Britain’s vote last week to abandon the European Union sent markets into a tailspin, and trading in Europe Monday indicated that the pain was not yet over. Shares of British banks, including RBS and Barclays, dropped by double digits, touching levels not seen since 2009.
Dow futures were down before U.S. trading Monday, but not all stocks were poised for a fall. Here are five stocks to watch as the week begins.
Newmont Mining Corp.
Among the few corners of the market unharmed by the turmoil around the British EU referendum: gold miners. As investors move into precious metals to weather the fallout from the referendum, companies like U.S. miner Newmont (NYSE:NEM) could see a boost, Goldman Sachs analysts wrote in a note.
Another stock benefiting from post-Brexit unease, Goldcorp (NYSE:GG), rose 1.7 percent in premarket trading Monday. Goldcorp spiked 4.6 percent Friday after the Brexit vote. Analysts at Raymond James increased their target price to $24 from $19.50 for the stock, which was set to open at $18.70.
While this British company’s peers continued to founder in harsh post-Brexit markets, GW Pharmaceuticals (NASDAQ:GWPH) rose sharply in U.S. premarket trading Monday after the announcement of positive results for a childhood epilepsy drug that uses a cannabis-derived compound. GWPH was up 20 percent before the bell.
As markets shuddered Friday, stocks in brokerages and stock traders like E*Trade suffered some of the steepest declines. Yet one outlier stood out: Virtu Financial (NASDAQ:VIRT), a high-frequency trading powerhouse, edged higher throughout the day Friday, ending in the green amidst a sea of red.
JPMorgan Chase & Co.
Like other bank stocks, JPMorgan (NYSE:JPM) was down in premarket trading, with investors still uncertain over how the multinational bank will negotiate the aftermath of the Brexit vote. With substantial European business and 16,000 employees in the U.K., it may be no easy feat for the largest American bank by assets.
“We may need to make changes to our European legal entity structure and the location of some roles,” Jamie Dimon, chief executive of JPMorgan, said Friday.