A pump jack operates at a well site leased from Devon Energy Production Co. near Guthrie, Oklahoma.
Nick Oxford | Reuters
Take a look at some of the biggest movers in the premarket.
Devon Energy, Occidental Petroleum – Energy stocks should appreciate as oil prices rose. Devon Energy was up 3% in pre-trading while Occidental Petroleum was up 1.7%. US West Texas Intermediate gained $ 1.23, or 1.7%, to trade at $ 74.60 a barrel after falling more than 2% in the previous session due to uncertainty over OPEC + supply policy.
Didi – The decline in Chinese ridesharing continued, with stocks falling an additional 4% in pre-market trading. Didi stock fell nearly 20% after Chinese regulators announced a cybersecurity review of the company, less than a week after Didi’s public debut on the New York Stock Exchange.
Sunnova Energy – The solar company’s shares rose more than 3% after Raymond James upgraded the stock from Outperform to a strong buy, saying the stock’s recent underperformance was caused by misguided concerns. The stock is down about 13% this year.
Whirlpool – Home appliances stock gained about 1% after JPMorgan named the company a top pick and said the rest of Wall Street were under rating the company. JPMorgan’s target price of $ 278 represents a 28% uptrend for Whirlpool stock.
JPMorgan, Goldman Sachs – Bank stocks should extend sell-off as long-term bond yields continued to fall. The 10-year government bond yield fell another 3 basis points below 1.35%, its lowest level since February. The yield on 30-year government bonds fell by a similar magnitude to 1.97% on Wednesday.