Morning Movers: Domino’s Pizza sinks following first quarter results

Stock futures are relatively muted to start the week as markets pause near record highs following a multi-week rally. Investors are balancing continued strength in corporate earnings and AI-driven optimism with rising geopolitical tension and macro uncertainty.

The collapse of U.S-Iran peace talks has pushed oil prices higher, with crude climbing toward the mid-$90s to above $100 range, raising fresh concerns about inflation and global growth. Energy markets are reacting sharply to disruptions around the Strait of Hormuz.

More than 80% of S&P 500 companies reporting so far have beaten earnings expectations, reinforcing the idea that fundamentals remain resilient. Chipmakers and large-cap tech continue to anchor the rally.

Markets are bracing for earnings from major technology companies alongside a Federal Reserve meeting that could shape rate expectations for the second half of the year. While the Fed is widely expected to hold rates steady in the near term, investors are increasingly focused on forward guidance. Bond markets are signaling a possible inflection point. Treasury yields have been compressing into a tight range, with technical indicators suggesting a breakout could be imminent.

In pre-market trading, S&P 500 futures fell 0.11%, Nasdaq futures fell 0.13% and Dow futures fell 0.14%.

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

HIGHER –

• Oruka Therapeutics (ORKA) up 31% after announcing interim results from its EVERLAST-A Phase 2a trial of ORKA-001
• Veradermics (MANE) up 22% after reporting its VDPHL01 trial met all primary and secondary endpoints
• Qualcomm (QCOM) up 9% after analyst Ming-Chi Kuo said on social media that industry checks show OpenAI is working with MediaTek and Qualcomm to develop smartphone processors
• Xoma (XOMA) up 6% and Ligand (LGND) up 3%, respectively, after the companies entered into a definitive agreement under which Ligand will acquire Xoma Royalty for $39 per share of common stock in cash

UP AFTER EARNINGS –

• Verizon (VZ) up 2%

DOWN AFTER EARNINGS –

• Domino’s Pizza (DPZ) down 7%

LOWER –

• Compass Therapeutics (CMPX) down 72% after reporting additional COMPANION-002 study results
• Campbell’s (CPB) down 2% after Bernstein downgraded shares to Market Perform with a price target of $21, down from $27
• Adobe (ADBE) down 1% after Mizuho downgraded the stock to Neutral with a price target of $270, down from $315