Closing Bell Movers: Ultragenyx slumps 25% on UX143 recommendation

In the opening hour of the evening session, U.S. equity futures are little changed, with S&P 500 above 6,300, Dow Industrials up a decimal at 44,760, and Nasdaq 100 above 23,000. In commodities, WTI Crude Oil remains bid above $68 per barrel amid the ongoing Red Sea turbulence after Houthi militants attacked and sank a second ship this week. Precious metals remain subdued above $3,300 for Gold and $36.80 for Silver, though Copper remain volatile, opening the session with fresh strength above $5.50.

Utilities, Tech, and Communication Services were the best performing sectors in the S&P 500 on Wednesday, supported by lower Treasury yields following a decent 10-year bond auction and Fed minutes foreshadowing interest rate cuts later this year. The VIX was below 16 for the first time since February, while the CME FedWatch tool expectations for 3 or more rate cuts by 2025-end rose to 35%, with the base case still at two easings starting in September.

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

HIGHER AFTER EARNINGS –

• Nurix Therapeutics (NRIX) up 10.2%
• Bassett Furniture (BSET) up 3.0%

ALSO HIGHER –

• WK Kellogg (KLG) up 54.9% after WSJ report of takeover talks by Ferrero
• PTC Inc. (PTC) up 17.7% just before close on Bloomberg report of potential Autodesk (ADSK) tieup
• Personalis (PSNL) up 7.5% after expansion of Tempus AI strategic collaboration
• Costco Wholesale Corporation (COST) up 1.1% after June sales data

DOWN AFTER EARNINGS –

• Methode Electronics (MEI) down 14.0%
• AXT Inc (AXTI) down 9.5% after below-consensus Q2 pre-announcement

ALSO LOWER –

• Ultragenyx Pharmaceutical (RARE) down 26.8%, Mereo BioPharma (MREO) down 35.7% after DMC recommendation to continue Orbit study evaluating UX143 in pediatric and young adult patients