Morning Movers: Smithfield gains, Concentrix sinks after quarterly results

Stock futures are slightly lower heading into the open, reflecting a pause rather than a reversal after Monday’s relief rally. The bounce yesterday was driven by headlines suggesting a de-escalation with Iran, but that narrative is already fraying. Oil has turned higher again, climbing back above $90 for the WTI benchmark as optimism fades and the reality of disrupted supply through the Strait of Hormuz reasserts itself. 

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Under the surface, volatility remains elevated. The VIX is still sitting well above normal levels, and options markets are pricing in large swings over just a few days. At the same time, global flows are turning risk-off. Foreign investors have pulled tens of billions out of equities this month, particularly in tech-heavy markets, as higher oil and rising yields force a repricing of growth assets.

Energy stocks are outperforming the broader market, while rate-sensitive growth and tech remain vulnerable as yields stay elevated. Industrials are quietly gaining favor as a beneficiary of both defense spending and infrastructure demand tied to geopolitical instability.

In pre-market trading, S&P 500 futures fell 0.54%, Nasdaq futures fell 0.55% and Dow futures fell 0.58%.

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

HIGHER –

• Jefferies Financial (JEF) up 8% after Financial Times reported Sumitomo Mitsui Financial Group (SMFG) is exploring contingency plans for a potential takeover of the company
• Netgear (NTGR) up 9% after Reuters reported that the FCC has announced it was banning the import of all new foreign-made consumer routers
• Applied Optoelectronics (AAOI) up 1% after receiving a new volume order from one of its hyperscale customers for 800G single-mode data center transceivers

UP AFTER EARNINGS –

• Smithfield Foods (SFD) up 5%

DOWN AFTER EARNINGS –

• Concentrix (CNXC) down 11%
• Core & Main (CNM) down 3%

LOWER –

• Ares Management (ARES) down 4% after disclosing that it is capping withdrawals from its Ares Strategic Income fund
• Apollo Global (APO) down 3% after Reuters wrote that the company’s $25B private credit fund, Apollo Debt Solutions, said it was curbing redemptions