Stock futures are ticking higher, suggesting that the major indexes will kick off Monday’s trading on the front foot after a bumpy week. Here’s what we’re watching ahead of the open.

  • Shares of Uber ,   Lyft and  DoorDash are all hitting the skids premarket. A California judge said the November ballot measure that allowed the companies to continue treating their drivers as independent contractors is unenforceable and unconstitutional. Uber dropped 3%, Lyft lost 4.6% and DoorDash shed 2.5%.
  • General Motors shares dropped 1.6% premarket. The car maker is expanding its safety recall of the all-electric Chevy Bolt to include newer models.
  • Madison Square Garden Entertainment reported a loss for the recent quarter but also noted a pickup in activity at its venues as Covid-19 measures were eased. Its shares gained 1.9% premarket.
  • Shares of Coinbase jumped 3.4% ahead of the bell, and the price of bitcoin gained 3.3% from its 5 p.m. ET level on Friday. The cryptocurrency’s rise put it back above $50,000 for the first time since May.
  • Pfizer gained 3.1% premarket. The FDA is expected this week to grant full approval of the Covid-19 vaccine from Pfizer and partner BioNTech, according to people familiar with the planning. Fellow mRNA Covid-19 vaccine maker Moderna was also up, by 2.4%.
  • And Pfizer is also making waves on the deal front premarket: It is acquiring Trillium Therapeutics for $18.50 a share in cash, or implied equity value of $2.26 billion. Trillium’s shares closed Friday at $6.09 a share. Premarket they soared a staggering 190%.
  • Crude prices are up more than 3%, and shares of major energy producers are coming along for the ride. Occidental Petroleum gained 3.9%, Devon Energy rose 3.5%, Diamondback Energy climbed 3.7% and Exxon Mobil rose 2.3%.
  • Palo Alto Networks  will give an earnings update after the close.
Chart of the Day
  • Wall Street firms are again packaging and selling mortgages that the government-backed firms can’t or won’t back.

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(Excerpt) Read more Here | 2021-08-23 06:00:00
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