Apple, Amazon, Tesla Lower in Premarket Trade; Pinduoduo Rallies

By Scott Kanowsky

Investing.com -- Stocks in focus in premarket trade on Monday, August 29th. Please refresh for updates.

Technology and growth stocks including Apple (NASDAQ:AAPL), Amazon (NASDAQ:NASDAQ:AMZN) and Tesla (NASDAQ:NASDAQ:TSLA) were down around 1% hit by rising U.S. Treasury yields. Pinduoduo (NASDAQ:PDD) shares rallied by 12.37% after the Chinese e-commerce company posted quarterly earnings that beat Wall Street expectations thanks in part to a recovery in consumer demand. Dow Inc (NYSE:DOW) stock dropped by 2.15% after KeyBanc cut its estimate for the chemical maker to "underweight" from "sector weight." Analysts at KeyBanc said they expect fourth quarter margins and earnings to approach trough or recession levels. Victoria's Secret&Co (NYSE:VSCO) shares fell by 3.16% after UBS warned that it expects the lingerie maker to post a 36% decline in full-year earnings per share and remain below last year's levels due to macroeconomic headwinds related to inflation. Dell Technologies (NYSE:DELL) shares dropped by 0.80% after the technology services company announced a halt to its operations in Russia. It had stopped activities in the country in February in the wake of the outbreak of the war in Ukraine. Netflix (NASDAQ:NFLX) shares moved lower by 1.02% after Bloomberg reported that the streaming video giant is considering charging $7 - $9 per month for its new ad-based subscription service. Moderna (NASDAQ:MRNA) shares decreased by 1.76% after the drugmaker's latest Covid-19 vaccine was approved by Swiss authorities. OLB Group Inc (NASDAQ:OLB) stock rose 27.81%, adding to heavy gains made on Friday. The e-commerce merchant service provider recently posted H1 sales of $17.16M.

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