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Dow Jones Futures: Crude Oil Rebounds, Treasury Yields Keep Falling; Amazon, Shopify Lead 5 Techs In Buy Zones

Posted Date: July 07 2021
Dow Jones futures and S&P 500 futures edged higher Wednesday morning, while Nasdaq futures rose modestly. Crude oil prices rebounded modestly overnight, while the 10-year Treasury yield continued to fall.

The stock market rally was mixed Tuesday as crude oil prices and other commodity futures retreated while Treasury yields slumped to a four-month low.
Software and some tech megacaps continued to lead. CrowdStrike (CRWD), Zscaler (ZS), Shopify (SHOP), Bill.com (BILL) and Amazon.com (AMZN) broke out. A widespread ransomware attack gave a boost to cybersecurity plays such as CrowdStrike and ZS stock. The Pentagon canceled a $10 billion JEDI cloud-computing contract with Microsoft (MSFT), a likely win for Amazon.

China Stocks Slammed

China stocks were hard hit as Beijing extended a crackdown on ride-hailing giant Didi Global (DIDI) and two other recent U.S. IPOs, logistics platform Full Truck Alliance (YMM) and job-search app Kanzhun (BZ). That raised regulatory risk concerns for U.S.-listed Chinese companies, especially those like Didi that rely on user data.
DIDI stock plunged nearly 20% to 12.49, while YMM lost 6.7% and BZ 16%, all undercutting their IPO prices, at least intraday. Alibaba (BABA), which paid a record antitrust fine earlier this year, slumped 2.8%, near a 52-week low. Tencent (TCEHY) retreated 3.45% to its worst levels of the year. UP Fintech (TIGR) plunged 14%.

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