Morning Movers: Nebius skyrockets after multi-billion dollar pact with Microsoft

Stock futures are inching higher from last week’s record highs as investors brace for a major downward revision to employment data. Economists anticipate a potential cut of nearly one million jobs from previously reported figures, strengthening expectations of an imminent Fed rate cut, perhaps even a sizable one.

Currency markets reflect the growing wave of dovish sentiment, with the dollar sliding to a nearly seven-week low as traders price in multiple Fed rate cuts. Gold has surged to fresh record levels, topping $3,650 an ounce as investors rush toward traditional safe havens.

Oil prices tilted upward as well after OPEC+ announced a smaller-than-expected production increase, while unrest in Ukraine and looming sanctions on Russian supply added pressure. Brent crude gained a few cents, landing near $66.40 a barrel.

In pre-market trading, S&P 500 futures rose 0.09%, Nasdaq futures rose 0.16% and Dow futures rose 0.06%.

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

HIGHER –

• Nebius (NBIS) up 52% after announcing an agreement to deliver AI infrastructure to Microsoft (MSFT)
• Teck Resources (TECK) up 17% after the company and Anglo American (NGLOY) announce they have reached an agreement to combine in a merger of equals to form the Anglo Teck group
• Brighthouse Financial (BHF) up 14% after The Financial Times reported Aquarian is in advanced talks with Mubadala Capital, Qatar Investment Authority and other investors to finance its takeover of Brighthouse
• Atlassian (TEAM) up 7% after announcing that the company is sunsetting Atlassian Data Center products and moving all customers to the cloud
• Nano Dimension (NNDM) up 4% after initiating a process to explore and evaluate a range of strategic alternatives

LOWER –

• Sable Offshore (SOC) down 7% after Bloomberg reported California Governor Gavin Newsom is seeking to impose further restrictions on California’s offshore oil industry, a setback to Sable and its project off the coast of Santa Barbara County
• Fox Corp. (FOX) and News Corporation (NWS) down 5% and 4%, respectively, after News Corporation announced that the trustee and beneficiaries of the Murdoch Family Trust informed the company that they have reached a mutual resolution of the legal proceedings in Nevada related to the trust, resulting in the termination of all litigation
• Dell Technologies (DELL) down 1% after announcing that CFO Yvonne McGill will step down from her role