Morning Movers: BofA, Morgan Stanley jump following Q3 results

Stock futures are pointing higher this morning as investors lean into renewed hopes for Fed interest rate cuts and digest strong earnings results from major banks. The mood is cautious but optimistic, with market participants looking past recent U.S.-China trade tensions toward more central bank clarity.

The rally is underpinned by dovish signals from Fed Chair Powell, who suggested the central bank may be nearing the limits of its balance sheet shrinkage, a hint that easing might follow.

At the same time, upbeat earnings from financial giants like Bank of America and Morgan Stanley are easing concerns about credit stress and lending conditions.

Gold continues to command attention as the precious metal advances steadily, reinforcing the idea that some investors are hedging against policy uncertainty or a possible “risk-off” turn in equities.

Oil, by contrast, is under pressure as markets weigh oversupply risks and softer demand amid trade headwinds.

In pre-market trading, S&P 500 futures rose 0.75%, Nasdaq futures rose 1.00% and Dow futures rose 0.51%.

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

HIGHER –

• Papa John’s (PZZA) up 11% after Reuters reported Apollo Global (APO) made a new bid to take the pizza chain private at $64 per share
• Dollar Tree (DLTR) up 7% after backing its third quarter outlook and providing long-term guidance in conjunction with its investor day

UP AFTER EARNINGS –

• Bank of America (BAC) up 4%
• Morgan Stanley (MS) up 4%
• Citizens Financial (CFG) up 2%
• Synchrony (SYF) up 1%

DOWN AFTER EARNINGS –

• Progressive (PGR) down 5%
• PNC Financial (PNC) down 3%
• Abbott (ABT) down 2%

LOWER –

• Sable Offshore (SOC) down 23% after a California superior court judge sided with the state government and tentatively ruled against the company in its case to lift the state’s cease and desist order on repairs it had made to an onshore pipeline system linked to the Santa Ynez oil pipeline
• ASP Isotopes (ASPI) down 9% after a 17.167M share secondary offering priced at $12.25