Closing Bell Movers: Credo Technology jumps 11% on earnings

In the opening hour of the evening session, U.S. equity futures are down a margins 0.1% across the major indices – S&P 500, Nasdaq 100, and Dow Industrials.  In commodities, WTI Crude Oil futures ticked up about 20c above $63 per barrel following comments from President Trump that Iran will not be allowed to enrich any uranium.  In precious metals, Gold and Silver are both breaking out higher above $3,410 and $34.00 per ounce respectively after two weeks of more contained rangebound action.

Stocks had opened the week on the back foot amid concerns of escalation in U.S.-China trade negotiations but reversed to the upside mid-day and finished the session strong near the highs on solid volume in the final hour.  Energy and Tech led the S&P 500 sector, while Industrials lagged – even though steelmakers Nucor (NUE) and Steel Dynamics (STLD) were the best performing stocks in the index on the announcement that U.S. will increase steel tariffs to 50% from 25%.  Macro focus for  investors this week falls on the jobs data, with JOLTS report from U.S. Labor Bureau on deck for tomorrow, followed by ADP employment on Wednesday, weekly claims on Thursday, and non-farm payrolls for May on Friday. 

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

HIGHER AFTER EARNINGS – 

• Credo Technology (CRDO) up 10.8%

ALSO HIGHER –

• MoonLake Immunotherapeutics (MLTX) up 24.2% after FT report of potential  $3B+ buyout offer from Merck (MRK)
• Neuronetics (STIM) up 7.6% after being included in Russell 2000, Russell 3000 Indexes

ALSO LOWER –

• Parsons (PSN) down 4.6% after cutting guidance ahead of Baird conference
• Trevi Therapeutics (TRVI) down 3.1% after equity offering