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Wall Street Set to Open Lower

MT Newswires ·  09/19/2022 21:16

09:16 AM EDT, 09/19/2022 (MT Newswires) -- US stocks look set to open Monday trading lower as high inflation continues to rattle investors ahead of this week's Federal Reserve meeting during which the central bank is expected raise rates again.

The Dow Jones Industrial Average futures was down 0.7%, S&P 500 futures were 0.6% lower, and Nasdaq futures were down 0.6%.

Oil prices were also tumbling lower, with front-month global benchmarks North Sea Brent crude and US West Texas Intermediate crude falling 2.5% and 2.9%, respectively.

In other world markets, Japan's Nikkei was down 1.1%, Hong Kong's Hang Seng ended trading 1.0% lower, and China's Shanghai Composite climbed was off 0.4%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 fell 0.6%, while Germany's DAX index and France's CAC 40 were down 0.3% and 0.9%, respectively.

On the winning side, shares of BYND Cannasoft Enterprises (BCAN) shares soared 409% in premarket trading Monday, after the company said it has agreed to acquire Zigi Carmel Initiatives & Investments. Reunion Neuroscience (REUN) jumped 89% after a 5.4% drop Friday. Senti Biosciences (SNTI) shares were 41% higher, reversing Friday's losses. Purple Innovation (PRPL) shares also rose 46%, after its largest shareholder Capital Management offered to acquire all outstanding stock in an all-cash transaction. And Foxo Technologies (FOXO) shares climbed 27%, after falling on its market debut Friday.

On the losing side, shares of Virios Therapeutics (VIRI) plummeted 63% after the company said a phase 2b study of IMC-1 to treat fibromyalgia did not achieve statistical significance on the primary efficacy endpoint. Panbela Therapeutics (PBLA) shares fell 32% after surging 53%, on Friday. IBio (IBIO) shares lost 15%, following Friday's strong gains. Nexalin Technology (NXL) shares dropped 16%, adding to losses during its Friday market debut. And Innate Pharma (IPHA) shares fell 16%, erasing most of Friday's gains.

Risk disclosure: The above content only represents the opinion of the authors or guests, and does not represent any positions of Futu or constitute any investment advice on the part of Futu. Before making any investment decision, investors should consider the risk factors related to investment products based on their own circumstances and consult professional investment advisers where necessary. Futu makes every effort to verify the authenticity, accuracy, and originality of the above content, but does not make any guarantees or promises.