Morning Movers: Boeing up as lawmakers talk up deal for China to buy more jets

After several days of record highs, markets begin this morning with a more cautious tone, even as optimism around tech and artificial intelligence remains strong. Stock index futures are mixed, but gold has surged to a new record, breaking above $3,750 an ounce, as traders increasingly bet that the Federal Reserve will continue cutting rates later this year. A weakening dollar is adding fuel to gold’s appeal.

On the macroeconomic front, the OECD said that the Fed has room for up to three more rate cuts, anticipating U.S. growth to slow through 2025 into 2026.

Tech names continue to draw investor interest, especially those tied to AI infrastructure. Nvidia gave the market a boost late yesterday with a $100B investment announcement linked to OpenAI, reinforcing the ongoing theme of AI fueling the next leg of growth.

Investors are also keeping close eyes on Fed Chair Jerome Powell, who is scheduled to make remarks later. Concerns over the H-1B visa fee hike have unsettled some tech names, given how much the sector relies on global talent. There’s also mounting regulatory and political uncertainty, especially with regard to future Fed independence and global economic headwinds.

In pre-market trading, S&P 500 futures fell 0.02%, Nasdaq futures rose 0.01% and Dow futures rose 0.10%.

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

HIGHER –

• LandBridge (LB) up 6% after announcing that it has entered into a strategic agreement with NRG Energy (NRG) with respect to a potential data center site in Reeves County, Texas, in the Delaware Basin
• Kenvue (KVUE) up 5% after The Wall Street Journal reported that when President Trump labeled Tylenol use in pregnant women as a potential cause of autism, he threw the weight of his office behind a theory that has not yet been proven and defied the guidance of his scientific advisers
• ACM Research (ACMR) up 5% after being picked to join the S&P SmallCap 600
• Boeing (BA) up 2% after Reuters reported a group of U.S. lawmakers visited Beijing to raise a deal with Chinese leaders that would see China buy more Boeing jets

DOWN AFTER EARNINGS –

• AutoZone (AZO) down 2%
• FireFly Aerospace (FLY) down 11%

LOWER –

• Scholar Rock (SRRK) down 13% after announcing that the FDA has issued a complete response letter for the apitegromab biologics license application for the treatment of patients with spinal muscular atrophy