Morning Movers: CoreWeave higher after $21B AI cloud capacity pact with Meta

After one of the strongest rallies of the year, futures are modestly lower. Markets are pausing and giving back part of yesterday’s surge after the initial euphoria around the ceasefire. The two-week ceasefire between the U.S. and Iran remains intact on paper, but cracks are already emerging. Ongoing military activity in Lebanon, disputes over compliance and continued restrictions in the Strait of Hormuz are all raising doubts.

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Crude is rebounding back toward the $100 level following yesterday’s collapse as traders price in the risk that supply disruptions persist. Energy stocks are stabilizing and bond yields are ticking higher again as rate-cut expectations get pushed out. Markets are now pricing a much lower probability of easing this year, with some Fed officials even signaling openness to hikes if inflation proves sticky.

In pre-market trading, S&P 500 futures fell 0.24%, Nasdaq futures fell 0.13% and Dow futures fell 0.31%.

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

HIGHER –

• CoreWeave (CRWV) up 2% after announcing an expanded, long-term agreement with Meta Platforms (META) to provide AI cloud capacity through December 2032 for approximately $21B
• Texas Instruments (TXN) up 1% after Stifel upgraded the stock to Buy with a price target of $250, up from $215

UP AFTER EARNINGS –

• Staar Surgical (STAA) up 19%
• Richardson Electronics (RELL) up 15%
• Resources Connection (RGP) up 9%
• BlackBerry (BB) up 8%

DOWN AFTER EARNINGS –

• Simply Good Foods (SMPL) down 22%
• Applied Digital (APLD) down 2%

LOWER –

• Zscaler (ZS) down 3% after BTIG downgraded the stock to Neutral with no price target and removed the stock from the firm’s first half Top Picks list
• Tradeweb Markets (TW) down 1% after TD Cowen downgraded shares to Hold with a price target of $129, down from $130
• Conagra Brands (CAG) down 1% after BNP Paribas downgraded shares to Neutral with a price target of $16, down from $19