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Morning Movers: Insmed jumps, United Therapeutics falls after TPIP study results

Stock market futures are moving with minimal direction. Investors appear to be in a holding pattern, awaiting more clarity from bond auctions and economic data. With yesterday’s jobs and trade-talk-driven momentum now fading into the rearview, the spotlight is firmly on this week’s key releases such as the CPI report. Treasury yields are meandering as auctions at the long end proceed, suggesting that fixed-income investors are in a wait-and-see mode.

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Meanwhile, sector rotation is playing out cautiously. Tech remains under pressure due to lingering concerns around Federal Reserve policy and elevated valuation expectations, while defensive and value-oriented names are inching higher as a hedge. 

In pre-market trading, S&P 500 futures rose 0.18%, Nasdaq futures rose 0.19% and Dow futures rose 0.06%.

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

HIGHER –

  • Insmed (INSM) up 26% after announcing its study evaluating the efficacy and safety of treprostinil palmitil inhalation powder met its primary endpoint
  • Tencent Music (TME) up 5% after Reuters reported that the company plans to buy long-form audio platform Ximalaya for roughly $2.4B in cash and stock
  • IBM (IBM) up 1% after unveiling its path to build the world’s first large-scale, fault-tolerant quantum computer


UP AFTER EARNINGS –

  • United Natural Foods (UNFI) up 5%
  • Academy Sports (ASO) up 3%


DOWN AFTER EARNINGS –

  • Designer Brands (DBI) down 26%
  • J.M. Smucker (SJM) down 8%
  • Core & Main (CNM) down 5%


LOWER –

  • United Therapeutics (UTHR) down 13% and Liquidia (LQDA) down 23% after Insmed’s TPIP study met its primary endpoint

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

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