Morning Movers: Novavax jumps following FDA approval of Nuvaxovid BLA

Stock market futures are experiencing a downturn following Moody’s decision to downgrade the U.S. sovereign credit rating. Moody’s downgrade, announced late Friday, cited concerns over the United States’ growing $36T debt and projected deficits, reducing the country’s credit rating from “Aaa” to “Aa1” . This move has intensified investor apprehension regarding the nation’s fiscal health.​

In response, Treasury yields have risen, with the 30-year yield surpassing 5%, reflecting increased borrowing costs. The U.S. dollar has weakened, while gold prices have climbed as investors seek safer assets.​

In corporate news, Walmart shares declined by 2% after President Trump criticized the retailer for potentially passing on increased tariffs to consumers, urging the company to absorb the costs instead.​

In pre-market trading, S&P 500 futures fell 1.04%, Nasdaq futures fell 1.46% and Dow futures fell 0.55%.

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

HIGHER –

• Novavax (NVAX) up 19% after announcing that the FDA has approved the Biologics License Application for Nuvaxovid for active immunization to prevent coronavirus disease 2019 caused by severe acute respiratory syndrome coronavirus 2 in adults 65 years and older and individuals 12 through 64 years who have at least one underlying condition that puts them at high risk for severe outcomes from COVID-19

UP AFTER EARNINGS –

• Mobilicom (MOB) up 6%
• Global Ship Lease (GSL) up 2%

DOWN AFTER EARNINGS –

• ICL (ICL) down 2%
• Target Hospitality (TH) down 2%
• Diageo (DEO) down 1%

LOWER –

• Reddit (RDDT) down 7% after Wells Fargo downgraded the stock to Equal Weight with a price target of $115, down from $168
• Alibaba (BABA) down 2% after Reuters reported the White House and officials are scrutinizing Apple’s (AAPL) plan to enter a deal with Alibaba that would make the Chinese company’s AI available on iPhones in China
• Walmart (WMT) down 1% after President Trump said via Truth Social, “Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!”