Morning Movers: Sarepta slumps after death following Elevidys use

Stock index futures in the United States are experiencing a slight pullback this morning, following a two-day rally that interrupted a month-long selloff. This cautious sentiment arises as investors await the Federal Reserve’s upcoming rate-setting meeting, where policymakers are expected to address economic impacts stemming from ongoing trade disputes and potential “stagflationary” risks.

In the commodities market, gold prices have surged to new record highs, surpassing the $3,000 per ounce mark. This increase is driven by escalating geopolitical tensions, particularly in the Middle East, and a weakening U.S. dollar, prompting investors to seek safe-haven assets. Spot gold reached a peak of $3,028.24 in early trade and is currently at $3,023.09 per ounce, up 0.7%. Conversely, oil prices have experienced volatility due to uncertainties surrounding global supply and demand dynamics. After a more than 1% loss in the previous session, oil prices rebounded, partly due to diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies to Western markets. 

In pre-market trading, S&P 500 futures rose 0.3%, Nasdaq futures fell 0.5% and Dow futures fell 0.2%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. 

HIGHER –

• Peabody Energy (BTU) up 5% after President Donald Trump said in a Truth Social post, “After years of being held captive by Environmental Extremists, Lunatics, Radicals, and Thugs, allowing other Countries, in particular China, to gain tremendous Economic advantage over us by opening up hundreds of all Coal Fire Power Plants, I am authorizing my Administration to immediately begin producing Energy with BEAUTIFUL, CLEAN COAL.”
• Frontier Group (ULCC) up 1% after announcing customers can receive the Economy Bundle for free, including a free carry-on bag, free seat selection, and free flight changes

UP AFTER EARNINGS –

• Bitcoin Depot (BTM) up 9%
• Elbit Systems (ESLT) up 6%
• Tencent Music (TME) up 3%
• MiNK Therapeutics (INKT) up 3%
• Flowco (FLOC) up 2%
• Citi Trends (CTRN) up 2%
• IHS Holding (IHS) up 1%
• UP Fintech (TIGR) up 1%

DOWN AFTER EARNINGS –

• Huya (HUYA) down 6%
• KE Holdings (BEKE) down 5%
• XPeng (XPEV) down 4%
• Eton Pharmaceuticals (ETON) down 2%
• Stoke Therapeutics (STOK) down 1%

LOWER –

• Sarepta (SRPT) down 23% after sharing that a young man with Duchenne muscular dystrophy has passed away following treatment with Elevidys