Closing Bell Movers: Nucor slumps 5% after negative pre-announcement

In the opening hour of the evening session, U.S. equity futures are making solid gains – S&P 500 and Nasdaq 100 are up 0.4% while Dow Industrials is up 0.3%.  In commodities, WTI Crude Oil was back below $64 per barrel while Precious Metals traders are processing the kneejerk lower on post-Fed U.S. Dollar bounce – Gold is back below $3,700 and Silver is around $42 per ounce after topping $43 just yesterday.

The Fed delivered on the baseline expectation of a 25 basis point rate cut and solidified market pricing of three rate cuts in 2025 overall, but investors hoping for “shock and awe” were left disappointed.  Fed Governors Waller and Bowman – two Fed officials in the running for the Chair post next year who also dissented for an easing last time – voted with the majority for the 25bp cut and the “dot plot” maintained its longer-term floor in Fed Funds rate at 3.00%, suggesting that the focus on softening labor market this time could be an isolated case.  Indeed, Fed Chair Powell straddled the labor and inflation risks at his presser with the remark that the “two sided risks which means there is no risk free path.”  The measured tone of the press conference was reflected in Treasury markets – while the 10-year yield fell below 4% with the initial cut, the benchmark ended the session at 4.07% – a basis point higher than just before the announcement.

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

HIGHER AFTER EARNINGS –

• Bullish (BLSH) up 2.9%

ALSO HIGHER –

• IonQ (IONQ) up 6.4% after signing MoU with DoE to advance quantum technologies in space
• Super Group (SGHC) up 3.1% after FY25 guidance raise
• NRG Energy (NRG) up 0.9% after guidance raise

DOWN AFTER EARNINGS –

• Cracker Barrel (CBRL) down 9.0%

ALSO LOWER –

• Nucor (NUE) down 5.2% after negative Q3 pre-announcement
• Arvinas (ARVN) down 3.4% after disclosing workforce cuts with update on Pfizer pact to out-license commercialization rights to vepdegestrant