Top Movers
By Athena Xu
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As the dawn breaks on another trading day, the S&P 500 futures hint at a continuation of this week's downward trajectory, with a modest decline of 0.2% to 5,250.00. The pre-market session today paints a picture of a market caught between the optimism of economic resilience and the looming shadow of prolonged high interest rates by the Federal Reserve.
In the financial arena, Ally Financial (ALLY US) experiences a 2.6% dip in its pre-market value, following JPMorgan's downgrade from neutral to underweight. This move is part of a broader reassessment by the broker, affecting other consumer finance entities such as Guild Holdings and Essent Group, while Navient finds itself on the favorable end of an upgrade.
The technology sector witnesses Intel (INTC US) grappling with a 5.3% pre-market decline as the company confronts deepening losses within its factory business, projecting several years before potentially reaching a break-even point. On a brighter note, the consumer discretionary sector sees a spark of positivity with Dave & Buster’s (PLAY US) climbing 7.1% after surpassing fourth-quarter Ebitda expectations and announcing a $100 million share-buyback program.
Vanda Pharmaceuticals (VNDA US) stands out with a remarkable 23% surge in its pre-market shares, buoyed by the FDA's approval of Fanapt tablets for treating bipolar I disorder in adults. Conversely, the semiconductor space feels the heat as Wolfspeed (WOLF US) dips 2.2% following Wells Fargo Securities' downgrade to equal-weight from overweight.
Finance GPT
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