Commodities & Agriculture:
Brent crude for November delivery fell $2.29, or -2.5%, to $89.06 a barrel by 11:35 GMT.
U.S. West Texas Intermediate (WTI) for October dropped $1.87, or -2.2%, to $83.24.
Gold futures rose +0.2% to $1,687.30 an ounce by 20:03 ET (00:03 GMT).
The dollar index, which measures the currency against six counterparts, was up +0.4% at 110.06, heading back towards a 20-year high of 110.79 hit on Sept. 7.
The euro (EUR) was -0.25% lower at $0.9993
Sterling (GBP) was -0.4% weaker at $1.1378 and within sight of Friday’s 37-year lows.
Bitcoin (BTC), the biggest cryptocurrency by market value, fell to a three-month low below $19,000, as unease over rising interest rates globally knocked risk assets.
During Market hours Friday — (Friday – 16.09.2022):
- The Dow (Symbol: DIA) went down -0.74%. The S&P 500 (Symbol: SPY) lost -1.17% and the Nasdaq (Symbol: QQQ) went down -0.61%.
- FedEx (Symbol: FDX) – Shares of the delivery giant slid about -21.4% after the company preannounced disappointing results for the recent quarter, citing weakness in global shipment volumes, and several Wall Street analysts downgraded the stock. CEO Raj Subramaniam said he expects the economy to enter a “worldwide recession” on CNBC’s “Mad Money” Thursday. FedEx dragged its peers UPS and XPO Logistics down about 8.3% and 4.7%, respectively.
- Uber (Symbol: UBER) – The ride-sharing service saw shares fall about -3.6% after it said it’s investigating a cybersecurity incident. A hacker had reportedly gained control of Uber’s internal systems after compromising an employee’s Slack account, according to the New York Times.
- General Electric (Symbol: GE) – Shares of the industrial conglomerate sank about -3.7% after its chief financial officer said Thursday the company is still dealing with supply chain issues, which is affecting its ability to deliver products to its customers. That, in turn, is putting pressure on GE’s cash flow.
- Apple (Symbol: AAPL) – The technology giant was down around -1.1% amid Friday’s sell-off, even as KeyBank said Friday that Apple shares are still a good buy.
- Snowflake (Symbol: SNOW) – Shares of the cloud computing company dropped more than -6% as growth stocks led Friday’s sell-off. The decline came even as Needham initiated coverage of Snowflake with a buy rating, as the Wall Street firm sees potential new uses for its platform.
- Netflix (Symbol: NFLX) – Citi raised the price target for the stalwart streaming platform to $305 from $275 while calling it the best avenue for on-demand video services. Shares gained just over +2%.
- Adobe (Symbol: ADBE) – Adobe’s stock built on Thursday’s declines, sinking just over -3% after a slew of downgrades from Wall Street analysts. Bank of America downgraded the technology stock to neutral as it awaits further clarity on Adobe’s Figma acquisition.
During Premarket hours today – (Monday – 19.09.2022):
- AutoZone (Symbol: AZO) – AutoZone gained +3.9% in premarket action after the auto parts retailer reported better-than-expected profit and revenue for its latest quarter. AutoZone’s same-store sales rose 6.2% compared to a year ago, twice what analysts had predicted amid continued strength in its commercial business.
- bluebird bio (Symbol: BLUE) – bluebird bio rallied +7.3% in premarket trading after the Food and Drug Administration approved the company’s gene therapy for a rare and lethal brain disease in children.
- Wix (Symbol: WIX) – Wix shares jumped +4.5% in premarket action after activist investor Starboard Value revealed a 9% stake in the web development platform company.
- Coinbase (Symbol: COIN) – Coinbase fell -5% in the premarket, as multimonth lows for cryptocurrencies weigh on sentiment for the crypto exchange operator and other crypto-related stocks. MicroStrategy (Symbol: MSTR) – the business analytics company which has billions in bitcoin on its balance sheet – also fell, down -4.9%.
- Adobe (Symbol: ADBE) – Wells Fargo downgraded the software company’s stock to “equal weight” from “overweight,” saying Adobe’s planned acquisition of online design firm Figma is a good product fit but that the $20 billion price tag leaves little room for error. Adobe fell -1.3% in premarket trading after falling 16.8% last Thursday and another 3.1% on Friday.
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