Morning Movers: AnaptysBio sinks after GSK sues

Markets looked set to open under pressure, reflecting mounting doubts about lofty valuations, especially in tech and artificial-intelligence-driven names. The recent U.S. jobs data came in stronger than expected, complicating expectations for a rate cut by the Federal Reserve.  However, futures rebounded after New York Federal Reserve President John Williams suggested the central bank could cut rates again in December.

In the broader global context, equities across Europe and Asia are also down, adding to the sense that this week may mark a shift from unchecked optimism to more cautious positioning. With holiday shopping season ahead, investors are increasingly focused on consumer-spending data and year-end corporate guidance as key signals for where markets go next.

In pre-market trading, S&P 500 futures are up 0.55%, Nasdaq futures are up 0.55% and Dow futures are up 0.58%.

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

UP AFTER EARNINGS – 

• Gap (GAP) up 6%
• IES Holdings (IESC) up 5%
• BJ’s Wholesale (BJ) up 2%
• Miniso (MNSO) up 1%
• Moog (MOG) up 1%
• Azenta (AZTA) up 20%

DOWN AFTER EARNINGS –

• Elastic (ESTC) down 12%
• Veeva (VEEV) down 6%
• Mesa Air (MESA) down 2%
• VinFast Auto (VFS) down 3%

LOWER –

• AnaptysBio (ANAB) down 11% after GSK’s (GSK) subsidiary Tesaro confirmed it has initiated litigation against the company in the Delaware Chancery Court alleging a material breach of the existing license agreement