Morning Movers: Synopsys leaps following Nvidia investment

Markets are opening in a cautious mood with index futures drifting lower as investors await fresh economic data and a speech from Jerome Powell at the Federal Reserve.

Expectations that the Fed may cut rates this month remain elevated, with Bank of America saying it now expects a 25-basis-point cut in December followed by additional reductions in 2026, a shift from just weeks ago. That has boosted sentiment somewhat, but markets remain in “risk-off” mode amid global headwinds, including hawkish signals from other central banks.

The tone reflects a broader unsettled backdrop. After a robust end to November, traders seem hesitant to lean in ahead of more data. Threats to risk assets are showing — for instance, safe-haven assets like gold and silver have climbed as cryptocurrencies wavered and equity futures dipped.

Upcoming U.S. economic releases, Powell’s remarks and the evolving odds on rate moves are all things to watch in December. 

In pre-market trading, S&P 500 futures fell 0.67%, Nasdaq futures fell 0.91% and Dow futures fell 0.45%.

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

HIGHER –

• Leggett & Platt (LEG) up 11% after confirming that it has received an unsolicited proposal from Somnigroup International (SGI) to acquire all the outstanding shares of L&P in an all-stock transaction
• Canadian Solar (CSIQ) up 11% after announcing a strategic initiative to resume direct oversight of its U.S. operations and to continue reshoring manufacturing to North America
• Synopsys (SNPS) up 7% after announcing Nvidia (NVDA) invested $2B in Synopsys common stock at a purchase price of $414.79 per share
• Barrick Mining (B) up 3% after the company’s board of directors unanimously authorized the management team to explore an initial public offering of a subsidiary that will hold Barrick’s North American gold assets

LOWER –

• Strategy (MSTR) down 4% after axing its full-year EPS outlook in light of the recent down swing in prices of bitcoin
• Coupang (CPNG) down 4% after Reuters reported a breach of personal information from 33.7M customer accounts through unauthorized data access

DOWN AFTER LEAKED MEMO LINKING COVID VACCINE TO CHILDREN DEATHS –

• Moderna (MRNA) down 3% 
• Novavax (NVAX) down 3% 
• BioNTech (BNTX) down 2% 
• Pfizer (PFE) down 1%