With concern about the Omicron variant rising and investors looking for relative safe havens, it looks like Friday could be a reserved day of trading.
US Futures were lower ahead of the market open, with a sell-off of tech stocks late in the day on Thursday possibly playing on investor confidence. Stocks traditionally seen to offer high growth are being eschewed in favour of consumer staples and other steady Eddies, which tend to fare better in times of economic difficulty.
Adding to the uncertainty was a rise in jobless claims reported on Thursday, though the total number sits at a relatively low 206,000.
Oil prices rallied on Thursday, but still appear to be on course to drop overall this week, with investors concerned that the impact of the Omicron variant could lead to reduced travel.
| NASDAQ | S&P500 | Bitcoin |
|---|---|---|
| 15,180.43 (-2.47%) | 4,668.67 (-0.87%) | 47,004.26 (-4.46%) |
Here are some of Friday’s trending stocks:
Rivian (NASDAQ: RIVN) saw its share price stumble after the electric vehicle maker reported EPS just below expectations in its first set of quarterly earnings. The company’s share price is down by around 9% in premarket trading.
Adobe (NASDAQ: ADBE) was also in the red after the software giant’s latest revenue forecast failed to live up to analysts’ expectations.
FedEx (NYSE: FDX) shares are up by almost 5% in premarket trading after the delivery outfit restored its annual earnings target as it prepares for the busy holiday season.
Adagio Therapeutics (NASDAQ: ADGI) rocketed by more than 100% on Thursday and is set for a further double-digit climb today as lab results showed the company’s COVID-19 antibody could be more effective than previously thought against the Omicron variant.
Affirm Holdings (NASDAQ: AFRM) has fallen on the news that it has been called to submit information as part of an investigation into ‘buy now, pay later’ businesses by the Consumer Financial Protection Bureau.
Other listed firms that have been called upon to share information include Afterpay (ASX: APT) and PayPal (NASDAQ: PYPL).
Cerner Corporation (NASDAQ: CERN) shares were up by almost 15% in premarket trading amid reports that it is set to be acquired by Oracle Corporation (NYSE: ORCL) for around $30bn.
Kaixin Auto Holdings (NASDAQ: KXIN) has seen its share price leap after receiving an order for 10,000 new energy trucks over a 5-year period, with the deal reckoned to be worth more than $500m.
These are some of the top stories coming out of Asia:
Reuters has reported that Chinese regulators are considering new measures which could encourage company’s to become publicly listed in Hong Kong or on the Chinese mainland, as firms are increasingly seeking IPOs in the US.
Meanwhile, the Biden administration is undecided on continuing to place limitations on the sale of shares in SMIC (HK: 0981), a Chinese chipmaker that made the Department of Commerce's trade blacklist late last year.
Here’s a sample of today’s biggest crypto news:
Crypto prices have dropped over the last 24 hours, with Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and Cardano (ADA) all in the red on Friday morning.
Russia’s central bank is looking to ban new investments in cryptocurrency, according to a report from Reuters. The central bank has warned that cryptocurrency could be used for money laundering or financing terrorism.
With Christmas just around the corner, reports from CNBC and CoinTelegraph suggest that young investors are snapping up cryptocurrency and NFTs to give as gifts over the holiday season.