Morning Movers: Cenovus Energy rises following deal to acquire MEG Energy

Stock futures are holding steady this morning, rebounding slightly from the previous day’s losses as markets turn their attention to Federal Reserve Chair Jerome Powell’s Jackson Hole speech due later today. This mild recovery follows a week of tech-driven pullbacks.

Gold prices are gently sliding as the U.S. dollar is firming, weighing on gold’s appeal to overseas buyers. Spot gold is down around 0.3%, sitting near $3,329 per ounce. Bitcoin is trading slightly lower today, moving near $112,900, retreating from its recent record high of around $124,000. 

In pre-market trading, S&P 500 futures rose 0.23%, Nasdaq futures rose 0.17% and Dow futures rose 0.32%.

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

HIGHER –

• Cenovus Energy (CVE) up 1% after announcing that it has entered into a definitive arrangement agreement to acquire MEG Energy in a cash and stock transaction valued at C$7.9B
• Incannex (IXHL) up 34% after announcing that its board of directors has authorized a share repurchase program for up to $20M

UP AFTER EARNINGS –

• Zoom Communications (ZM) up 4%
• Ross Stores (ROST) up 3%
  
• The Buckle (BKE) up 1%
• Evogene (EVGN) up 1%

DOWN AFTER EARNINGS –

• BJ’s Wholesale (BJ) down 4%
• Intuit (INTU) down 6%
• Workday (WDAY) down 5%

LOWER –

• Nvidia (NVDA) down 1% after reportedly requesting that some of its component suppliers stop production of its H20 graphics processing units for China