Morning Movers: Capricor Therapeutics plunges following CRL from FDA

U.S. stock futures edged lower as President Trump escalated trade tensions, announcing a hike in tariffs on Canadian imports, effective August 1, potential blanket tariffs of 15%-20% on other countries and an expanded 50% tariff on copper.

Despite that, markets have shown less volatility than during April’s “Liberation Day” tariff shock, suggesting investor resilience.

Nvidia (NVDA) has continued its rally, briefly surpassing a $4T valuation, while speculative stocks like crypto names and biotech have been active following Bitcoin’s record highs.

Globally, markets are showing a mixed response: gold has ticked up alongside Bitcoin, global equities have softened, while investors oscillate between growth assets and traditional safe havens like bonds.

Key data and catalysts on the horizon include the upcoming U.S. corporate earnings kickoff, upcoming inflation and retail sales data, and Fed communications. Futures markets are currently pricing in an approximately 60% likelihood of a September rate cut, but July remains unlikely given solid jobs data

Trade tensions are the dominant headwind, but market response has been muted. Tech and crypto are powering gains, gold is rising, and investor focus is shifting to earnings and economic data to determine whether the tariff strategy actually delivers economic impact.

In pre-market trading, S&P 500 futures fell 0.57%, Nasdaq futures fell 0.51% and Dow futures fell 0.65%

Check out this morning’s top movers from around Wall Street, compiled by The Fly. Also, subscribe to the daily Fly By on YouTube if you want to know how the markets will open, which stocks will be moving and why.

HIGHER –

• AMC Entertainment (AMC) up 8% after Wedbush upgraded the stock to Outperform from Neutral with a price target of $4, up from $3
• Performance Food Group (PFGC) up 5% after Bloomberg reported the company is seeing takeover interest from US Foods (USFD)
• BP (BP) up 2% after providing a summary of its current estimates and expectations for the second quarter
• GoPro (GPRO) up 1% after a United States Administrative Law Judge of the International Trade Commission issued an initial determination, finding that China-based Insta360 violated federal law by importing and selling in the United States products that infringe GoPro intellectual property covering GoPro’s Hero camera design

UP AFTER EARNINGS –

• PriceSmart (PSMT) up 8%
• Levi Strauss (LEVI) up 9%

LOWER –

• Capricor Therapeutics (CAPR) down 38% after the FDA stated that it had completed its review of the application but is unable to approve the Deramiocel BLA in its current form