Morning Movers: Brera Holdings jumps following oversubscribed $300M PIPE

Stock futures are relatively flat this morning. Markets opened with risk appetite remaining strong after Wall Street’s major indexes notched record highs on Thursday, following the Fed’s first rate cut of the year. Investor sentiment appears tethered to hopes of further easing, especially given repeated indications from multiple Fed officials that more cuts are likely this year.

Earnings surprises are helping to support certain sectors. FedEx jumped after beating profit and revenue expectations, especially on strong domestic deliveries and cost controls.

On the policy front, Minneapolis Fed President Neel Kashkari stated that two more rate cuts this year look likely, citing labor market weakening and elevated uncertainty. Inflation is being watched carefully, but faces fewer immediate tails that could force hawkish action, according to his remarks.

In commodities, oil prices drifted lower despite the rate cut. Demand concerns, especially in the U.S., and rising distillate inventories have muted enthusiasm. Global supply remains ample, and production hikes from OPEC+ also weigh on prices.

Housing-related stocks are getting more attention, riding the rate-cut tailwinds. Lower mortgage rates are giving hope that the lagging housing market might begin to revive.

On the global front, markets abroad are somewhat mixed: European indexes are mostly steady, while Asian markets are trading under pressure. The U.S. dollar has paused after recent weakness.

In pre-market trading, S&P 500 futures rose 0.12%, Nasdaq futures rose 0.15% and Dow futures rose 0.06%

Check out this morning’s top movers from around Wall Street, compiled by The Fly, and subscribe to the Fly By on YouTube.

HIGHER –

• Brera Holdings (BREA) up 24% after announcing an oversubscribed $300M private investment in public equity offering
• Klaviyo (KVYO) up 6% after Morgan Stanley upgraded shares to Overweight from Equal Weight with a price target of $50, up from $40
• Apple (AAPL) up 1% after JPMorgan raised the firm’s price target on the stock to $280 from $255 and keeps an Overweight rating on the shares
• Stellantis (STLA) up 1% after Berenberg upgraded the stock to Buy from Hold with a $11.20 price target

UP AFTER EARNINGS –

• FedEx (FDX) up 1%

DOWN AFTER EARNINGS –

• MoneyHero (MNY) down 1%
• Scholastic (SCHL) down 11%
• Lennar (LEN) down 3%

LOWER –

• Intel (INTC) down 1% after Citi downgraded shares to Sell from Neutral with a price target of $29, up from $24