Morning Movers: Li Auto lower following Q2 delivery guidance cut

Stock futures opened with a measured sense of optimism as the S&P 500 and Nasdaq inch closer to record highs. This cautious rally is being driven by a combination of easing geopolitical tensions, improving trade conditions and anticipation surrounding upcoming economic data with investors treating the PCE release as a litmus test for the Fed’s near-term trajectory.

Meanwhile, energy stocks are slipping, weighed down by a retreat in crude oil prices amid improving supply outlooks and fading geopolitical risk in the Middle East.

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

HIGHER –

• Xoma (XOMA) up 5% after entering into a definitive merger agreement, whereby Xoma Royalty will acquire Turnstone for 34c in cash per share of Turnstone common stock plus one non-transferable contingent value right
• Amazon (AMZN) up 1% after BNP Paribas Exane upgraded the stock to Outperform with a $254 price target
• Atlantic Union Bancorporation (AUB) up 1% after announcing the closing of the sale of approximately $2B of the bank’s performing commercial real estate loans acquired from Sandy Spring Bank to vehicles affiliated with Blackstone Real Estate Debt Strategies

UP AFTER EARNINGS –

• Nike (NKE) up 10%
  
• Apogee Enterprises (APOG) up 16%

DOWN AFTER EARNINGS –

• Aethlon Medical (AEMD) down 24%
• Concentrix (CNXC) down 8%

LOWER –

• Li Auto (LI) down 2% after announcing it expects to deliver approximately 108,000 vehicles in the second quarter, compared to its previously issued delivery outlook of between 123,000 and 128,000 vehicles