Top Movers
By Barry Stearns
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As the S&P 500 futures dip by 0.4% in the early hours of New York trading, investors are bracing for a day influenced by mixed earnings reports and the looming Federal Reserve policy decision. With Nasdaq 100 futures down by 0.7% and Dow Jones Industrial Average futures decreasing by 0.2%, the market sentiment is cautiously pessimistic, reflecting broader concerns over potential sustained high US interest rates.
In the tech sector, Advanced Micro Devices (AMD) sees a 7% decline after its less-than-optimistic forecast for artificial intelligence processors, a key area where it competes with Nvidia. Conversely, Amazon (AMZN) enjoys a 1.7% uptick, buoyed by its cloud unit's impressive sales growth, signaling a recovery from previous slumps. The healthcare sector presents its own drama, with CVRx (CVRX) plummeting 32% following downgrades after disappointing first-quarter results, and CVS Health (CVS) dropping 11% after revising its full-year earnings forecast downwards.
New York Community Bancorp (NYCB) stands out with a 15% rise, offering some relief amid commercial-property concerns, while Kraft Heinz (KHC) faces a 3% decline after reporting a significant drop in organic volume. The consumer goods sector further sees Leggett & Platt (LEG) cutting its dividend, leading to a 12% fall in its stock price.
The insurance sector sees a positive turn with Lemonade (LMND) climbing 8% after uplifting its full-year revenue forecast. In the realm of social media, Pinterest (PINS) captures attention with a 16% surge, thanks to its promising results and optimistic outlook, which have led analysts to adjust their price targets favorably.
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