Morning Movers: Snap higher after cutting 16% of workforce

Stock futures are essentially flat this morning. There are renewed signals that the U.S.-Iran talks could resume within days, and even tentative reports of a ceasefire extension. This has kept oil capped below the recent highs and prevented another spike in inflation expectations, even though the broader conflict remains unresolved.

Equities seem to have stabilized near recent highs with the S&P 500 approaching record territory and the Nasdaq continuing to show relative strength. At the same time, the focus is rotating back toward fundamentals. Earnings season is now front and center, and early results from major banks like Bank of America and Morgan Stanley have been supported by elevated trading activity and resilient consumer balance sheets. This is the first real stretch where earnings are competing with geopolitics as a primary market driver.

Recent producer price data came in softer than expected, suggesting that outside of energy, inflation pressures may be easing. That gives the Federal Reserve a bit more flexibility, even if oil remains an overhang. Oil prices are still elevated relative to pre-war levels.

In pre-market trading, S&P 500 futures rose 0.08%, Nasdaq futures rose 0.02% and Dow futures rose 0.08%.

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

HIGHER –

• Snap (SNAP) up 7% after announcing changes that will impact approximately 1,000 team members, including 16% of full time employees, in addition to closing more than 300 open roles.
• Broadcom (AVGO) up 2% after reporting the company will deliver technology supporting Meta (META) Training and Inference Accelerator chips, with plans to extend through 2029

UP AFTER EARNINGS –

• Morgan Stanley (MS) up 2%
• Bank of America (BAC) up 1%
• PNC Financial (PNC) up 1%
• First Horizon (FHN) up 1%

DOWN AFTER EARNINGS –

• Progressive (PGR) down 1%
• M&T Bank (MTB) down 1%

LOWER –

• BRP Inc. (DOO) down 26% after suspending its FY27 guidance following the recent amendment of Section 232 tariffs on steel, aluminum and copper imports into the U.S
• SolarEdge (SEDG) down 3% after Goldman Sachs downgraded shares to Sell with a price target of $31, down from $36