(Updated – Jul 9, 2024 11:31 AM EDT)
Investing.com – U.S. stock futures moved higher on Tuesday after the start of Fed chief Jerome Powell’s two-day testimony before Congress. Powell said the economy has made significant progress toward the Federal Reserve’s 2 percent inflation target, and labor market conditions have cooled but remain strong.
Here are some of today’s biggest US stock movers:
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Intel (NASDAQ:) Shares fell 0.1% after rising more than 6% in the previous session Nvidia (NASDAQ:) rose 3% and Marvell (NASDAQ:) fell 1.2% as stocks related to AI were mixed.
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Pfizer (NYSE:) (PFE) shares fell 2% after it announced that its chief scientific officer Mikael Dolsten would step down after a more than 15-year career at the drugmaker.
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Eli Lilly (NYSE:) shares rose 0.8% and Novo Nordisk (NYSE:) Shares fell 1.8% after the release of a data analysis showing that Eli Lilly’s treatment with Mounjaro leads to faster and greater weight loss than Novo’s popular obesity drug Wegovy.
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Clear group (NASDAQ:) Shares fell 3% after the EV maker will have to recall more than 5,000 of its 2022-2023 Air luxury sedans due to a software bug that could cause power losses.
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BP (NYSE:) ADRs fell 4.1% after the energy giant warned its second-quarter results will be affected by lower refining margins and also expects to record an impairment charge of up to $2 billion.
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Helen of Troy (HELE) shares fell 30% after the consumer products company reported disappointing first-quarter results and cut its full-year guidance amid particular weakness in its beauty and wellness businesses.
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UiPath Inc. (NYSE:) fell 7% after announcing plans to cut about 10% of its global workforce.
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Service now (NYSE:) fell 3.5%, extending yesterday’s decline, after analysts downgraded the stock to ‘sell’ on concerns about risks to its business in the second half of the year.
Additional reporting by Louis Juricic
