Updated June 18, 2021 9:27 a.m. ET
US stock futures ticked lower, bringing the Dow to its worst weekly performance since late January. Here’s what we’re watching ahead of Friday’s trading action.
- Futures pegged to the Dow Jones Industrial Average fell 1%. The index of blue chip stocks was down 1.9% from this week to Thursday.
- S&P 500 futures were down 0.7%, putting the benchmark index on track to end a three-week winning streak. Nasdaq 100 futures lost 0.4%, suggesting losses in major tech stocks at the opening bell. Read our full market report.
- A handful of small biotech companies were among the great trailblazers, including Orphazyme, which fell sharply, and AnPac Bio-Medical Science, which took a huge leap.
- The U.S. Federal Day of Juniteenth is observed for the first time. The actual holiday falls this year on June 19, a Saturday. The markets will be open as usual, at least this time.
- The number of Baker Hughes rigs, a proxy for drilling activity, will be out at 1 p.m. ET.
Market movers in view
- With Burning Guns: Smith & Wesson SWBI 15.11%
Stocks were among the early risers, up 5.4% after the arms maker said its sales rose last quarter amid strong demand.
Smith & Wesson Brands has introduced its first dividend.
Bing Guan / Bloomberg News
Adobe ADBE 1.92%
The stock rose 3% ahead of market price after the software company’s quarterly earnings and forward guidance were above expectations.
Orphazym ORPH -42.58%
is on the move again, and this time there is a catalyst – contrary to recent volatility, which the company claims cannot explain. The FDA denied the biopharmaceutical company’s application for approval of a treatment for a rare progressive genetic disorder, and US stocks plunged 44% before the bell.
- Pharmaceutical company Geron flew in the opposite direction, up 16% ahead of the bell. Late Thursday, it released data from a Phase 2 study for the treatment of myelofibrosis.
AnPac Biomedical Science ANPC 17.55%
Shares rose 22% ahead of the market after the Chinese biotech company announced Friday that it had received its first patent for the treatment of diseases by the U.S. Patent and Trademark Office.
- Trading in meme stocks has been quiet, despite Clover Health CLOV 1.71%
defied the gloomy mood with a plus of 0.3%.
- Gold futures fell 4.5% on Thursday, the largest drop in over 10 months. That dropped gold to $ 1,777.80 an ounce, its lowest level since early May. On Friday morning they rose 0.6%.
- A record $ 756 billion flowed into the Federal Reserve’s reverse repo facility on Thursday, a day after the central bank increased the yield on an important part of its interest rate control toolkit.
Chart of the day
- Non-professional investors continue to turn the financial markets upside down, building on their vigorous entry into the trading arena over the past year.
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