Morning Movers: Kroger rises following second quarter results

Stock futures are slightly higher following inflation data that could influence the Federal Reserve’s next move. Producer price figures yesterday came in softer than expected, reinforcing expectations that rate cuts are on the horizon, while this morning’s consumer price index rose 0.4% in August and the core increased 0.3%, with the former a little hotter than forecast.

The dollar has remained broadly steady against major currencies, supported by expectations of Fed action. The euro held its ground ahead of the European Central Bank meeting, where policymakers signaled caution rather than action, as expected.

Oil prices edged lower, influenced by signs of weakening U.S. demand and rising inventories. 

In pre-market trading, S&P 500 futures rose 0.15%, Nasdaq futures rose 0.23% and Dow futures rose 0.16%.

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

 

HIGHER –

• Centene (CNC) up 12% after backing above-consensus FY25 EPS guidance
• Kroger (KR) up 2% after reporting Q2 adjusted EPS above consensus and narrowing its FY25 EPS view
• Revolution Medicines (RVMD) up 10% after reporting clinical updates from its daraxonrasib Phase 1 clinical trials
• Red Cat (RCAT) up 8% after announcing that the Black Widow System, developed by its subsidiary Teal Drones, has been approved and added to the NATO Support and Procurement Agency catalogue
• Ecovyst (ECVT) up 1% after entering into a definitive agreement to sell its advanced materials and catalysts segment to Technip Energies (FTI) for a purchase price of $556M

DOWN AFTER EARNINGS –

• Lovesac (LOVE) down 14%
• Quantum (QMCO) down 13%
• Hooker Furniture (HOFT) down 8%
• KalVista (KALV) down 1%
• Alliance Entertainment (AENT) down 1%