Morning Movers: Citi gains, Wells Fargo falls following quarterly results

Stock futures are trading modestly lower as equity markets pull back from recent record highs and investors brace for a busy week of earnings and economic data.

Sentiment has softened after Tuesday’s session saw key benchmarks retreat amid political and monetary policy uncertainty despite a cooler-than-expected inflation reading that underpinned rate-cut hopes. Financial stocks have been under pressure with mixed earnings results from major banks, and geopolitical and policy risks have further tempered risk appetite.

Precious metals continue to be a standout theme, with gold and silver reaching fresh all-time highs as traders hedge against economic and policy uncertainty and lean into the safe-haven trade.

In pre-market trading, S&P 500 futures fell 0.41%, Nasdaq futures fell 0.53% and Dow futures fell 0.31%.

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

HIGHER –

• Netflix (NFLX) up 1% after Bloomberg reported the company is working on revised terms for its Warner Bros. Discovery (WBD) proposal and has discussed making its offer all cash for the Warner’s studios and streaming businesses

UP AFTER EARNINGS –

• Infosys (INFY) up 3%
• Citi (C) up 1%

DOWN AFTER EARNINGS –

• Wells Fargo (WFC) down 2%
• Bank of America (BAC) down 1%

DOWN AFTER REPORT OF CHINA ORDER TO STOP USE OF U.S. CYBERSECURITY FIRMS –

• Fortinet (FTNT) down 2%
• Broadcom (AVGO) down 1%
• Palo Alto Networks (PANW) down 1%
• Check Point (CHKP) down 1%

LOWER –

• AirJoule Technologies (AIRJ) down 18% after pricing 6.15M shares at $3.25 in underwritten public offering
• Trip.com (TCOM) down 14% after receiving a notice of investigation from the State Administration for Market Regulations of the People’s Republic of China
• Hallandor Energy (HNRG) down 11% after pricing an underwritten public offering of 2,777,778 shares of its common stock at a price to the public of $18.00 per share