 2.3% after the company reported better-than-expected earnings and a strong forecast for the third quarter. Analysts responded to the software firm’s results by raising their share price targets.

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