In the premarket session, semiconductor stocks faced downward pressure as the VanEck Semiconductor ETF (SMH) dropped over 1%, influenced by rising Treasury yields. Major companies in this sector, including Nvidia, AMD, and Micron, also reported declines exceeding 1%.
Conversely, energy stocks experienced a boost, with the State Street Energy Select Sector SPDR ETF (XLE) climbing more than 1%, driven by rising oil prices amid ongoing tensions in the Middle East. EOG Resources, Diamondback Energy, and Targa Resources each saw gains of over 1%.
Robinhood Markets' shares increased by more than 2% following an upgrade from Morgan Stanley, which raised its rating to overweight, citing the company's expanding platform and improved customer economics.
Novartis shares rose by 4% after the company announced positive trial results for its multiple sclerosis drug, remibrutinib, which significantly reduced relapse rates compared to other treatments. Additionally, Duolingo's stock surged 6% after Evercore ISI upgraded it to outperform, supported by strong survey data indicating positive user engagement