Stock futures were trading at a lower level on Monday following China’s cut down of interest rates after the release of data that showed a slowdown in the world’s second-largest economy.
S&P 500 futures declined 0.4%, and Dow Jones Industrial Average futures dropped 0.5%. Futures for the tech-heavy Nasdaq Composite were also 0.2% less.
Here are a few stock market movers in premarket trading on Monday.
American depository receipts of Li Auto (ticker: LI) dropped 6.3% following the Chinese electric vehicle’s guidance for its third quarter, which fell lower than analysts expected. ADRs of fellow Chinese EV makers also declined, with NIO (ticker: NIO) down 1.8% and XPeng lower by 3.7%.
Moderna’s (ticker: MRNA) bivalent Covid vaccine booster for adults aged 18 and older received the green light from a U.K regulator. The stock, however, dropped by 0.2%.
Illinois Tools Works (ticker: ITW) dropped 2.2% lower after Deutsche Bank dropped its rating on the industrial products and equipment manufacturer from Hold to Sell.
Peloton Interactive (ticker: PTON) dropped 2.5% in premarket trading on Monday, following a 13.6% jump on Friday. The company announced roughly 800 job cuts as part of its strategic overhaul.
Walmart (ticker: WMT), Target (ticker: TGT), and Home Depot (ticker: HD) to release second-quarter earnings reports this week, with reports giving investors a little insight into how U.S retail and the consumer are surviving this period of high inflation. All three stocks didn’t experience high changes in the premarket session. Walmart shares dropped 8.6% in 2022, Target has fallen 26%, and Home Depot 24%.