Top Movers
By Barry Stearns
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As the U.S. stock market braces for another day of potential losses, investors find themselves navigating through a labyrinth of mixed corporate earnings and the looming Federal Reserve rate decision. With S&P 500 futures indicating a downtrend of 0.5% to 5,041.50, the pre-market session sets the stage for a day of discerning investment choices.
In the tech sector, Advanced Micro Devices (AMD US) faces a 6.8% decline after its forecast for artificial intelligence processors fell short of expectations, highlighting the intense competition with Nvidia. Meanwhile, the cryptocurrency market feels the heat as higher interest rates loom, leading to a broad sell-off in crypto-linked stocks. Coinbase Global, Marathon Digital, Riot Platforms, Hut 8 Mining, Cleanspark, MicroStrategy, Cipher Mining, and Bitdeer Technologies all see declines ranging from 2% to 6.9%, underscoring the sector's sensitivity to macroeconomic indicators.
Despite the overarching theme of caution, several companies stand out with positive momentum. Amazon (AMZN US) enjoys a 2.2% uptick after surpassing first-quarter expectations, while Inari Medical and Lemonade post impressive gains of 12% and 8.1%, respectively, after reporting strong sales and raising revenue forecasts. Nio ADRs and Pinterest also shine brightly in the pre-market, with Nio reporting a significant jump in vehicle deliveries and Pinterest surging 17% on upbeat results and optimistic analyst outlooks.
The pre-market session is not without its share of challenges. Leggett & Platt sees a 13% drop after cutting its dividend, marking an end to over five decades of growth. Polestar ADRs tumble 7.9% amid postponed earnings reports and accounting discrepancies. Additionally, Skyworks Solutions and Starbucks face steep declines of 14% and 12%, respectively, as their forecasts disappoint the market, highlighting the diverse hurdles companies face in maintaining growth and investor confidence.
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