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3 Minutes, by Read (Click LIVE/ or type LIVE/ in a news window for a Reuters live blog on U.S., UK, and European financial markets.) * The Dow is down 0.08 percent, the S&P is down 0.07 percent, and the Nasdaq is up 0.03 percent. Reuters, July 6 – Investors returned after a lengthy holiday weekend to focus on Beijing’s crackdown on many U.S.-listed Chinese corporations, while energy stocks surged as oil prices hit multi-year highs. Didi Global Inc’s stock dropped as much as 25% in premarket trading after Chinese officials ordered the company’s app to be taken down over the weekend, just days after its $4.4 billion IPO on the New York Stock Exchange. Other U.S.-listed Chinese e-commerce companies, such as Alibaba Group, Baidu Inc, and JD.com, lost 1% to 2.7 percent, as the Chinese crackdown weighed on global markets. Meanwhile, investors awaited hints from the US Federal Reserve’s decision minutes as to when quantitative stimulus will be reduced. On Wednesday, it will be released. Market investors have swung between “value” and “growth” equities in recent sessions on fears that a potentially stronger-than-expected economic rebound could force the central bank to reduce its assistance. On Friday, the benchmark S&P 500 index set new closing highs for the seventh day in a row, the longest such stretch since June 1997, thanks to tech heavyweights Microsoft Corp, Apple Inc, Amazon.com Inc, and Alphabet Inc. Oil prices soared to multi-year highs after OPEC+ producers failed to reach an agreement, with major oil companies such as Occidental Petroleum Co, Chevron Corp, and APA Corp all jumping between 0.8 and 2.3 percent. The ISM non-manufacturing PMI data for June will also be watched, as it is projected to drop after reaching a new high of 64 in May. The deadline for the report is 10 a.m. ET. The Dow e-minis fell 27 points, or 0.08 percent, while the S&P 500 e-minis fell 3.25 points, or 0.07 percent, and the Nasdaq 100 e-minis rose 4.75 points, or 0.03 percent. The big banks’ second-quarter earnings season starts next week, and investors are keeping an eye on President Joe Biden’s infrastructure program. American Express Co rose 2.5 percent, among other companies, after Goldman Sachs upgraded the stock to “buy” from “neutral.” Huya and DouYu, China’s top two videogame streaming sites, slumped 2.6 percent and 7.3 percent, respectively, after China’s antitrust authority announced that Tencent Holdings Ltd’s intention to integrate the companies would be blocked. Bilibili Inc, a mobile game company, lost 3.9 percent. (In Bengaluru, Devik Jain and Shreyashi Sanyal contributed reporting; Arun Koyyur edited the piece.)/nRead More

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