Morning Movers: Apple shares slip following Jefferies downgrade

Stock futures are trading higher this morning, driven by strong optimism that the Federal Reserve will cut rates again soon even as the government shutdown drags on and disrupts key economic data releases.

With nonfarm payrolls datum postponed, markets are leaning on alternative indicators, which currently suggest softening in the labor market and bolster the case for further easing. The broader backdrop remains supportive as equities reached fresh highs overnight and inflows into U.S. stock funds surged, reflecting appetite for growth exposure in this rate-cut environment.

Gold is again in focus, trading near record levels as investors seek refuge amid policy uncertainty and weaker interest rate expectations. Meanwhile, oil is under pressure, on pace for its third consecutive weekly loss as reports suggest potential OPEC+ supply increases.

In pre-market trading, S&P 500 futures rose 0.07%, Nasdaq futures rose 0.06% and Dow futures rose 0.13%.

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

HIGHER –

• Ovid Therapeutics (OVID) up 22% after pricing a private placement for up to $175M in gross proceeds
• Alto Neuroscience (ANRO) up 4% after announcing that the FDA has granted fast track designation to ALTO-101 for the treatment of cognitive impairment associated with schizophrenia
• Rumble (RUM) up 12% after announcing the introduction of a new subscription bundle combining Rumble Premium with Perplexity Pro and the promotion of Perplexity’s new product Comet across the Rumble ecosystem

LOWER –

• GameStop (GME) down 5% after filing an automatic mixed securities shelf
• Apple (AAPL) down 1% after Jefferies downgraded shares to Underperform with a price target of $205.16, down from $205.82
• Tronox (TROX) down 3% after JPMorgan downgraded shares to Neutral