Closing Bell Movers: GE Vernova up 6% on raised outlook, doubled dividend

In the opening hour of the evening session, U.S. equity futures are marginally lower, with S&P e-minis slipping below 6,850 and Nasdaq 100 down 0.1%, with Dow Industrials little changed.  In commodities, Crude Oil is supported above $58 after modest pressure on Tuesday, while Metals are highlighted by an upward breakout in Silver prices to record highs above $61 per ounce.

Ahead of tomorrow’s FOMC decision, stocks were choppy as S&P 500 remains contained in a two-month-long range capped above 6,900.   Energy and Consumer Staples outperformed while Health Care was the worst sector in the S&P 500 as more profit-taking set in.   Markets have largely priced in the December Fed rate cut, but investors will seek greater clarity on the outlook, particularly in the context of wide dispersion of expectations seen in September’s dot plot projections, with the biggest vote calling for just one more cut in 2026 against Fed Funds Futures markets betting that policy will be recalibrated closer toward 3%.  Politics are also a factor, as Kevin Hassett has emerged as a clear favorite to replace Fed Chair Powell next year.  Ironically, the concurrent uptick in Treasury yields over the past two weeks suggests that bond traders are front-running Hassett’s overly dovish – and longer-term inflationary – bias, as evidenced by more upward pressure in 10-year yields juxtaposed against selling in the U.S. Dollar.

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

HIGHER AFTER EARNINGS –

• Braze (BRZE) up 13.2%
• American Outdoor Brands (AOUT) up 6.0%

ALSO HIGHER –

• GE Vernova (GEV) up 6.1% as company doubles dividend, boosts buyback, raises medium-term revenue view

DOWN AFTER EARNINGS –

• Lakeland Industries (LAKE) down 20.1%
• Cracker Barrel Old Country Store (CBRL) down 8.9%
• GameStop (GME) down 5.8%
• AeroVironment (AVAV) down 4.9%
• Casey’s General Stores (CASY) down 1.7%

ALSO LOWER –

• Denali Therapeutics (DNLI) down 9.5% after equity offering
• Legence  (LGN) down 4.6% after equity offering