Intel, ServiceNow, Chevron, Strategy, and More Stocks That Explain Today's Market

Dow Jones
08/31

Stock futures were falling to start the week and end the month after the U.S. launched its first strikes against Iran in weeks. The odds of an interest-rate rate hike in September also continued to rise after Federal Reserve Chairman Kevin Warsh's Jackson Hole speech last week.

These stocks were moving in premarket trading Monday:

Oil stocks were among the biggest gainers as Brent crude prices jumped 3% to above $91 a barrel after the U.S. attacked two Iranian rocket launchers in the Strait of Hormuz on Sunday. Halliburton rose 2.4%, while Valero Energy, Phillips 66 and Chevron each rose around 2%. Exxon Mobil climbed 1.6%.

Software stocks looked set to struggle after rallying last week and throughout August. ServiceNow fell 2%, while Oracle, Salesforce and Palantir each declined around 1%. The iShares Expanded Tech-Software Sector $(IGV)$ exchange-traded fund has jumped 16% this month.

Semiconductor names were on track for gains to end what's been a more challenging August. Intel rose 1.3%, the most actively traded stock ahead of the open, while Nvidia rose 0.6%. The iShares Semiconductor ETF (SOXX) slipped more than 3% on Friday and has gained just 0.7% in August.

BioMarin Pharmaceutical rose 5% after the company announced it will receive 20% royalties from Denmark's Ascendis Pharma on sales of yuviwel, a drug to boost lineae growth in children with achondroplasia, the most common form of dwarfism.

Strategy rose more than 2% after a 7% drop Friday as Bitcoin rebounded to $78,500 early Monday from around $77,500 at the end of last week's stock market trading.

 

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