Traders are getting nervous as the news flow over the weekend focused on spikes in cases in the U.S. and China. Second wave fears are widespread, as negative comments from Chinese officials on a Beijing outbreak is creating fears of more lockdowns.
S&P Futures gapped lower last night and accelerated before the European markets opened.
S&P Futures Trading Levels
Futures currently sit at 2960, off the overnight lows of 2923. The overnight move lower was significant and it will be interesting to see if the lows can retest in the cash session.
Support levels for the day will be 2945 and 2918
Upside resistance is 2980 and 3024.
The current environment is trending lower, with aggressive selling over the last two sessions.
Three Stocks to Watch
MMM- The stock is off 2% premarket as the company gave a poor outlook on May revenues, which were down 20% year over year. The stock is well off its 2020 lows, but looks to give into market weakness today.
IRBT- The company guided Q2 revenues this morning seeing a substantial beat, now expecting $260M-270M v the $183M expected. Expense management will allow the company to return to operating profitability, but they are also seeing higher than anticipated revenue due to sales in their premium products. The stock is trading up over 7% premarket.
SHOP – Walmart will team up with Shopify to grow Walmart’s Webmarket place business. The company will bring 1.2K Shopify sellers to the site with this deal. SHOP also got an upgrade from Piper/Sandler, with an $843 price target and is up about 4% in premarket trading
Breakout Biotech Stocks with Triple-Digit Profit PotentialThe biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Traders are getting nervous as the news flow over the weekend focused on spikes in cases in the U.S. and China. Second wave fears are widespread, as negative comments from Chinese officials on a Beijing outbreak is creating fears of more lockdowns.
S&P Futures gapped lower last night and accelerated before the European markets opened.
S&P Futures Trading Levels
Futures currently sit at 2960, off the overnight lows of 2923. The overnight move lower was significant and it will be interesting to see if the lows can retest in the cash session.
Support levels for the day will be 2945 and 2918
Upside resistance is 2980 and 3024.
The current environment is trending lower, with aggressive selling over the last two sessions.
Three Stocks to Watch
MMM- The stock is off 2% premarket as the company gave a poor outlook on May revenues, which were down 20% year over year. The stock is well off its 2020 lows, but looks to give into market weakness today.
IRBT- The company guided Q2 revenues this morning seeing a substantial beat, now expecting $260M-270M v the $183M expected. Expense management will allow the company to return to operating profitability, but they are also seeing higher than anticipated revenue due to sales in their premium products. The stock is trading up over 7% premarket.
SHOP – Walmart will team up with Shopify to grow Walmart’s Webmarket place business. The company will bring 1.2K Shopify sellers to the site with this deal. SHOP also got an upgrade from Piper/Sandler, with an $843 price target and is up about 4% in premarket trading
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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