Morning Movers: General Mills dips following fourth quarter report

Futures are flat to slightly higher as the Israel‑Iran ceasefire remains stable and investor focus shifts to another day of testimony from Fed Chair Powell.

Oil prices have steadied around $65-$66 per barrel after a recent drop, easing inflation pressures and supporting equities. Treasury yields and the dollar have softened, buoyed by speculation that the Fed may cut rates as soon as July or September.

Equities closed near record highs yesterday as tech remains in favor, led by chipmakers such as Nvidia, Broadcom and AMD as AI optimism continues.

Markets are now awaiting Powell’s second day of congressional testimony and with geopolitical tension more subdued, attention is firmly back on monetary policy and economic fundamentals.

In pre-market trading, S&P 500 futures rose 0.15%, Nasdaq futures rose 0.34% and Dow futures were flat.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. Also, subscribe to the daily Fly By on YouTube to stay ahead of each morning’s action. 

HIGHER –

• Bumble (BMBL) up 15% after announcing plans to cut 30% of its workforce and raising its Q2 revenue view
• Rubrik (RBRK) up 1% after announcing it has entered into an agreement to acquire Predibase

UP AFTER EARNINGS –

• Lotus Technology (LOT) up 6%
• Winnebago (WGO) up 1%
• Worthington (WOR) up 13%
• BlackBerry (BB) up 8%

DOWN AFTER EARNINGS –

• Daktronics (DAKT) down 8%
• General Mills (GIS) down 4%
• Paychex (PAYX) down 1%
• FedEx (FDX) down 4%

LOWER –

• Kymera Therapeutics (KYMR) down 4% after the company announced an update to its IRAK4 partnership with Sanofi (SNY) as well as Gilead (GILD) and the company announcing that they have entered into an exclusive option and license agreement