Morning Movers: Tesla jumps after CEO buys 2.57M shares

Stock futures are pointing higher as the week kicks off with a sense of cautious optimism, fueled by widespread expectations that the Federal Reserve will deliver its first interest rate cut of 2025. Most investors expect this to be a 25 basis-point reduction, with the debate more about the message coming from Fed Chair Jerome Powell than the magnitude of the cut itself.

Ahead of the Fed meeting, markets are watching inflation, labor data, and consumer spending metrics closely, sensing that any signal of hawkishness could undercut dovish expectations.

Oil prices edged higher, supported by concerns that recent drone attacks on Russian oil infrastructure could disrupt supply. Gold held steady near recent highs, reflecting the typical flight to safety ahead of major central bank decisions.

In pre-market trading, S&P 500 futures rose 0.21%, Nasdaq futures rose 0.13% and Dow futures rose 0.24%.

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

HIGHER –

• Tesla (TSLA) up 8% after CEO Elon Musk disclosed his purchase on Friday, September 12, of 2,568,732 shares of Tesla stock
• TKO Group (TKO) up 1% after entering into an accelerated share repurchase agreement to repurchase $800M of its outstanding Class A common stock
• Union Pacific (UNP) up 1% after Citi upgraded the stock to Buy with a price target of $251, up from $250
• Corteva (CTVA) up 1% after The Wall Street Journal reported that the company is exploring a breakup that would separate its seed and pesticide businesses into two separate companies
• Gemini (GEMI) up 5% after its IPO on Friday

LOWER –

• Analog Devices (ADI), Texas Instruments (TXN) and On Semi (ON) down 1% to 2% each after Reuters reported China’s Ministry of Commerce has launched an anti-discrimination investigation into the U.S. trade policy over chips and also launched a separate investigation into dumping
• Hims & Hers (HIMS) down 2% after FDA Commissioner Martin Makary said in a New York Times guest essay that the company’s Super Bowl advertisement breached federal law as it highlighted the benefits of weight-loss drugs without mentioning side effects
• Nvidia (NVDA) down 1% after China’s State Administration for Market Regulation said its preliminary investigations found the chipmaker violated the country’s anticompetition law