Futures Up on Jobs Optimism, Amgen Soars 14%

Key Takeaway

• S&P 500, Nasdaq 100, and Dow Jones futures are up by 1.1%, 1.6%, and 1.3% respectively, driven by optimism from a favorable jobs report hinting at potential Fed rate cuts.
• Amgen's shares surged 14% on positive obesity drug study results, while BigBear.ai and Fortinet faced declines of 13% and 8% due to financial misses, highlighting market volatility across sectors.

Optimism in the Air

The U.S. stock market is poised for a positive start, buoyed by a jobs report that has fueled investor optimism about potential Federal Reserve rate cuts within the year. S&P 500 futures are up by 1.1%, Nasdaq 100 futures have climbed 1.6%, and Dow Jones Industrial Average futures have increased by 1.3%, reflecting a broad-based uplift in market sentiment.

Healthcare and Tech Lead Gains

In the healthcare sector, Amgen's shares surged 14% following promising early results from its MariTide obesity drug study, sparking a flurry of analyst upgrades. Ardelyx also impressed with a 19% jump after its first-quarter revenue beat expectations, thanks to its Xphozah and Ibsrela drugs. On the tech front, BILL Holdings' shares rose 6.6% after the company outperformed third-quarter expectations and raised its full-year revenue forecast. Block's shares increased by 9.1%, buoyed by a favorable full-year Ebitda forecast and plans to reinvest Bitcoin profits.

Mixed Fortunes Across the Board

While many companies celebrated gains, others faced challenges. BigBear.ai's shares dropped 13% due to a larger-than-expected first-quarter loss. Fortinet's shares fell 8%, with analysts pointing to a need for a significant billings ramp-up following a miss in first-quarter billings. Open Text and Peloton Interactive also saw declines, with shares down 13% and 2.2%, respectively, due to weak outlooks and growth concerns.

Standout Performers and Sector Surprises

Udemy's shares soared 21% after the company exceeded second-quarter expectations and raised its earnings guidance, signaling strong potential despite sector-wide pressures. WideOpenWest's shares jumped 22% on news of a buyout proposal, highlighting investor interest in the cable service provider. Meanwhile, Trupanion and Coinbase faced downturns, with shares down 12% and 3.7%, respectively, due to mixed results and regulatory concerns.