Morning Movers: Arcellx skyrockets following pact to be acquired

Futures are in negative territory, reflecting investor caution amid trade policy confusion and global growth fears. Markets are set to open the week with heightened volatility and mixed signals as investors digest a pivotal judicial and policy shift. After the U.S. Supreme Court struck down broad tariff authority previously used by the administration, the ruling also introduced uncertainty around trade policy when the administration promptly announced a new 15 % global tariff plan under a different statute. This back-and-forth has left markets unsettled, evident in lower stock index futures and risk aversion early Monday.

The tariff developments have spilled over into currency and commodity markets, with the U.S. dollar softening and safe haven assets such as gold and silver seeing support as traders brace for policy-driven volatility and reposition for uncertainty.

Looking at corporate drivers, the market’s attention is sharpening on earnings catalysts later this week, particularly in the technology sector. Nvidia’s imminent quarterly report has outsized importance as a barometer of demand for AI-related semiconductors and broader tech spending trends.

In pre-market trading, S&P 500 futures fell 0.34%, Nasdaq futures fell 0.51% and Dow futures fell 0.40%.

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

HIGHER –

• Arcellx (ACLX) up 78% after Gilead (GILD) entered into a definitive agreement to acquire the company for $115 per share in cash at closing and one contingent value right of $5 per share
• Veris Residential (VRE) up 12% after a definitive merger agreement to be acquired by an investor consortium led by Affinius Capital in partnership with Vista Hill Partners in an all-cash transaction for $19 per share
• Fortune Brands (FBIN) up 5% after The Wall Street Journal reported investor Ed Garden has built a stake in the company and is seeking to replace incoming CEO Amit Banati

UP AFTER EARNINGS –

• Domino’s Pizza (DPZ) up 5%
• GeneDx (WGS) up 2%
• Dream Finders Homes (DFH) up 1%

DOWN AFTER EARNINGS –

• Stepan (SCL) down 3%
• Freshpet (FRPT) down 1%

LOWER –

• Novo Nordisk (NVO) down 14% after reporting its REDEFINE 4 trial did not achieve its primary endpoint
• VF Corp. (VFC) down 5% after JPMorgan downgraded the stock to Underweight from Neutral with a price target of $18, down from $19