Morning Movers: Best Buy dips after CEO transition announcement

Futures are in the green and markets are pushing higher following the announcement that the U.S. will extend its ceasefire with Iran indefinitely. However, as equities rise, there are already reports of renewed tensions in the Strait of Hormuz and continued disruptions to shipping, which is keeping oil elevated near $100. Gold is higher and the dollar is weaker.

Claim 55% Off TipRanks

Strong results from industrials and energy-linked companies are supporting the market, and big tech is providing leadership. Retail sales are coming in stronger than expected, suggesting the economy hasn’t rolled over despite higher energy costs. Additionally, trading volumes in derivatives are surging.

In pre-market trading, S&P 500 futures rose 0.62%, Nasdaq futures rose 0.79% and Dow futures rose 0.61%.

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

HIGHER –

• Palantir (PLTR) up 1% after the U.S. Department of Agriculture and the company announced the signing of a $300M blanket purchase agreement to support the National Farm Security Action Plan and modernize how USDA delivers services to America’s farmers.

UP AFTER EARNINGS –

• GE Vernova (GEV) up 8%
• Boston Scientific (BSX) up 4%
• Boeing (BA) up 3%
• Rogers Communication (RCI) up 3%
• Philip Morris (PM) up 3%
• Teledyne (TDY) up 1%
• Otis Worldwide (OTIS) up 1%
• United Airlines (UAL) up 1%

DOWN AFTER EARNINGS –

• TE Connectivity (TEL) down 5%
• AT&T (T) down 2%
• CME Group (CME) down 1%
• Vertiv (VRT) down 1%
• Capital One (COF) down 1%

LOWER –

• Best Buy (BBY) down 3% after announcing that its board of directors has selected Jason Bonfig, the company’s chief customer, product and fulfillment officer, to succeed Corie Barry as the next CEO