Morning Movers: Baidu jumps following proposed spinoff of Kunlunxin

Stock futures are pointing higher to start 2026, with major indexes positioned to build on a strong 2025 despite a brief pullback at the end of December. The positive start comes after benchmark indexes closed out a third consecutive year of double-digit percentage gains, a performance backdrop that has helped underpin confidence. Foreign markets are also upbeat, with key European and Asian indices hitting record highs and emerging from holiday-thinned trading on optimism tied to artificial intelligence and broader economic themes.

Sentiment remains cautiously constructive, with traders watching early 2026 catalysts such as upcoming U.S. labor and inflation data, expected policy signals from the Federal Reserve and initial corporate earnings previews for clues about growth and monetary policy direction. 

In pre-market trading, S&P 500 futures rose 0.52%, Nasdaq futures rose 0.94% and Dow futures rose 0.30%.

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

HIGHER –

• Ironwood (IRWD) up 27% after issuing FY26 guidance ahead of expectations
• Baidu (BIDU) up 10% after announcing its proposed spinoff and separate listing of the H shares of Kunlunxin Technology on the Main Board of the Hong Kong Stock Exchange

UP AFTER DELAYED LUMBER AND TIMBER TARIFF INCREASES –

• RH (RH) up 4%
• Wayfair (W) up 2%
• Williams-Sonoma (WSM) up 1%

UP AFTER REPORTING MONTHLY AND ANNUAL SALES –

• Nio (NIO) up 3%
• Li Auto (LI) up 2%
• XPeng (XPEV) up 1%
• Rivian (XPEV) up 1%

LOWER –

• Outlook Therapeutics (OTLK) down 61% after the FDA said it cannot approve the ONS-5010 biologics license application in its present form for the treatment of wet age-related macular degeneration