Closing Bell Movers: Coherent down 18% as earnings miss

In the opening hour of the evening session, U.S. equity futures are little changed, with S&P 500 just shy of 6,490 and Nasdaq 100 around 23,949.  In commodities, WTI Crude Oil continues to slide below $63 per barrel while precious metals are modestly higher – Gold remains supported above $3,400 and Silver breaking through $38 per ounce.

Sentiment remains buoyed by expectations of the Fed turning more accommodative at their September meeting in the wake of the benign CPI data earlier this week.  Following commentary by the administration overnight pushing for potentially deeper rate cuts at the September meetings, fed funds futures are now 100% convinced of at least a 25bps cut with some possibility of a 50bpt easing.  Fixed income markets are also repricing longer-term rate expectations, with longer-dated Treasuries joining the rally.   Rate-sensitive sectors – including Home Builders, Regional Banks – are also outperforming for the second consecutive days.  Small caps are likewise being aggressively bought – Russell 2000 was up another 2% today following yesterday’s 3% jump.

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

HIGHER AFTER EARNINGS –

• DLocal Limited (DLO) up 24.5%
• B. Riley Financial (RILY) up 4.7% after first-half update

ALSO HIGHER –

• Verastem (VSTM) up 12.7% as VS-7375 shows efficacy in lung cancer
• Bullish (BLSH) up 10.9%;  first day of trading momentum

DOWN AFTER EARNINGS –

• Coherent (COHR) down 17.6%
• Ibotta (IBTA) down 8.7%
• Stantec (STN) down 6.2%
• Cisco (CSCO) down 0.6%

ALSO LOWER –

• Intuitive Machines (LUNR) down 8.7% after offering convertible debt