Morning Movers: Pharma, truck stocks react to Trump tariff announcements

Stock futures are inching higher after the latest inflation data, though sentiment is also being clouded by fresh tariff announcements from the Trump administration, which include steep levies on pharmaceuticals and heavy truck parts. 

The Commerce Department reported that August’s personal consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, rose 0.2% from the prior month and 2.9% from a year earlier when excluding food and energy.

In the meantime, markets remain vulnerable to headline risk. Trade policy, the possibility of a government shutdown, and Fed commentary all have the potential to swing sentiment quickly. After a strong September run, equities look extended, and the modest pullback over the last two sessions may be more than just a breather if inflation or policy disappoints.

In pre-market trading, S&P 500 futures rose 0.42%, Nasdaq futures rose 0.41% and Dow futures rose 0.50%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly, and subscribe to the Fly By on YouTube.

HIGHER –

• Paccar (PCAR) up 6% after President Trump said, “In order to protect our Great Heavy Truck Manufacturers from unfair outside competition, I will be imposing, as of October 1st, 2025, a 25% Tariff on all “Heavy (Big!) Trucks” made in other parts of the World”
• Eli Lilly (LLY) and Merck (MRK) both up 1% after President Trump stated on social media: “Starting October 1st, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America
• Harrow (HROW) up 1% after announcing that it has entered into an agreement to acquire Melt Pharmaceuticals

UP AFTER EARNINGS –

• LightPath (LPTH) up 5%

DOWN AFTER EARNINGS –

• Concentrix (CNXC) down 17%
• Legacy Education (LGCY) down 13%
• Costco (COST) down 1%

LOWER –

• Apellis (APLS) down 6% after Goldman Sachs downgraded the stock to Sell with a price target of $18, down from $26
• Wayfair (W) down 2% after President Trump posted: “We will be imposing a 50% Tariff on all Kitchen Cabinets, Bathroom Vanities, and associated products, starting October 1st, 2025.”