Virgin Galactic, Didi, Krispy Kreme: what to watch for when the stock market opens today
The battle for the primacy of space tourism intensifies, shares from recent IPOs have zigzagged, and data shows the U.S. labor market gained ground in June after a spring lull. Here’s what we’re watching ahead of Friday’s opening bell.
- S&P 500-linked futures rose 0.3%, putting the index on track to post gains for the week. Contracts linked to the heavy Nasdaq-100 climbed 0.6%. Read our full market overview here.
- The United States created 850,000 jobs in June and the unemployment rate was 5.9%.
What is coming
- The U.S. bond market will close early Friday at 2 p.m. ET before Independence Day. All US markets will be closed on Monday for the holiday.
Market movers to watch out for
- The term “space race” has not historically been a reference to Richard Branson and Jeff Bezos. But just weeks before Blue Origin’s Mr. Bezos was the first space company executive to launch into the skies, Mr. Branson decided he wasn’t playing a supporting role to anyone. Investors seem to like his moxie. Virgin Galactic shares rose 22% pre-market.
- But MM. Branson and Bezos don’t have all the action in the space market. Astra Space, which just started trading on Thursday under a SPAC deal, was up 3.6% before market.
- And speaking of IPOs, a few of this week’s big IPOs are bouncing before the bell. Krispy Kreme went public for the second time in its history this week, and its shares climbed 24% on day one. But on Friday morning, investors were losing their sweet tooth, knocking stocks down 5% before market.
- China’s internet regulator said it was examining the cybersecurity of Didi Chuxing, Didi Global’s Chinese rideshare company, which went public in the United States on Wednesday. Its shares have fallen more than 9% in pre-market trading.
- Tat Technologies, with a market cap of just $ 52.9 million, climbed 72% before the bell. The Israeli aerospace and defense company has signed a new additional strategic agreement with Honeywell.
- Marin Software finished last week at less than $ 4 a share. After surging throughout the week in high-to-low trading, it is currently hitting over $ 20 pre-market. And what prompted investors to invest in the stock, more than quintuple the price, with volatility pauses along the way? Well, the company said last week that its flagship MarinOne platform is now capable of handling Instacart ads. It is also a trend ticker on Stocktwits.
- Some of the original memes stocks are still among the most sought after tickers, but that doesn’t lead to big price swings. GameStop is up 0.5% and AMC Entertainment is down 1.7%.
- The Euro Stoxx Banks index has rebounded strongly since the end of 2020 and is up nearly 30% this year, compared to 15% for the Euro Stoxx 50 blue chip index.
- World food prices rose 4.8% in May from the previous month, the biggest monthly increase since 2010, according to the Food and Agriculture Organization of the United Nations. Prices in May were almost 40% higher than a year earlier and the FAO food price index was at its highest level since 2011.
- On this day of 1890, in reaction to the monopoly excesses of the “thief barons,” the Sherman Anti-Trust Act, authorizing the US Department of Justice to investigate and break down giant industrial monopolies, became law.
Card of the day
- Issuance of new blank check companies has slowed due to new accounting guidelines from the Securities and Exchange Commission.
Must read since you went to bed
Write to James Willhite at [email protected]