Morning Movers: EchoStar skyrockets after $23B spectrum license deal with AT&T

Stock futures have slipped amid heightened concerns over the Federal Reserve’s independence after President Trump ordered the removal of Fed Governor Lisa Cook. Longer-dated Treasury yields have climbed as bond markets digested the political interference risk, feeding into cautious sentiment across financial markets.

On the policy outlook, Morgan Stanley and BNP Paribas have flipped their expectations and now forecast a Fed rate cut in September, a shift attributed to weakening labor metrics and dovish undertones from Jackson Hole.

In pre-market trading, S&P 500 futures fell 0.08%, Nasdaq futures fell 0.10% and Dow futures fell 0.08%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly, and subscribe to the daily Fly By on YouTube to know how the markets will open, which stocks will be moving and why.

HIGHER –

• EchoStar (SATS) up 73% after AT&T (T) agreed to purchase certain wireless spectrum licenses from the company for a total of approximately $23B, subject to certain adjustments
• Eli Lilly (LLY) up 2% after announcing all three doses of weight loss pill orforglipron met the primary and all key secondary endpoints in the ATTAIN-2 trial
• AMD (AMD) up 2% after the company and IBM (IBM) announced plans to develop next-generation computing architectures based on quantum-centric supercomputing

UP AFTER EARNINGS –

• Bank of Montreal (BMO) up 1%
• Scotiabank (BNS) up 1%
• Heico (HEI) up 1%

LOWER –

• Constellation Brands (STZ) down 1% after BofA downgraded the stock to Underperform with a price target of $150, down from $182
• Amer Sports (AS) down 2% after 4.05M share block trade priced at $39.90 per share