Stocks look set for a relatively flat open this morning as investors digest higher oil prices and China’s regulatory attack on U.S.-listed Chinese companies.
futures are little changed, while
Dow Jones Industrial Average
futures have dipped 28 points, or 0.1%, and
futures have risen 0.1%. Oil prices have gained 1% to $75.90 after the OPEC+ meeting collapsed without a deal.
“Oil prices are on a tear after OPEC+ talks collapsed on Monday without any agreement,” writes Oanda market analyst Sophie Griffiths. “The immediate consequence of the breakdown in talks is that the oil supply increase the market was expecting won’t be happening…Given the oil market is so tight, prices are unsurprisingly on the rise.”
Shares of Chinese ride-sharing firm
(DIDI) have tumbled 20% after it was removed from app stores in China over data security concerns.
Full Truck Alliance
(YMM) has slumped 19%, and Kanzhun (BZ) has dropped 10% after their apps were also deleted. Perhaps not unrelated,
(WB) has jumped 40% on reports it’s planning to go private.
(PFE) has fallen 0.9% on reports that its vaccine has lost some of its effectiveness in Israel.
(SPCE) has advanced 0.7% despite getting downgraded to Neutral from Buy at UBS.
(AXP) has risen 2.7% after getting upgraded to Buy from Neutral at Goldman Sachs.
(IR) has gained 1.5% after getting upgraded to Buy from Neutral at Goldman Sachs.
(HOLX) has risen 1.5% after getting upgraded to Outperform from In Line at Evercore ISI.
Corrections & AmplificationsThe Dow was up 28 points. An earlier version of this article said it was up 28%.
Write to Ben Levisohn at [email protected]