Morning Movers: Celsius jumps after PepsiCo agrees to increase stake

Stock futures entered the day modestly lower after the S&P 500 and Dow Jones closed at record highs yesterday. The July Personal Consumption Expenditures chain price index rose 0.2% in July and the core rate increased 0.3%. The annual pace was steady at 2.9% year-over-year for the headline and the core rate was rounded up to 2.9% year-over-year from 2.8%, with the latter marking the hottest reading since February.

Tech has lagged as Dell and Marvell forecasted softer outlooks.

Following the PCE data, all eyes are on the upcoming August jobs report to determine whether the Fed will follow through with the roughly 84% probability of a rate cut priced in for September.

In pre-market trading, S&P 500 futures fell 0.25%, Nasdaq futures fell 0.44% and Dow futures fell 0.23%.

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

HIGHER –

• Celsius Holdings (CELH) up 6% after announcing PepsiCo (PEP) has acquired $585M in newly issued convertible 5% preferred stock while extending its existing preferred stock to the same conversion period and Celsius has acquired the Rockstar Energy brand in the U.S. and Canada from PepsiCo
• IREN (IREN) up 16% after reporting Q4 results and announcing it secured Nvidia (NVDA) preferred partner status

UP AFTER EARNINGS –

• BRP Inc. (DOOO) up 9%
• Alibaba (BABA) up 4%
• Ambarella (AMBA) up 18%
• Ulta Beauty (ULTA) up 3%

DOWN AFTER EARNINGS –

• Marvell (MRVL) down 14%
• Dell Technologies (DELL) down 7%
• Gap (GAP) down 3%

LOWER –

• Caterpillar (CAT) down 2% after providing an update relating to the estimated impact of tariffs on its financial results