Morning Movers: Trump to bump steel tariffs, pharma companies announce deals

Stock index futures fell early Monday amid heightened trade tensions between the U.S. and China. Bloomberg is reporting that the Chinese Ministry of Commerce issued a statement on Monday rebuking Trump’s claim that Beijing breached the consensus reached in Geneva last month and that China additionally accused the U.S. of violating their recent trade deal and vowed to take measures to defend its interests. Meanwhile, President Trump also indicated that he plans to hike tariffs on steel to 50%.

The 10-year Treasury yield edged up to 4.43% after falling nine basis points last week. Crude oil prices jumped more than 4% after declining 1.2% last week to $60.79 a barrel. OPEC+ said Saturday it would hike production for a third straight month, but the increase was expected and traders are focusing on Ukraine’s attack on Russian air bases in the early going.

In pre-market trading, S&P 500 futures are down 0.41%, Nasdaq futures are down 0.59%, and futures for the Dow Jones Industrial Average are down 0.29%.

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

HIGHER –

• Cleveland-Cliffs (CLF) up 25% and Nucor (NUE) up 11% after President Trump said he would raise tariffs on steel to 50% from 25%
• Blueprint Medicines (BPMC) up 27% after Sanofi (SNY) announced its intention to acquire Blueprint for $9.1B in equity value and up to $9.5B including a contingent value right
• Bristol Myers Squibb (BMY) up 1% after the company and BioNTech (BNTX) announced an agreement for the global co-development and co-commercialization of BioNTech’s investigational bispecific antibody BNT327 across numerous solid tumor types
• Boeing (BA) up 1% after BofA upgraded the stock to Buy
• Moderna (MRNA) up 4% after the drugmaker won FDA approval for its second-generation COVID-19 vaccine

UP AFTER EARNINGS/GUIDANCE –

• Campbell’s (CPB) up 1%

DOWN AFTER EARNINGS/GUIDANCE –

• SAIC (SAIC) down 7%