Tesla grants Musk big payout, Wayfair reports Q2 beat: Morning Buzz

The major averages were sharply higher near noon, rebounding from Friday’s losses as traders begin to price in a potential Federal Reserve rate cut in the future. While last week’s tariff imposition and soft jobs numbers resulted in the late week selloff, investor confidence seemed to have returned, as markets have begun pricing in about an 85% chance of a rate cut in September and nearly 60 basis points of easing expected by year-end.

Looking to commodities, gold prices are higher as investors look to “safe haven” assets amid market volatility. Meanwhile, oil prices are down, holding firmly below the $70 mark.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• A Tesla (TSLA) committee has approved an award of 96M shares of restricted stock to CEO Elon Musk
• Amphenol (APH) agreed to acquire CommScope’s (COMM) Connectivity and Cable Solutions business for $10.5B in cash
• Blade Air Mobility (BLDE) agreed to sell its passenger division to Joby Aviation (JOBY) for up to $125M
• Wayfair (W) reported upbeat Q2 results, though active customers fell 4.5% year-over-year
• Boston Beer (SAM) CEO Michael Spillane stepped down to “focus on important personal matters,” with founder and chairman Jim Koch assuming the CEO role

2. WALL STREET CALLS:

• Compass Point downgrades Coinbase (COIN) to Sell on waning retail interest
• Spotify (SPOT) upgraded to Neutral from Reduce at Phillip Securities
• Vera Therapeutics (VERA) downgraded to Peer Perform from Outperform at Wolfe Research
• William Blair upgrades ViaSat (VSAT), sees over 100% potential upside
• Pony AI (PONY) initiated with bullish view at UBS, here’s why

3. AROUND THE WEB:

• Apple (AAPL) has formed an Answers, Knowledge, and Information team to work on ChatGPT-like search experiences, Bloomberg says
• IAM District 837 members, workers who assemble Boeing’s (BA) fighter jets in the St. Louis area, have rejected the company’s latest contract offer and will strike on Monday, Reuters reports
• Foxconn (HNHPF) entered a deal to sell its Lordstown factory in Ohio for $88M to Crescent Dune, with plans to reinvest the proceeds in the U.S. while also continuing to occupy the facility, Reuters reports
• Delta Air Lines (DAL) has been working with Fetcherr to develop a new AI tool that can optimize air fare pricing, WSJ says
• CoreCard (CCRD) is at risk of losing its credit card business with Apple (APPL), the company’s largest client, with Apple looking to end its partnership with Goldman Sachs (GS), WSJ reports

4. MOVERS:

• Steelcase (SCS) increases after announcing it will be acquired by HNI Corporation (HNI) for $2.2B
• Idexx Laboratories (IDXX) and Energizer (ENR) rise after reporting quarterly results
• Ondas (ONDS) higher after completing its initial counter drone pilot programs in Europe and Asia
• Metals Company (TMC) lower in New York after announcing it updated its terms of agreement with Tonga Offshore Mining
• TG Therapeutics (TGTX) and On Semi (ON) fall after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Tyson Foods (TSN) reported Q3 results and provided guidance for FY25
• Twist Bioscience (TWST) reported Q3 results, with CEO Emily Leproust commenting, “A strong balance sheet and disciplined cost-management underpin our focused business execution”
• Bruker (BRKR) reported Q2 results and cut its guidance for FY25
• Hagerty (HGTY) reported Q2 results and raised its guidance for FY25
• CommScope (COMM) reported Q2 results, with CEO Chuck Treadway commenting, “We are well positioned for future growth and are raising our 2025 adjusted EBITDA guideposts”

INDEXES:

Near midday, the Dow was up 1.11%, or 482.74, to 44,071.32, the Nasdaq was up 1.73%, or 357.87, to 21,008.01, and the S&P 500 was up 1.29%, or 80.29, to 6,318.30.