Morning Movers: Cidara skyrockets following Merck buyout offer

Stock futures are trading lower this morning as investors wrestle with a growing sense that the Federal Reserve may not cut interest rates in December or at least not as soon as previously expected.

The mood is further dampened by fresh commentary from Fed officials cautioning that inflation remains stubborn and that economic data, especially after the recent U.S. federal shutdown, remains patchy, complicating the policy outlook.

Tech stocks are under particular strain. Several chipmakers and AI-related companies are pulling back on weak guidance and there are increasing concerns about lofty valuations in that segment.

That said, some analysts believe the near-term weakness could be a healthy recalibration rather than the start of a deeper rout.

In pre-market trading, S&P 500 futures fell 1.15%, Nasdaq futures fell 1.64% and Dow futures fell 0.77%.

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

HIGHER –

• Cidara Therapeutics (CDTX) up 104% after entering into a definitive agreement under which Merck (MRK) will acquire the company for $221.50 per share in cash

UP AFTER EARNINGS –

• Scholar Rock (SRRK) up 13%
• Roadzen (RDZN) up 9%
• SBC Medical Group (SBC) up 5%
• AmpliTech Group (AMPG) up 4%
• Marker Therapeutics (MRKR) up 1%

DOWN AFTER EARNINGS –

• Applied Materials (AMAT) down 7%
  
• Airo Group (AIRO) down 22%
• DeFi Technologies (DEFT) down 17%
• T1 Energy (TE) down 13%
• Twist Bioscience (TWST) down 6%
• Spire (SR) down 2%
• Mersana Therapeutics (MRSN) down 1%

LOWER –

• Walmart (WMT) down 3% after announcing John Furner will succeed Doug McMillon as president and CEO, effective February 1, 2026