U.S. stock futures were trending lower on Friday as investors remain wary of slowing global economic growth as data showed China’s economy is likely to slow in the second half of the year. Warnings that the U.S. economy is likely to slow in the third quarter due to the spread of the Delta variant also continue to weigh on market sentiments.
Dow futures were down 0.20%, S&P futures were down 0.27%, and Nasdaq futures were down 0.20% at the time of writing.
China Online Education Group (COE) and Progressive Corp. (PGR) are set to report their quarterly earnings before the market opens. PFSweb Inc. (PFSW) and Manchester United PLC (MANU) are also scheduled to report during the day.
Farmmi Inc. (FAMI) was one of the most active stocks in the pre-market session, with 1.43 million shares exchanging hands at the time of writing. The increased market activity comes a day after the company announced the closing of an $81 million underwritten public offering of its ordinary shares.
Corvus Pharmaceuticals Inc. (CRVS) was one of the biggest gainers in the pre-market session, jumping 41.15% at the time of writing. It is still unclear what is causing the stock to spike as no fundamental news has been released to justify the pop.
Clarus Therapeutics Holdings (CRXT) was the biggest pre-market loser, falling 18.69% at the time of writing. The sell-off comes a day after the company confirmed an exclusive worldwide licensing agreement to develop and commercialize technology to treat rare conditions associated with coenzyme-q10 (ubiquinone) deficiencies.
Carrier Global Corporation (CARR) has inked a deal to acquire BrokeBay Inc. as it looks to strengthen its recurring revenue base. The financial terms of the deal remain under wraps. The acquisition is expected to enhance the company’s Fire & Security business as its software will offer a one-stop shop for real estate agents.
General Motors Company (GM) is on the cusp of suspending production at its Orion, Michigan assembly plant until Mid-October. Reuters reports that the suspension will allow the company to address a new recall of the Chevrolet Bolt electric vehicle following 12 reported cases of fires and injuries. The latest recall follows a recall of more than 140,000 Bolts in August that resulted in the company replacing battery modules.
Facebook (FB) has started trials on a new feature that allows people to search businesses within its messaging app, WhatsApp. The trials have started in Sao Paulo, Brazil, whereby people can search for shops and other services through a directory in the app.
Profire Energy, Inc. (PFIE) has announced a $2 million share repurchase program of its common stock. The program is to begin on October 15, 2021, and end on September 30, 2022. The shares are to be repurchased at a price determined by market conditions and the company’s management.
Meanwhile, Diamondback Energy (FANG) has accelerated its plans to return as much as 50% of its free cash flow to shareholders in the fourth quarter of Fiscal 2021. Consequently, the board of directors has approved a $2 billion share repurchase program. The program is supported by the company’s strong operational performance and supportive macroeconomics.
