Closing Bell Movers: GMS up 15% on takeover proposal from QXO

Ahead of Juneteenth market holiday on Thursday, U.S. equity future are little changed in the opening hour of the evening session, with S&P 500, Nasdaq 100, and Dow Industrials  all down less than 0.1%.  In energy, WTI Crude Oil is off by 0.1% below $73.50, while Gold futures are near Wednesday’s lows, slipping back below $3,400 per ounce.

Investors are still digesting today’s FOMC policy decision as the Fed doubled down on its “stagflation” outlook – paring back its growth estimates but nudging higher its forecast for both inflation and unemployment.   The Fed also maintained its forecast for two rate cuts being the most likely scenario this year but saw higher rates than in its March statement in 2026.  In his remarks, Fed Chairman Powell said economic uncertainty has diminished but remains elevated and also warned that more goods inflation as a function of trade uncertainty will emerge this summer.   Major indices were higher going into the Fed decision but ended the day near unchanged levels, with Tech and Utilities leading the S&P 500 and Energy seen as the worst performing sector on the index.

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

HIGHER –

• GMS Inc. (GMS), up 15.5% after QXO (QXO) offers to buy company at $95.20 per share
• APi Group (APG) up 5.0% after entering S&P MidCap 400 index
• Prothena (PRTA) up 4.4% after announcing restructuring, cash burn update
• G-III Apparel Group, Ltd. (GIII) up 2.5% after insider buy

DOWN AFTER EARNINGS –

• Smith & Wesson Brands (SWBI) down 13.1%