Premarket Percent Movers
Source: TheStreet Pro
Positions: None
Upside, Downside Movers in the Morning
Upside
– $PROF +19% (preliminary Q3 revenue was about 45%-47% above consensus, with gross margin expected above 70%)
– $HAE +14% (no fresh company catalyst confirmed; unusually large move on light premarket volume)
– $WOLF +13% (received a conditional commitment for up to $1.5B of 30-year U.S. defense financing, partly offset by warrants for up to 7.5% of diluted equity)
– $EFX +4.5% (no fresh company catalyst confirmed; unusually large premarket move)
– $APA +3.1%, OXY +2.5%, DVN +2.4% (oil producers rise as WTI and Brent jump roughly 4.5%)
– $PLTR +2.3% (extends AI-software momentum despite weaker index futures)
– $PEP +1.6% (Q3 revenue and profit beat expectations; a better-than-feared quarter offsets a cut to the FY earnings-growth outlook)
Downside
– $ARGX -15% (Phase 3 UNITY study in Sjögren’s disease was stopped for futility, overshadowing positive Phase 2 celiac-disease data)
– $GLW -3.3% (no fresh company catalyst confirmed; unusually large premarket move)
– $EQIX -3.0% (rate-sensitive data-center REIT falls as the 10-year Treasury yield climbs to roughly 5.33%)
– $NXPI -3.1%, $AMAT -2.5%, $LRCX -2.9%, $HPE -2.0% (semiconductor and hardware names weaken as Treasury yields rise and global technology shares sell off)
– $SHW -2.7% (crude-oil surge raises petrochemical feedstock and input-cost concerns)
ETF Action in the A.M.
Source: TheStreet Pro
Position: None
Economics Events for Today
Source: TipRanks
Fed Speakers on Tap Today
4:30 a.m.: Fed Board Governor Waller (Voter) speaks on the economic outlook before the Central Bank of the Republic of Türkiye (TCMB) Istanbul Economic Forum, Istanbul, Turkey (Text available. Q&A from moderator and audience. Livestream at
https://istanbulef.org/eng/yayin/ AND https://www.tcmb.gov;
10:40 a.m.: Fed Bank of Minneapolis President Kashkari (Voter) participates in conversation before virtual 2026 Institute Research Conference at the Federal Reserve Bank of Minneapolis, Minneapolis, MN (No audience Q&A. No media Q&A. No prepared/embargoed text; RSVP for livestream: https://web.cvent.com/event/9c80aa95-4b1d-46d9-8958-484b451a88ee/register?rt=wpYr6f2tTUCA6SwR3ZUAGQ);
1:40 p.m.: Fed Bank of St. Louis President Musalem (Non-Voter) speaks on the U.S. economy and monetary policy before “The Future of Fixed Income” Bloomberg event, NYC (No text. Moderated Q&A expected. Virtual option available)
Another Marijuana Moment
Positions: None.
Buying Pepsi in the Premarket
With the expected news out I am buying PepsiCo ($PEP) in the premarket at $124.55.
Position: Long PEP (S)
Covered the Rest of My Index Shorts
I just covered the balance of my index shorts with S&P futures -47 handles.
Position: None
Covering Some of Last Night’s Index Shorts
With S&P futures -48 handles and Nasdaq futures -275 handles I am covering some of last night’s index shorts and moving to very small in size:
* $SPY $772.50
* $QQQ $751.39
Position: Short SPY (VS), QQQ (VS)
The Bond Market Makes a New Low
* The 10-year Treasury note is yielding 5.345% (+7 basis points) this morning…
Stock futures lower (S&P futures -32 handles, Nasdaq futures -172 handles), likely tied to another new low in $TLT (-$0.60), rise in bond yields.
As well, stories of escalated attacks in Iran are lifting crude by four dollars a barrel.
Position: Short SPY (S), QQQ (S)