5 Things to Know Before Markets Open
12 minutes ago
Here’s what investors need to know to start their day:
- The Biden Administration is reportedly considering further tightening restrictions on China’s access to American artificial intelligence (AI) chips, adding new rules to restrictions that are set to go into effect in the coming days.
- Drugstore chain Rite Aid (RAD) filed for Chapter 11 bankruptcy protection after it reached a deal with creditors that included restructuring to evaluate its retail footprint and close underperforming locations.
- Pfizer (PFE) shares fell 3.1% in premarket trading after the drug maker cut $9 billion from its full-year revenue guidance and warned that layoffs could be coming.
- Activist shareholder firm Starboard Value will reportedly push for strategic and governance changes at News Corp (NWS) including spinning off its real estate division and ending its dual-class share structure.
- Shares of drug maker Novavax (NVAX) plunged by more than 4% after European Union regulators delayed its approval of the company’s Covid-19 vaccine targeting the XBB variant.
Futures Rise at Outset of Big Earnings Week
36 minutes ago
Futures contracts connected to the Dow Jones Industrial Average were up more than 0.4% about an hour before markets opened Monday.
S&P 500 futures advanced 0.3%.
Nasdaq 100 contracts wavered, seesawing between gains and losses.