Morning Movers: Sysco dips following deal to acquire Jetro Restaurant Depot

Stock futures are modestly higher to start the week, indicating a potential rebound at the open following five consecutive weeks of declines across major indexes. Markets are stabilizing slightly after last week’s sustained selloff, but the broader tone remains cautious as energy prices and geopolitical risk continue to dominate.

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The primary driver remains oil. Crude prices have surged back above $100 and, in some cases, are pushing toward the $110-$120 range as the Middle East conflict expands and supply concerns intensify. Disruptions tied to the Strait of Hormuz and the widening scope of the conflict, including additional regional involvement, are reinforcing expectations of prolonged tight supply.

This is feeding into inflation expectations and interest rate outlooks. Markets are increasingly pricing out the likelihood of Federal Reserve rate cuts this year, as higher energy prices complicate the inflation trajectory. The result is continued pressure on equity valuations, particularly in rate-sensitive sectors.

Global markets were mixed overnight, with sharp declines in parts of Asia but more stable trading in Europe and U.S. futures. This indicates that investors are beginning to adjust to elevated oil prices rather than reacting to each incremental move.

Energy-related stocks are benefiting from higher crude prices, while broader equity markets continue to face headwinds from rising yields and slower growth expectations. Safe-haven demand is also re-emerging at the margins, with some support for assets like gold and the U.S. dollar.

In pre-market trading, S&P 500 futures rose 0.79%, Nasdaq futures rose 0.78% and Dow futures rose 0.77%.

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

HIGHER –

• iQiyi (IQ) up 10% after announcing a listing application form submission to the Hong Kong Stock Exchange for Class A ordinary shares
• Expedia (EXPE) up 3% after Jefferies upgraded the stock to Buy from Hold with a price target of $300, up from $240
• CrowdStrike (CRWD) up 3% after Wolfe Research upgraded shares to Outperform from Peer Perform with a $450 price target
• Spire (SR) up 1% after entering into an agreement to sell its gas marketing business, Spire Marketing, to Boardwalk Pipelines for $215M in cash

UP AFTER EARNINGS –

• Bicara Therapeutics (BCAX) up 7%
• USA Rare Earth (USAR) up 1%

LOWER –

• Viridian Therapeutics (VRDN) down 38% after reporting data from the elegrobart REVEAL-1 phase 3 clinical trial in patients with active thyroid eye disease
• Sysco (SYY) down 6% after announcing it will acquire Jetro Restaurant Depot for total enterprise value of $29.1B