Morning Movers: Zebra surges and Under Armour plummets after Q1 results

S&P futures are lower and the Nasdaq is under greater pressure as semiconductor stocks pull back following a massive multi-week run. AI-driven enthusiasm pushed the S&P 500 and Nasdaq to fresh records yesterday, but investors are now confronting a harder macro backdrop than previously anticipated. The rally ran into hotter inflation fears and fading momentum in the AI trade. Crude is back above $100 as hopes for a durable U.S.-Iran ceasefire continue to deteriorate, with President Trump describing negotiations as being “on life support.” Markets are now juggling several variables simultaneously: oil shock risk, sticky inflation, geopolitical escalation, rising yields, and increasingly concentrated equity leadership. Still, the bull case hasn’t disappeared. Earnings remain strong overall, labor markets are cooling without collapsing, and AI capital expenditures trends continue to support forward estimates.

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In pre-market trading, S&P 500 futures fell 0.27%, Nasdaq futures fell 0.7% and Dow futures are flat.

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

HIGHER –

• Wendy’s (WEN) up 15% after Financial Times reported Trian Fund Management is seeking investor backing for a bid to take the company private

UP AFTER EARNINGS –

• Zebra Technologies (ZBRA) up 14%
• Sea Limited (SE) up 10%
• SI-Bone (SIBN) up 8%
• Tencent Music (TME) up 6%
• Qnity Electronics (Q) up 3%
• Rigetti Computing (RGTI) up 2%
• JD.com (JD) up 1%

DOWN AFTER EARNINGS –

• ZoomInfo (GTM) down 33%
• Hims & Hers (HIMS) down 15%
• Under Armour (UAA) down 14%
• GoPro (GPRO) down 6%
• On Holding (ONON) down 4%

LOWER –

• GameStop’s (GME) and eBay (EBAY) down 2% and 1%, respectively, after eBay announced that the company’s board of directors has determined to reject GameStop’s unsolicited, non-binding acquisition proposal