Morning Movers: Target sinks following Q2 earnings and CEO succession plan

Stock futures are slightly lower this morning as investors absorb a tech-led pullback and await pivotal catalysts, including Federal Reserve minutes and the highly anticipated Jackson Hole symposium. Overall, equity markets are navigating heightened sensitivity to valuation concerns and earnings surprises.

Broader sentiment is tempered by a tale of two expectations. Markets are optimistic about the likelihood of a September rate cut, yet equally anxious about elevated valuations and geopolitical volatility. Analysts warn that with discounts rare across sectors, even moderate setbacks, could trigger a 5% to 10% correction. 

In pre-market trading, S&P 500 futures are down 0.08%, Nasdaq futures fell 0.20% and Dow futures are up 0.02%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly, and subscribe to the Fly By on YouTube.

HIGHER –

• Rocket Pharmaceuticals (RCKT) up 24% after announcing that the FDA has lifted the clinical hold on the company’s pivotal Phase 2 trial of RP-A501 for the treatment of Danon disease
• Hertz (HTZ) up 10% after reporting Hertz Car Sales has joined Amazon (AMZN) Autos allowing shoppers to browse, finance, and purchase from a selection of thousands of pre-owned vehicles
• Dayforce (DAY) up 3% after confirming it is engaging in advanced discussions with Thoma Bravo regarding a potential acquisition

UP AFTER EARNINGS –

• TJX (TJX) up 4%
• Analog Devices (ADI) up 3%
• Lowe’s (LOW) up 2%

DOWN AFTER EARNINGS –

• Target (TGT) down 10%
• Estee Lauder (EL) down 6%
• Baidu (BIDU) down 1%