Morning Movers: Kodiak Sciences skyrockets following GLOW2 study results

Stock futures are pointing lower ahead of the open, signaling a weaker start to the session. The decline follows a sharp move higher in oil, with Brent crude pushing back above $105 per barrel after Iran rejected ceasefire proposals and tensions around the Strait of Hormuz intensified. Markets are firmly back in risk-off mode as the brief relief trade from earlier in the week gives way to renewed escalation in the Middle East and a fresh surge in energy prices.

Global equities are lower across Asia and Europe, reversing the recent rebound, while the dollar is strengthening and gold is failing to attract consistent safe-haven demand. This combination points to tightening financial conditions rather than a typical defensive rotation. Bond markets also are showing signs of stress, with rising volatility and weaker liquidity conditions, indicating that the impact is no longer isolated to equities.

In pre-market trading, S&P 500 futures fell 0.93%, Nasdaq futures fell 1.13% and Dow futures fell 0.83%.

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

HIGHER –

• Kodiak Sciences (KOD) up 50% after reporting its GLOW2 Phase 3 superiority study of Zenkuda for the treatment of patients with diabetic retinopathy met its primary and secondary endpoints
• Corebridge (CRBG) and Equitable Holdings (EQH) both up 1% after the companies announced that they have entered into a definitive agreement to combine in an all-stock merger, valuing the combined company at approximately $22B

UP AFTER EARNINGS –

• Noodles & Company (NDLS) up 19%
• Navan (NAVN) up 19%
• Lovesac (LOVE) up 12%

DOWN AFTER EARNINGS –

• MillerKnoll (MLKN) down 21%
• Worthington Steel (WS) down 14%
• Designer Brands (DBI) down 9%
• Commercial Metals (CMC) down 3%