Adobe, Smith & Wesson, Orphazyme: What to Watch When the Stock Market Opens Today

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U.S. stock futures ticked lower, putting the Dow on track for its worst weekly performance since the end of January. Here’s what we’re watching ahead of Friday’s trading action.

  • Futures tied to the Dow Jones Industrial Average fell 1% The index of blue-chip stocks had dropped 1.9% this week through Thursday.
  • S&P 500 futures were down 0.7%, putting the benchmark index on track to end a three-week streak of gains. Nasdaq-100 futures shed 0.4%, pointing to losses in large technology stocks at the opening bell. Read our full market wrap.
  • A handful of small biotech companies were among the big movers premarket, including Orphazyme, which was plunging, and AnPac Bio-Medical Science which notched a big jump.
What’s Coming Up
  • The U.S. Juneteenth federal holiday is observed for the first time. The actual holiday falls on June 19, a Saturday this year. Markets will be open as usual, at least this time around.
  • The Baker Hughes rig count, a proxy for drilling activity, is out at 1 p.m. ET.
Market Movers to Watch
  • With guns a-blazing:

    Smith & Wesson

    SWBI 10.73%

    shares were among the premarket risers, adding 5.4% after the firearms maker said its sales surged in the latest quarter amid strong demand.

Smith & Wesson Brands launched its first dividend.



Photo:

Bing Guan/Bloomberg News

  • Adobe

    ADBE 2.03%

    shares climbed 3% premarket after the software maker’s quarterly profit and forward guidance came in ahead of expectations.

  • Orphazyme

    ORPH -40.87%

    is on the move again, and this time there’s a catalyst—unlike the recent volatility that the company said it could not explain. The FDA rejected the biopharmaceutical company’s application for approval of a treatment for a rare progressive genetic disorder, and it’s U.S.-traded shares plunged 44% ahead of the bell.

  • Drug company

    Geron

    was flying in the opposite direction, up 16% ahead of the bell. Late Thursday it released data from a phase 2 study of a treatment of myelofibrosis.

  • AnPac Bio-Medical Science

    ANPC 25.20%

    shares jumped 22% premarket after the Chinese biotech company said Friday it has been granted its first disease-treatment patent by the U.S. Patent and Trademark Office.

  • Trading was quiet among the meme stocks, though

    Clover Health

    CLOV 5.58%

    was bucking the downbeat mood with a 0.3% gain.

Market Facts
  • Gold futures declined 4.5% on Thursday, the largest drop in over 10 months. That took gold down to $1,777.80 a troy ounce, its lowest since early May. Friday morning they edged up 0.6%.
  • A record $756 billion flowed into the Federal Reserve’s reverse repo facility on Thursday, a day after the central bank boosted the return on a key part of its interest rate control tool kit.
Chart of the Day
  • Nonprofessional investors are continuing to upend financial markets and build on their forceful entrance into the trading arena last year.
Must Reads Since You Went to Bed

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