Morning Movers: Sun Country jumps after deal to be bought by Allegiant

Stock futures are slipping as traders react to an escalation in political pressure on the Federal Reserve. The Trump administration’s public criticism of Fed Chair Jerome Powel has renewed concerns about the independence of the central bank. That dynamic has unsettled equity markets, particularly rate-sensitive and financial stocks, and pushed Wall Street futures lower.

Banking stocks and credit card lenders also have taken early hits because of policy proposals such as a one-year cap on credit-card interest rates that could compress financial sector profitability.

With key inflation data and the start of earnings season approaching, traders are monitoring how persistent inflation signals might influence the Fed’s policy path, even as central-bank independence concerns loom large.

In this backdrop, investors are directing some capital into traditional safe havens. Precious metals such as gold and silver have climbed to new highs on the back of heightened uncertainty, while the dollar has softened against major currencies as risk assets waver. European equities are modestly lower and Asian markets show mixed performance, suggesting that global risk appetite is being tested as political and policy risks take center stage.

In pre-market trading, S&P 500 futures fell 0.52%, Nasdaq futures fell 0.70% and Dow futures fell 0.62%.

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

HIGHER –

• Sun Country Airlines (SNCY) up 14% after announcing a definitive merger agreement under which Allegiant (ALGT) will acquire Sun Country in a cash and stock transaction at an implied value of $18.89 per Sun Country share
• Walmart (WMT) up 3% after announcing that it plans to launch a new experience that pairs Google’s (GOOGL) Gemini with Walmart and Sam’s Club’s assortment

UP AFTER PRELIMINARY EARNINGS –

• Soleno Therapeutics (SLNO) up 3%

DOWN AFTER PRELIMINARY EARNINGS –

• Shake Shack (SHAK) down 2%

DOWN AFTER TRUMP’S PROPOSAL FOR 10% CAP ON CREDIT CARD INTEREST RATES –

• Synchrony (SYF) down 9%
• Capital One (COF) down 8%
• Citi (C) down 3%
• American Express (AXP) down 3%
• JPMorgan (JPM) down 2%

LOWER –

• Day One Biopharmaceuticals (DAWN) up 20% after reporting preliminary Ojemda net product revenue
• Abercrombie & Fitch (ANF) down 18% after narrowing its FY25 guidance
• UnitedHealth (UNH) down 1% after The Wall Street Journal reported that the company used aggressive tactics to collect payment-boosting diagnoses for Medicare Advantage members