Morning Movers: Tri Pointe surges after deal to be acquired
Stock futures were trending lower, extending the pain from a sharp selloff in the previous session, but have improved following the January CPI release. The headline inflation rate fell in January, while the core rate eased as expected, maintaining market bets that the Federal Reserve will cut rates multiple times this year.
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Precious metals continue showing signs of strength as a defensive hedge; Gold is trading higher near $4,988 per ounce, while silver has jumped over 3% to $78.07, demonstrating momentum as a safe-haven asset.
In pre-market trading, S&P 500 futures are down 0.02%, Nasdaq futures are down 0.02% and Dow futures are down 0.03%.
Check out this morning’s top movers from around Wall Street, compiled by The Fly.
HIGHER –
- Tri Pointe (TPH) up 26% after entering a definitive agreement pursuant to which Sumitomo Forestry will acquire the company for $47.00 per common share, in an all-cash transaction valued at approximately $4.5B.
UP AFTER EARNINGS –
- Rivian (RIVN) up 25%
- Instacart (CART) up 13%
- Applied Materials (AMAT) up 10%
- Coinbase (COIN) up 8%
- Airbnb (ABNB) up 5%
DOWN AFTER EARNINGS –
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