Following a strong rebound by the major indices on Monday, in the opening hour of the evening session, U.S. equity futures are little changed, with S&P e-minis just below 6,700 and Nasdaq 100 contract above 24,900. In commodities, WTI Crude Oil is up slightly – rising above $59.50 per barrel after Friday’s plunge to 5-month lows below $58.50. Meanwhile precious metals are sustaining their rally as capital flows into safe havens intensify amid geopolitical and policy uncertainty – Gold is now above $4,130 and Silver has lunged above $50 prior peak, approaching $51 per ounce in the evening session.
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Tech was the best performing sector on the S&P 500, paced by Broadcom’s (AVGO) rally following the announcement of OpenAI partnership to co-develop custom accelerator and systems for 10 GW of capacity. Consumer Discretionary names also saw impressive demand, with investors relieved that the China trade tension ratcheted up by President Trump on Friday appeared to have an off-ramp. Best Buy (BBY) and Williams and Sonoma (WSM) – two names with heavy exposure to China trade tariffs – reversed their Friday selloffs with 10% and 5% gains on Monday respectively.
Check out this evening’s top movers from around Wall Street, compiled by The Fly.
HIGHER –
- Navitas Semiconductor (NVTS) up 37.7% after announcing progress in development of advanced medium and high 800 VDC voltage GaN and SiC power devices
- Momentus (MNTS) up 12.6% after signing $15M global agreement with Solstar Space
- Polaris (PII) up 12.3% after announcing it will sell a majority stake in Indian Motorcycle to Carolwood LP
- Textron (TXT) up 2.3% after announcing Cessna Citation M2 Gen2 achieves FAA certification
- FMC (FMC) up 0.7% after being upgraded to Neutral at BofA
- RPM International (RPM) up 0.6% after being upgraded to Buy at BofA
DOWN AFTER EARNINGS –
ALSO LOWER –
- Orion S.A. (OEC) down 18.2% after cutting FY25 EBITDA guidance
- TAO Synergies (TAOX) down 11.0% after equity offering
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Read More on NVTS:
- Navitas supports 800 VDC power architecture for Nvidia AI computing platform
- Unusually active option classes on open October 13th
- Navitas Semiconductor call volume above normal and directionally bullish
- Unusually active option classes on open October 2nd
- Unusually active option classes on open September 29th