Morning Movers: Broadcom gains following pact to supply custom TPUs for Google

Stock futures are modestly lower this morning. Markets are pausing after a four-day rebound, with sentiment turning cautious again as investors head into a key geopolitical deadline. The central driver remains the standoff in the Middle East, specifically the U.S. deadline for Iran to reopen the Strait of Hormuz. With Tehran rejecting both the deadline and ceasefire proposals, markets are now bracing for a potential escalation scenario rather than a negotiated outcome. That shift in expectations is pushing oil back higher and reintroducing the same inflation concerns that drove volatility throughout March.The oil move is once again dictating cross-asset behavior. Higher crude is tightening financial conditions, pressuring equities, and complicating the Federal Reserve outlook.

Energy-linked assets are benefiting from the renewed supply shock narrative, while oil-sensitive sectors, particularly airlines and transports, are coming back under pressure. At the same time, defensive pockets of the market are seeing inflows, and health insurers are outperforming following favorable policy updates. Volatility is elevated and that dynamic is keeping risk appetite contained despite the recent bounce.

In pre-market trading, S&P 500 futures fell 0.38%, Nasdaq futures fell 0.55% and Dow futures fell 0.30%.

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

HIGHER –

• Organogenesis (ORGO) up 17% after reporting it has met the primary endpoint in its PuraPly study
• Humana (HUM), UnitedHealth (UNH) and CVS Health (CVS) up 10%, 8% and 7% respectively after Centers for Medicare & Medicaid Services finalized Medicare payment policy at higher-than-expected rates
• Broadcom (AVGO) up 3% after entering into a long-term agreement for the company to develop and supply custom TPUs for Google’s (GOOGL) future generations of TPUs and a supply assurance agreement for Broadcom to supply networking and other components to be used in Google’s next-generation AI racks through up to 2031
• Casey’s General Stores (CASY) up 1% after being admitted into the S&P 500 index

LOWER –

• ATN International (ATNI) down 1% after announcing Brad Martin is stepping down as CEO and member of the company’s board of directors
• Estee Lauder (EL) down 1% after Spanish newspaper Expansion reported the families behind Puig and Estee Lauder are set to meet in New York this week to negotiate the terms of a potential combination of their beauty businesses with the goal of announcing an agreement in the coming weeks
• Precigen (PGEN) down 1% after providing Q1 revenue guidance