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Here’s what we’re watching ahead of Friday’s opening.
- Futures contracts linked to the S&P 500 edged up 0.5%, indicating that the broad market index will rebound slightly to the opening bell after its worst one-day decline since June 18.
- Nasdaq futures contracts for heavy tech edged up, up 0.1%.
- Futures contracts on the Dow Jones Industrial Average rose 0.7%. The blue chip gauge ended Thursday down nearly 1.1% for the week. Read our full market overview here.
What is coming
- The Baker Hughes oil rig tally is expected to be released at 1 p.m. ET.
Market movers to watch out for
- Chinese technology companies listed in the United States have rebounded in pre-market trading after falling for several days following a Beijing survey of data practices. Rideshare company Didi Global grew 3.2%, online grocer Pinduoduo also added 3.5%, and video-sharing platform Bilibili rose 4.7%.
- Carver Bancorp was up 27% pre-market, a day after an astonishing rise, when shares in one of the country’s largest African-American-operated banks more than doubled.
- Pfizer and BioNTech have said they will seek regulatory approval to distribute a Covid-19 booster vaccine. They are also developing an updated version of the shot designed to better protect against the Delta variant. Pfizer shares are up 0.3% pre-market and BioNTech up 3.6%.
- Jeans brand Levi Strauss rose 3.4% after posting after-hours profits on Thursday. The company raised its annual outlook above analysts’ forecasts and also increased its dividend.
- Stamps.com, an e-commerce shipping company, has climbed more than 60% after agreeing to be bought out by private equity firm Thoma Bravo for $ 6.6 billion.
- Tobacco maker Philip Morris has made a $ 1.2 billion offer for Vectura Group, a UK developer of inhaled drugs. Vectura shares are up more than 13% in London trading.
- Far Peak, a specialist acquisition company, rose 4.4% pre-market after Bullish, a company planning to launch a cryptocurrency exchange, announced the two would merge.
- Cruise lines are multiplying. Royal Caribbean Group is up nearly 2% and Carnival added 2.6%. Looks like some investors bought lower after both stocks lost around 8% for the week at Thursday’s close.
Market facts
- The Dow Jones Transportation Average slipped 3.3% on Thursday, the biggest daily decline in more than eight months.
- On that day in 1999, the S&P 500 Index closed above 1400 for the first time, less than four months after crossing 1300. The index had doubled in less than three years.
Card of the day
A rally in junk bonds pushed yields to record lows around 4.54%, according to data from ICE Bank of America, while consumer prices rose 5% in May from the previous year. last year. This is the first time on a record that junk bond yields have fallen below the rate of inflation, according to Bespoke Investment Group.
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