Morning Movers
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Big Tech – Lower as a group this morning set to extend Friday’s slide after data showed inflation in the U.S. climbed to a 40-year high in May, META, AMZN, AAPL, MSFT, GOOGL are all down sharply in premarket trading. Data on Friday showed that U.S. consumer prices rose 8.6% y-o-y in May, the fastest such rise since 1981, stroking fears of a recession and moves to further tighten the economy from the Fed. Rising fuel and commodity prices as well as trade snags due to global events like the crisis in Ukraine have forced investors to move money out of growth stocks and into safe havens like bonds. Trying to persuade EU antitrust regulators to close their investigations without a fine by the end of the year, Amazon has offered to share marketplace data with sellers and boost the visibility of rival products on its platform. META, AMZN, AAPL, MSFT, GOOGL

TSLA.NQ -4.55%
Tesla Inc – Back on watch also lower this morning, on Friday proposed a three-to-one stock split, making its shares more affordable following recent sell-offs of the most valuable automaker. The company also said Oracle Corp co-founder Larry Ellison, a friend of Tesla Chief Executive Officer Elon Musk, will not stand for re-election to Tesla’s board when his term ends at this year’s shareholder meeting.

Crypto Stocks – Cryptocurrency and blockchain-related stocks are under pressure in premarket trading, mirroring a fall in price of cryptocurrencies amid a broader risk-off environment. Bitcoin BTC=BTSP dropped 8.1% to $24,300.12, its lowest level since December 2020 over the weekend; Ether ETH=BTSP, the world’s second-largest cryptocurrency, dropped more than 15% to $1,223.20, its lowest since January 2021. The industry also came under pressure after cryptocurrency lending firm Celsius Network said it will pause withdrawals and transfers between accounts due to “extreme market conditions”. COIN, MSTR, MARA, RIOT, BTBT, HUT, OSTK, SI

Chinese ADRs – Back on watch after Friday’s sell off in the group, most gapped higher only to fall sharply throughout the session despite continued positive reopening talk out of China. NIO shares are down more than 4%, Friday the company rallied initially on reports it plans to make its own batteries by 2024. Multiple cautious notes on the group again this morning. BABA, JD, PDD, BIDU, NIO, XPEV

Travel Stocks – Active, under significant pressure premarket as the hotter than expected inflation reading Friday has investors fearing a slowdown in leisure spending could hurt this group in the near term. This group rallied briefly Friday after the Biden administration decided to drop COVID testing for incoming international air travelers. CCL, RCL, NCLH, AAL, UAL, DAL, LUV

RDBX.NQ 24.24%
Redbox Entertainment – The retail favorite is higher again in premarket trading, last week data from analytics firm S3 Partners, showed its current Squeeze Risk score reached 100, indicating high probability of a squeeze event. S3 estimates 55% of RBDX float is shorted.

EDU.NY 10.80%
New Oriental Education – Chinese online education firm up sharply premarket on reports it plans to restart its online English tutoring programs.

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