This article examines notable premarket stock movements, providing investors with insights into what may be in store for the day’s trading. Pre-market stock movements serve as signals, offering investors a glimpse of the market dynamics before regular trading hours.
Tesla – Tesla’s stock surged by almost 7% following the release of their second-quarter delivery and production figures, which exceeded the expectations of Wall Street. The company witnessed an impressive 83% year-over-year increase in deliveries.
Xpeng – Shares of Xpeng, the Chinese electric vehicle company listed in the U.S., soared approximately 7% after surpassing its delivery forecast and achieving a remarkable 27% quarter-on-quarter growth, breaking a streak of more than a year of declines. Other China-based EV stocks, including Nio and Li Auto, also experienced significant gains of over 4% each, driven by robust delivery numbers.
Apple – After reports emerged that Apple intends to reduce the production of its Vision Pro headset, the stock of the iPhone maker experienced a slight dip of 0.4%. However, it is worth noting that Apple shares still closed above a market capitalization of $3 trillion on Friday.
AstraZeneca – The Pharma giant witnessed a 5.7% decline in premarket trading as the drugmaker unveiled preliminary results of a phase three trial for a lung cancer treatment. Although the drug showed promising results in comparison to a competitor on one endpoint, AstraZeneca stated in a press release that the data regarding overall survival was not yet fully mature and indicated a lack of statistical significance. The company affirmed its commitment to continuing the trial.
EV Stocks – Following Tesla’s impressive second-quarter production and delivery figures that surpassed expectations, electric vehicle stocks experienced a widespread increase. Rivian saw a 3.2% rise, while both Fisker and Lucid gained over 2% each.
United’s Airlines – The airline stock traded slightly higher before the market opened, despite the airline bearing the impact of widespread flight delays during the holiday weekend.
Chinese Internet Stocks – In the premarket trading, China-based technology stocks saw an increase, which in turn lifted the KraneShares CSO China Internet ETF. Alibaba, Pinduoduo, and JD.com witnessed gains of 1.9%, 3.2%, and 3.1% respectively. These positive movements coincided with the announcement that Treasury Secretary Janet Yellen is scheduled to meet senior Chinese officials in Beijing later this week.
Energy Stocks – In premarket trading, energy stocks experienced gains driven by an increase in oil prices following supply cuts by top exporters for August. Halliburton and ConocoPhillips each saw gains of approximately 1%. Chevron, Devon Energy, and Occidental Petroleum also recorded upward movements.
