Morning Movers: Wayfair surges following second quarter results

Stock futures rebounded strongly following last Friday’s steep selloff as investors digested a surprisingly weak July jobs report. The jobs data was not just soft in headline terms with just 73,000 new jobs added, but also came with downward revisions of 258,000 jobs for May and June, but traders have rapidly priced in a much higher probability of Fed rate cuts in September, driving sentiment late into the weekend.

Investor confidence appears to have returned despite the data, as markets have begun pricing in about an 85% chance of a Fed rate cut in September and nearly 60 basis points of easing expected by year-end.

Commodities have showed mixed movement as oil slipped amid rising OPEC+ output and broad risk appetite, while gold ticked higher as safe-haven flows resumed. VIX futures have jumped over 10%, signaling increased market uncertainty.

In pre-market trading, S&P 500 futures rose 0.61%, Nasdaq futures rose 0.82% and Dow futures rose 0.53%

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

HIGHER –

• CommScope (COMM) and Amphenol (APH) up 76% and 4%, respectively, after the companies announced a deal for Amphenol to acquire CommScope’s Connectivity and Cable Solutions business for $10.5B in cash
• Steelcase (SCS) up 44% after entering into a definitive agreement under which HNI Corporation (HNI) will acquire Steelcase in a cash and stock transaction, with a total consideration of approximately $2.2B
• Blade Air Mobility (BLDE) and Joby Aviation (JOBY) up 29% and 5%, respectively, after the companies agreed to a deal for Joby to purchase Blade’s urban air mobility passenger business for $125M

UP AFTER EARNINGS –

• Energizer (ENR) up 12%
• Wayfair (W) up 10%
• Tyson Foods (TSN) up 4%
• Axsome Therapeutics (AXSM) up 4%
• Waters (WAT) up 1%

DOWN AFTER EARNINGS –

• Bruker (BRKR) down 7%
• Twist Bioscience (TWST) down 5%
• On Semi (ON) down 4%

LOWER –

• HNI Corporation (HNI) down 20% after entering into a definitive agreement to acquire Steelcase in a cash and stock transaction, with a total consideration of approximately $2.2B