Weibo Stock Is Soaring, Didi Is Tumbling, and Opec Just Can’t Get Along

3 months ago 21
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Updated July 6, 2021 8:41 americium ET / Original July 6, 2021 8:17 americium ET

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Stocks look acceptable for a comparatively level unfastened this greeting arsenic investors digest higher lipid prices and China’s regulatory onslaught connected U.S.-listed Chinese companies.

S&P 500 futures are small changed, portion Dow Jones Industrial Average futures person dipped 28 points, oregon 0.1%, and Nasdaq Composite futures person risen 0.1%. Oil prices person gained 1% to $75.90 aft the OPEC+ gathering collapsed without a deal.

“Oil prices are connected a teardrop aft OPEC+ talks collapsed connected Monday without immoderate agreement,” writes Oanda marketplace expert Sophie Griffiths. “The contiguous effect of the breakdown successful talks is that the lipid proviso summation the marketplace was expecting won’t beryllium happening…Given the lipid marketplace is truthful tight, prices are unsurprisingly connected the rise.”

Shares of Chinese ride-sharing steadfast Didi (DIDI) person tumbled 20% aft it was removed from app stores successful China implicit information information concerns. Full Truck Alliance (YMM) has slumped 19%, and Kanzhun (BZ) has dropped 10% aft their apps were besides deleted. Perhaps not unrelated, Weibo (WB) has jumped 40% connected reports it’s readying to spell private.

Pfizer (PFE) has fallen 0.9% connected reports that its vaccine has lost immoderate of its effectiveness successful Israel.

Virgin Galactic (SPCE) has precocious 0.7% contempt getting downgraded to Neutral from Buy astatine UBS.

American Express (AXP) has risen 2.7% aft getting upgraded to Buy from Neutral astatine Goldman Sachs.

Ingersoll Rand (IR) has gained 1.5% aft getting upgraded to Buy from Neutral astatine Goldman Sachs.

Hologic (HOLX) has risen 1.5% aft getting upgraded to Outperform from In Line astatine Evercore ISI.

Corrections & AmplificationsThe Dow was up 28 points. An earlier mentation of this nonfiction said it was up 28%.

Write to Ben Levisohn astatine ben.levisohn@barrons.com

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