Morning Movers: Cleveland-Cliffs surges following earnings report

Stock futures in the U.S. are edging higher as markets are opening with a cautiously optimistic tone amid strong corporate earnings momentum and a delayed inflation report that markets are hungry to see.

On the inflation front, markets are closely watching the yet-to-be-released consumer price data. Because of the shutdown, traditional labor and CPI metrics are blank, forcing investors to lean more heavily on alternatives and sentiment.

Gold continues to trade near record levels as a hedge against policy uncertainty, while oil prices are a bit softer amid demand concerns and supply signals.

In pre-market trading, S&P 500 futures rose 0.41%, Nasdaq futures rose 0.51% and Dow futures rose 0.30%.

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

HIGHER –

• CorMedix (CRMD) up 11% after reporting preliminary third quarter results and raising its FY25 revenue outlook
• Hologic (HOLX) up 5% after Bloomberg reported Blackstone (BX) and TPG (TPG) are in advanced talks to acquire the company
• Celcuity (CELC) up 50% after announcing detailed efficacy and safety results from the PIK3CA wild-type cohort of the Phase 3 VIKTORIA-1 clinical trial of gedatolisib
• Cooper Companies (COO) up 6% after it was reported that Jana Partners acquired a position in the company and plans to push for a pursuit of strategic alternatives

UP AFTER EARNINGS –

• Cleveland-Cliffs (CLF) up 14%

DOWN AFTER EARNINGS –

• Summit Therapeutics (SMMT) down 9%

LOWER –

• Exelixis (EXEL) down 10% after reporting detailed efficacy and safety results from the PIK3CA wild-type cohort of the Phase 3 VIKTORIA-1 clinical trial of gedatolisib
• Olema Oncology (OLMA) down 30% after announcing updated data from the Phase 1b/2 study of palazestrant in combination with ribociclib in patients with estrogen receptor-positive, human epidermal growth factor receptor 2-negative advanced or metastatic breast cancer