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S&P 500, Bitcoin, Li Auto: What to Watch When the Stock Market Opens Today - The Wall Street Journal

The New York Stock Exchange Friday, September 17, 2021.

Photo: Richard B. Levine/Zuma Press

Updated Sept. 20, 2021 9:13 am ET

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U.S. stock futures fell as jitters in China’s indebted property sector rippled into global markets. Here’s what we’re watching ahead of Monday’s trading session.

  • The Cboe Volatility Index—Wall Street’s so-called fear gauge, also known as the VIX—ticked up to 25.92, its highest level since mid-May.
  • Shares of banks and financial services companies, which tend to be among the most economically sensitive stocks, declined premarket. Bank of America and Goldman Sachs Group shares each fell 3%.
  • Energy stocks fell premarket as futures for Brent crude, the benchmark in international energy markets, fell 1.6% to $74.13 a barrel. Shares of Occidental Petroleum fell 5%, Devon Energy declined 4.3% and Marathon Oil shed 4.4%.
  • Shares of bitcoin mining stocks fell alongside the price of the world’s largest cryptocurrency by market value. Hut 8 Mining shares contracted almost 10% and Marathon Digital Holdings shed 9.4% premarket. Bitcoin’s dollar value fell 8.7% to $43,462.74 from its 5 p.m. ET level Sunday. Other cryptocurrencies also fell, with joke crypto dogecoin tumbling 12% over the same period.
  • U.S.-listed shares of Li Auto fell 5.5% premarket after the company revised lower its outlook for third-quarter vehicle deliveries due to Covid-19 hampering chip production in Malaysia.
  • Pfizer and partner BioNTech said their Covid-19 vaccine was found to be safe and generated a strong immune response in children aged 5 to 11 years in a late-stage study but the positive news wasn’t enough the shake the broader market rout. Pfizer shares edged 1.5% lower premarket and U.S. listed shares of BioNTech fell 4.8%.
  • AstraZeneca shares bucked the broader selloff, with U.S.-listed shares up 1.3% premarket. The company shared strong data on its new breast cancer drug Enhertu at a large medical conference over the weekend.
  • Individual-investor favorite AMC Entertainment declined 5.9% premarket. GameStop fell 4.2%
  • U.S.-listed shares of Chinese companies declined, with Alibaba Group Holding down 3.7%, down 3.9% and Baidu down 2.7%.
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  • Natural-gas prices have surged, prompting worries about winter shortages and forecasts for the most expensive fuel since frackers flooded the market more than a decade ago.

Write to Caitlin Ostroff at [email protected]