A woman is reflected in a puddle as she passes a Bank of America branch in New York’s Times Square.
Brendan McDermid | Reuters
Take a look at some of the biggest movers in the premarket:
Bank of America (BAC), JPMorgan (JPM) – Bank stocks were under pressure on Thursday morning amid growing concern about the pace of the economic recovery. Shares of JPMorgan Chase slipped 2.6%, while Bank of America dropped 2.9%. Banks and other financials are typically viewed as cyclical stocks whose performance is tied to the path of the economy.
Charles Schwab (SCHW) – Shares of the brokerage firm fell 3% after Goldman Sachs downgraded the stock to neutral from buy. Goldman said in a note that Schwab had limited near-term upside after the retail trading boom helped to fuel outperformance for the stock in the first half.
Didi Global (DIDI) – The slide of the Chinese ride-hailing app’s stock continued on Thursday morning as investors grapple with the crackdown from the country’s regulators on digital companies. Shares were down more than 6% in premarket trading, building on losses of 19.6% on Tuesday and 4.6% on Wednesday.
Alphabet (GOOGL) – The tech giant slipped 1.6% in premarket trading amid the broader market sell-off. On Wednesday, a group of states announced an antitrust case against Alphabet focused on the Google Play Store on Android phones.
Advanced Micro Devices (AMD), Nvidia (NVDA) – Concerns about global growth appeared to be weighing on the chip sector on Thursday morning. Shares of Advanced Micro Devices and Nvidia each retreated more than 2% in premarket trading despite receiving bullish analyst notes from Goldman Sachs and Oppenheimer, respectively.
Carnival (CCL) – Shares of the cruise line fell more than 4% as the spread of the delta variant of Covid-19 raised doubts about the rebound of the travel industry from the pandemic, including causing a state of emergency declaration in Tokyo. Peer stocks Norwegian Cruise Line Holdings and Royal Caribbean shed more than 3% each in premarket trading.
United Airlines (UAL) – Airline stocks joined other travel names in premarket struggles in the premarket Thursday, with shares of United dropping 3.4%. American Airlines and Delta Air Lines were also under pressure.
Occidental Petroleum (OXY) – Energy stocks fell in premarket trading as the price of oil declined, hit by concerns about global growth and uncertainty about the direction of OPEC policy moving forward. Shares of Occidental Petroleum dropped 3%, while Exxon Mobil slipped 1.8%.
Coinbase (COIN) – Shares of the cryptocurrency exchange slide 5% in premarket trading as crypto markets sold off. The price of bitcoin fell nearly 6% and was trading below $33,000 per coin on Thursday morning.
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