Morning Movers: United Therapeutics surges after TETON-2 met primary endpoint

Markets reopened after the Labor Day break on softer footing, with futures tied to the major indexes pointing lower. Investors are balancing several pressures at once: gold prices have surged to fresh record highs above $3,550 an ounce, silver has crossed the $40 mark for the first time since 2011, and bond yields are edging toward 5%. The combination signals an intensifying flight to safety even as equity markets wobble. Oil prices have inched higher, with U.S. crude trading near $66 a barrel and Brent near $69, a modest rise compared to the volatility seen in metals and bonds.

Legal and political uncertainty is adding another layer of unease after a federal appeals court struck down most of Donald Trump’s tariffs as unconstitutional, leaving trade policy in flux. 

The early September landscape shows a market caught between the pull of safe havens and the drag of policy uncertainty, with tech leadership under scrutiny, political headlines intruding into financial stability, and the jobs data looming as the next catalyst.

In pre-market trading, S&P 500 futures fell 1.10%, Nasdaq futures fell 1.41% and Dow futures fell 0.87%.

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

HIGHER –

• United Therapeutics (UTHR) up 42% after announcing that its TETON-2 study evaluating the use of nebulized Tyvaso Inhalation Solution for the treatment of idiopathic pulmonary fibrosis met its primary efficacy endpoint of demonstrating improvement in absolute forced vital capacity relative to placebo
• Frontier Group (ULCC) up 12% after Deutsche Bank upgraded the stock to Buy with a price target of $8, up from $4
• PepsiCo (PEP) up 4% after Elliott, which manages funds that together hold an investment of $4B in PepsiCo, sent a presentation and letter to the company’s board of directors

UP AFTER EARNINGS –

• Nio (NIO) up 2%
• Signet Jewelers (SIG) up 2%

LOWER –

• Constellation Brands (STZ) down 7% after cutting its FY26 EPS view
• Similarweb (SMWB) down 6% after reporting CFO Jason Schwartz will be leaving the company to pursue other opportunities
• Fortinet (FTNT) down 4% after Morgan Stanley downgraded shares to Underweight with a price target of $67, down from $78
• Cybin (CYBN) down 2% after announcing that Doug Drysdale will step down as the company’s CEO