Morning Movers: IntercontinentalExchange up after $2B investment in Polymarket

Stock futures are muted as investors sit on their hands ahead of fresh cues from Fed speakers and economic releases. Markets opened cautiously balanced between lingering optimism around rate cuts and growing noise from politics and global volatility.

Gold is commanding attention as spot prices just hit another all-time high, buoyed by safe-haven demand amid continued U.S. shutdown uncertainty and elevated expectations for U.S. rate cuts in both October and December.

Behind the scenes, political turbulence in France, Japan, and the U.S. is adding an undercurrent of risk. Investors are also watching the Fed closely. The rally over the past weeks has largely hinged on expectations of additional easing so any remarks from Fed officials that deviate from the dovish script could trigger outsized reactions.

In pre-market trading, S&P 500 futures rose 0.06%, Nasdaq futures rose 0.17% and Dow futures rose 0.05%.

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

HIGHER –

• Lexeo Therapeutics (LXEO) up 27% after the FDA indicated openness to a LX2006 BLA submission for accelerated approval that includes clinical data from the ongoing Phase I/II studies of LX2006 pooled with new clinical data to be generated in the planned pivotal study
• James Hardie (JHX) up 9% after providing Q2 guidance ahead of estimates
• IntercontinentalExchange (ICE) up 3% after reporting an investment of up to $2B in Polymarket
• IBM (IBM) up 3% after announcing the infusion of Anthropic’s Claude large language models into IBM’s software portfolio
• Trilogy Metals (TMQ) up 250% after the U.S. government entered a partnership with the company investing $35.6M to support mining exploration in Alaska’s Ambler Mining District

LOWER –

• Bitcoin Depot (BTM) down 9% after announcing a $15M registered direct offering of common stock
• AST SpaceMobile (ASTS) down 7% after entering into a $800M equity distribution agreement