Pre-Market | ECB Warns of Dollarization Risk from Stablecoins, Stocks Surge and Plunge in Pre-Market Trading

29 Jul., DOW FUTURES up 0.15% in pre-market, NASDAQ FUTURES up 0.45% in pre-market, S&P FUTURES up 0.24% in pre-market. A senior European Central Bank official warned that dollar-pegged stablecoins may lead to "dollarization" in the eurozone, undermining the ECB's ability to control monetary policy and potentially triggering financial contagion if stablecoins collapse; the digital euro initiative aims to counter this threat.

Vertex Pharmaceuticals shares rose 3.07% in pre-market trading. Royal Bank of Canada shares rose 1.95% in pre-market trading, as analysts raised the price target and assigned an outperform rating. Novo Nordisk shares dropped 20.12% in pre-market trading, after the company cut its sales and profit forecasts due to weaker demand for key drugs. Spotify Technology shares fell 5.13% in pre-market trading, as the company's earnings and revenue guidance missed analysts' estimates.

In pre-market trading, Salarius Pharmaceuticals surged over 152%, driven by a material event reporting a net insider share increase in an SEC filing. ScanTech AI also saw a significant rise, up nearly 45%, after securing a $1 million contract intent for a nuclear facility. Meanwhile, Wang & Lee Group dropped over 41%, and Bakkt Holdings fell over 40% following a public offering announcement that sparked dilution concerns.

Boeing reported second-quarter revenue of $22.75 billion, surpassing market expectations and up from $16.87 billion year-over-year, alongside delivering 150 commercial aircraft in the period. Nvidia placed an additional order for 300,000 H20 chips with its supplier due to unexpectedly strong demand from China. The European Central Bank highlighted concerns over dollar-pegged stablecoins potentially undermining eurozone monetary policy control, advocating for digital euro adoption as a countermeasure. Tesla completed the production of its 1,000th Megapack energy storage unit at its Shanghai factory, scheduled for shipment to Europe.