Futures are pointing to losses for major indexes that closed at record highs last week, after data showed a slowdown in China’s economy. Here’s what we’re watching ahead of Monday’s opening bell.
- Crude prices are dropping after the weak Chinese data, and that is in turn dragging oil stocks lower. Occidental Petroleum was down 2.6% premarket, Halliburton shed 1.7% and Exxon Mobil slipped 1.3%.
- Paysafe shares dropped 6% ahead of the bell after it reported quarterly earnings and reaffirmed its outlook.
- Shares of electric-vehicle makers were losing their spark. Tesla fell 1.7% premarket, U.S.-traded shares of Chinese competitor Nio were 4.6% and Lordstown Motors shed 2.8%.
- The Delta variant of Covid-19 is dragging on Delta Air Lines , down 1.3% premarket, along with other travel-related stocks. Cruise operator Carnival fell 2.5%, competitor Royal Caribbean fell 1.7% and United Airlines fell 1.3%.
- Bitcoin is edging down from its 5 p.m. ET price on Friday, but crypto-exchange operator Coinbase Global is gaining nonetheless, by 1.4% premarket.
- U.S.-traded shares of Australian miner BHP Group are down 2.5% premarket. It is in talks about selling its oil-and-gas business to Australia’s Woodside Petroleum , in a deal that would land BHP shareholders Woodside stock.
- Online-gaming company Roblox will give results after the close.
Chart of the Day
- Cash and short-term investments on corporate balance sheets rose in the second quarter amid lingering uncertainty about disruptions from Covid-19, defying expectations of a spending spree.
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