Morning Movers: Ciena jumps following third quarter earnings report

Stock futures have been mixed and little changed in early trading, reflecting uncertainty ahead of the highly anticipated Friday jobs report. Markets are set to digest weaker labor market signals and increasingly aggressive rate-cut expectations with the probability of a Fed rate cut in September having surged to around 97% based on market pricing action.

Salesforce has weighed on sentiment pre-market, sliding over six percent after delivering a cautious third-quarter revenue outlook that rattled confidence in its AI monetization ramp-up.

On the commodities front, Goldman Sachs and JPMorgan have issued warnings that erosion of Federal Reserve independence based on political interference could push gold prices toward a staggering $5,000 per ounce, a massive leap from current levels near $3,600. 

In pre-market trading, S&P 500 futures rose 0.10%, Nasdaq futures rose 0.13% and Dow futures fell 0.02%.

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

UP AFTER EARNINGS –

• Ciena (CIEN) up 11%
• Shoe Carnival (SCVL) up 15%
• Brady (BRC) up 2%
• Wiley (WLY) up 1%
• American Eagle (AEO) up 25%
• HP Enterprise (HPE) up 5%

DOWN AFTER EARNINGS –

• Salesforce (CRM) down 6%
• Figma (FIG) down 15%
• Caleres (CAL) down 26%
• 1-800-Flowers.com (FLWS) down 23%
• SAIC (SAIC) down 12%
• G-III Apparel (GIII) down 2%
• Endava (DAVA) down 22%