As European stock markets travel lower, eyes are on the opening of Wall Street. While Dow Jones futeres have come close to losing about 300 basis points, it is still Deutsche Bank that has plunged 13 percent in the U.S. pre-market following a surge in credit default swaps-a form of insurance for a company's bondholders against its failure-again raising concerns about the health of the European banking sector.
U.S. bank stocks also fell on investor concerns about the global banking system. First Republic Bank gave up 3 percent, while Western Alliance Zions Bancorporation and Fifth Third lost more than 2 percent. Even big banks were not immune to traders' jitters. JPMorgan Chase and Bank of America also fell 2 percent. Looking at other stocks, Coinbase also fell 2.3 percent in pre-market trading. Energy sector names also fell in premarket trading due to falling oil prices, with investors concerned about a potential oversupply. Marathon Oil and Devon Energy were down about 3 percent. Halliburton, Occidental Petroleum, Diamondback Energy, and Exxon Mobil each lost about 2 percent.
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