Morning Movers: CureVac skyrockets after $1.25B deal to be acquired by BioNTech

Stock market futures are trading slightly lower, reflecting a cautious tone following a mixed CPI report and rising geopolitical tensions. Wall Street is digesting the implications of monetary policy, trade developments, and Middle East risks.

The May CPI report showed consumer prices rising 0.1% month over month, and 2.4% year over year, which is lighter than expected, with core inflation also softening. That helped temper inflation fears and drove Treasury yields lower amid strong demand at the $39B 10‑year note auction. Still, prices remain above the Fed’s 2% target, which may keep the Fed’s policy in place.

Geopolitical concerns have also resurfaced; escalating tensions in the Middle East led to a sharp rise in oil prices and triggered safe-haven flows, which weighed on equities and the U.S. dollar. Meanwhile, U.S.-China trade progress continues to evolve as framework agreements on rare-earths and other areas are offering cautious optimism, though a lack of detailed commitments keeps investors wary.

In pre-market trading, S&P 500 futures fell 0.32%, Nasdaq futures fell 0.27% and Dow futures fell 0.43%.

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

HIGHER –

• CureVac (CVAC) up 31% after entering into a definitive purchase agreement pursuant to which BioNTech (BNTX) intends to acquire all of the shares of the company for $1.25B in stock
• Cardinal Health (CAH) up 1% after raising its FY25 outlook and issuing FY26 guidance ahead of its investor day

UP AFTER EARNINGS –

• Oracle (ORCL) up 9%
  
• Hooker Furniture (HOFT) up 4%
• Lovesac (LOVE) up 2%
• America’s Car-Mart (CRMT) up 1%

LOWER –

• Boeing (BA) down 6%, Spirit AeroSystems (SPR) down 3% and GE Aerospace (GE) down 2% after an Air India flight on a Boeing 787 aircraft crashed after take-off with no reported survivors
• GameStop (GME) down 17% after offering $1.75B in convertible debt