August 5, 2019 8:06am
Futures also pointed to opening declines for the NASDAQ
Up-coming week’s earnings: Alnylam Pharmaceuticals (ALNY) and AxoGen (AXGN) pre Audentes Therapeutics (BOLD) with Ionis Pharmaceuticals (IONS), Fate Therapeutics (FATE) and Editas Medicine (EDIT) on 8/6; Regenxbio (RGNX) and Sangamo Therapeutics (SGMO) on 8/7 with Athersys (ATHX), BioLife Solutions (BLFS), Organovo (ONVO), Caladrius Bioscience (CLBS) and Adverum Biotechnologies (ADVM) on 8/8.
Pre-open indication: how many equities will roll downhill?
Framing the week’s headlines, market disruption and earnings!
The remainder of the month’s trading sessions will be critical for the RegMed sector which will establish whether expectation of August and quarter’s (Q2) initiate a slow downdraft.
Dow futures are DOWN -1.83% (-484 points), S&P futures are DOWN -1.92% (-57 points) and NASDAQ futures are DOWN -2.49% (-200 .points)
Futures on Monday pointed to a sharply lower open for U.S. stocks. The moves came amid market turmoil in the Asian trading session on Monday, with Hong Kong’s Hang Seng index dropping nearly 3% and Japan’s Nikkei 225 falling more than 2.5%. The MSCI Asia ex-Japan index also sank more than 2%;
European stocks tumbled as a rapid escalation of U.S.-China trade tensions continues to spook investors worldwide as the pan-European Stoxx 600 fell 1.7% by mid-morning;
Asian Pacific markets slipped amid wider concerns over the trade dispute between Beijing and Washington;
Apply caution as global turmoil roils U.S. markets.
This week, exposure to Chinese currency devaluation is at an all-time high,
Last week, amid the trade turmoil, the S&P 500 saw its worst weekly drop of 2019, falling 3.1%. The Dow had its second-worst week of the year, declining 2.6%.
From Friday’s evening post, “the session and the week’s review. The in-line July jobs report didn’t change the macro outlook but, equities have other problems – Q2 reporting season. Today was not the day to catch a falling knife or a wall of equity paper from any height.”
• The NASDAQ was down -107.05 or -1.32% to 8,004.07;
• Friday the IBB closed down -1.2% while the XBI closed down -2.20%;
• The close was negative with an A/D Line of 8/34 and 1 flat and 2 acquired;
• The range of the 8 upside was +0.57% (MDXG) to +14.04% (STML) while the 34 downside ranged from -0.95% (BTX) to -12.61% (ADVM);
• 3 out of the 8 upside had higher than the 3 month average volume;
• 9 out of the 34 downside had higher than the 3 month average volume;
August has 1 POSITIVE and 1 NEGATIVE close, so far
Companies in my headlights – It’s your decision; I provide an idea and context:
ReNeuron (RENE.L has a negative pre-market timing negative differential of -$18.60 – SELL;
*** Watch out below as equities could come tumbling down ***
Opinions expressed are those of the author and are subject to change, and not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors. All investments are subject to risks. Investors should consider investment objectives.
Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions in securities referred to in this publication.