Morning Movers: Spotify drops after announcing leadership succession plans

Stock futures fell on Tuesday amid a looming government shutdown. The U.S. dollar extended declines, while gold futures hit another record high early Tuesday before paring back. The Labor Department announced Monday that the September nonfarm payrolls report scheduled to release Friday will not come out if the U.S. government suspends operations. 

In pre-market trading, S&P 500 futures declined 0.2%, Nasdaq futures were 0.2% lower, and Dow futures fell 0.3%.

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

HIGHER – 

• EchoStar (SATS) up 7% as Verizon (VZ) is said to be in talks about buying some of EchoStar’s wireless spectrum
• Semtech (SMTC) up 3% after Oppenheimer upgraded the stock to Outperform 
• Celsius Holdings (CELH) up 4% after Morgan Stanley upgraded the stock to Overweight 
• QuantumScape (QS) up 6% after saying it will jointly develop with Corning (GLW) ceramic-separator manufacturing capabilities for QS solid-state batteries
• Circle Internet (CRCL) up 3% after Citizens JMP initiated coverage of the stock with a Market Perform rating

UP AFTER EARNINGS – 

• United Natural Foods (UNFI) up 10%

DOWN AFTER EARNINGS – 

• Vail Resorts (MTN) down 4% 
• Paychex (PAYX) down 6%

LOWER – 

• Spotify (SPOT) down 3% after announcing that founder and CEO Daniel Ek will transition to the role of Executive Chairman effective January 1. Shares were also downgraded to Neutral from Buy at Goldman Sachs
• Energy Fuels (UUUU) down 7% after a $550M offering of six-year convertible bonds
• Firefly Aerospace (FLY) down 11% after saying that the first stage of its Alpha Flight 7 rocket experienced an event that resulted in “a loss of the stage”
• Oklo (OKLO) and NuScale Power (SMR) down 2% and 3%, respectively, after BofA downgraded the stocks to Neutral from Buy and Underperform from Neutral, respectively
• Bit Digital (BTBT) down 11% after filing to sell $100M of convertible senior notes due 2030
• Instacart (CART) down 3% after BTIG downgraded shares to Neutral amid negative competitive developments