Morning Movers: Pharmaceuticals sink as impending tariffs seen coming

Stock futures are indicating a sharp decline ahead of the market open as global financial markets are experiencing significant volatility following the implementation of substantial U.S. tariffs and subsequent retaliatory measures from China. 

The bond market is also under pressure, with the 10-year Treasury yield rising to 4.44%, up from 4% last week. This increase reflects investor concerns about the potential economic impact of the ongoing trade disputes. In the commodities market, gold prices have edged higher as investors seek safe-haven assets amid market turmoil. Conversely, oil prices have declined, with the United States Oil Fund trading at $63.34, down 4%, as investors are increasingly concerned about the potential for a global recession and stagflation stemming from the escalating trade tensions.

In pre-market trading, S&P 500 futures fell 2.09%, Nasdaq futures fell 1.87% and Dow futures fell 2.34%.

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

HIGHER –

• Lincoln National (LNC) up 11% after announcing an $825M investment from Bain Capital in which Bain will acquire a 9.9% stake in the company
• Peabody Energy (BTU) up 12% after Trump signed an executive order to designate coal as a “critical mineral” for national security
• Satellogic (SATL) up 2% after getting awarded a multi-year contract valued at $30M to provide near-daily and ultra-low latency analytics from its AI-first constellation to a strategic defense and security customer

UP AFTER EARNINGS –

• Simply Good Foods (SMPL) up 5%

DOWN AFTER REUTERS REPORT ON EXPECTED UPCOMING TARIFF ON PHARMACEUTICALS –

• Pfizer (PFE) down 4%
• Merck (MRK) down 4%
• Johnson & Johnson (JNJ) 4%
• Amgen (AMGN) down 4%
• Bristol Myers (BMY) down 3%
• Biogen (BIIB) down 3%
• Eli Lilly (LLY) down 3%
• Moderna (MRNA) down 2%