Morning Movers: Cerebras Systems pulls back after smash IPO

Stock futures are down sharply this morning. Markets are under pressure as rising Treasury yields and surging oil prices finally appear to be interrupting the AI-driven rally. The 10-year Treasury yield climbed to roughly 4.54%, its highest level in nearly a year, while long-duration yields continue moving toward levels that many investors thought would require a recession or Fed tightening cycle to reach again. Markets are rapidly repricing expectations for interest rates after this week’s hot consumer and producer price index reports.

Brent crude has pushed above $104 a barrel as the Iran conflict and ongoing Strait of Hormuz disruptions continue pressuring global energy supplies. Rising oil prices are now feeding into inflation expectations, transportation costs, and consumer spending concerns. Markets increasingly fear a stagflationary setup where inflation stays elevated even as economic growth slows.

The AI trade remains the market’s dominant support underneath the surface, but there are signs that AI enthusiasm may struggle to fully offset macro pressure if yields continue rising. Gold and silver are pulling back sharply as rising real yields and a stronger dollar pressure precious metals.

In pre-market trading, S&P 500 futures fell 1.20%, Nasdaq futures fell 1.72% and Dow futures fell 0.92%.

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

HIGHER –

• Gemini (GEMI) up 36% after announcing that Winklevoss Capital Fund has made a $100M strategic investment into the company, at a price of $14 per share with consideration paid in bitcoin
• Magnum Ice Cream (MICC) up 11% after Reuters reported Blackstone and CD&R are both in the early stages of exploring bids for the company

UP AFTER EARNINGS –

• Figma (FIG) up 8%
• PowerBank (SUUN) up 2%
• RBC Bearings (RBC) up 1%

DOWN AFTER EARNINGS –

• ARS Pharmaceuticals (SPRY) down 12%
• Creative Realities (CREX) down 10%
• Datavault (DVLT) down 8%
• United States Antimony (UAMY) down 8%
• Rumble (RUM) down 8%
• Arrive AI (ARAI) down 6%

LOWER –

• Cerebras Systems (CBRS) down 1% after surging yesterday in its debut as a public company