Morning Briefing: EV maker XPeng gets approval for Hong Kong listing
By Jimmy
Good morning moomooers! Here are things you need to know before the opening bell:
- U.S. stock index futures were mixed during early morning trading Wednesday ahead of the Fed's update
- Stocks making the biggest moves in the premarket: XPeng Inc, Gemini Therapeutics Inc, Canaan Inc, Nikola Corp& more
Market Snapshot
U.S. stock index futures were mildly higher during early morning trading on Wednesday, after the S&P 500 closed shy of a new record on Tuesday.
Futures contracts tied to the Dow Jones Industrial Average advanced 82 points. S&P 500 futures and Nasdaq 100 futures both traded in slightly positive territory.
Crypto
$Bitcoin(BTC.CC$ traded 4.78% higher at $34024 over 24 hours, while $Ethereum(ETH.CC$ traded 6.53% higher at $199.79 in the same period.
$Dogecoin(DOGE.CC$ traded 14.44% higher at $0.22 at press time over 24 hours.
Bitcoin breaks below $30,000 for first time since January on Tuesday, extending a price drop that has wiped out more than $1.3 trillion in market value for the broader crypto complex since a peak in May.
Premovers
$XPeng Inc.(XPEV.US)$ Xpeng received permission from the Hong Kong Stock Exchange for an initial public offering there, with The Wall Street Journal reporting that the China-based electric car maker is planning to raise up to $2 billion with that offering. Xpeng is already listed in the U.S. with a market value of more than $30 billion. Xpeng jumped 3.8% in the premarket.
$Gemini Therapeutics Inc(GMTX.US)$ A clinical-stage precision medicine company developing innovative treatments for genetically defined age-related macular degeneration (AMD), today announced initial data from its Phase 2a ReGAtta study of GEM103 as of May 2021 in patients with geographic atrophy (GA) secondary to dry AMD. The trial, which remains ongoing, is designed to evaluate safety and tolerability, as well as measures of intraocular pharmacokinetics (PK) and disease-relevant biomarkers, to inform the late-stage development program.
$Canaan Inc(CAN.US)$ According to the press release shared with Crypto Briefing, the company’s decision is motivated by the volatility in Bitcoin prices and fluctuating demand for machines. Canaan will begin with its first mining operation in Kazakhstan. The central Asian country is becoming a favorite destinationfor Bitcoin miners amid the regulatory crackdown in China. Canaan will deploy its flagship Avalon Miner models to run the operations.
$Nikola Corp(NKLA.US)$ Nikola Corp. and Wabash Valley Resources LLC will invest $50 million in cash and stock for a 20% equity interest in an Indiana clean hydrogen project, as the company aims to provide clean transportation fuels for trucking operations in the Midwest.
Top News
Top News
Fed's Powell plays down inflation threat
Federal Reserve Chairman Jerome Powell told lawmakers that it's "very, very unlikely" that inflation will rise to levels seen in the 1970s, while acknowledging uncertainty as the economy reopens.
Fed officials stress bond buying isn't aimed at boosting housing market
The New York and San Francisco Fed chiefs say the central bank's monetary accommodation is intended to support overall financial conditions.
Daly says it is critical for fed to understand risks of climate change
Climate change is on a path to bring "economic upheaval, boosting innovation, output, and jobs in green sectors, while reducing them in carbon-intensive ones," the San Francisco Fed leader said.
Infrastructure talks focus on how to pay for bipartisan package
The members of the bipartisan negotiating group are discussing ways to pay for it that avoid raising more revenue from the gas tax or fees on electric vehicles, ideas opposed by the White House.
U.S. existing-home prices hit record high in May
A sharp increase in existing-home prices kept more buyers on the sidelines, contributing to the fourth straight month of declining sales of previously owned homes.
Warehouse rents surge on bidding wars for scarce space
Competition is driving up industrial rents as retailers and logistics providers race to move goods closer to population centers, with some engaging in bidding wars for the most coveted sites.
According to its prospectus, Ding Dong plans to issue 14 million ADS shares in the U.S. IPO at a price range of $23.5 to $25.5 per ADS.
Federal Reserve Chair Jerome Powell continued to attribute most of the recent inflation surge to factors closely tied to the economic reopening.
Source: CNBC, Dow Jones Newswires, Bloomberg
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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