U.S. stock market sentiment is softening on Tuesday, just ahead of the release of the August ISM Manufacturing report. Investors remain concerned about historically elevated equity valuations amid rising bond yields and uncertainty surrounding Friday’s Nonfarm Payrolls (NFP) data.
The worst possible macro “mix” for Wall Street would likely be surging price subindexes alongside weaker labor market and economic activity readings.
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US100 falls -1.7% within 15 minutes of the U.S. open, with technology names under pressure, including Nvidia (-2.7%).
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10-year Treasury yields climb more than 4 basis points above 4.27%.
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Markets still price a September Fed rate cut as almost certain (~90% probability).
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Euphoria surrounds United Therapeutics and Mineralys Therapeutics, with both stocks gaining more than 36%.
Source: xStation5
Source: xStation5
Company News
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Cytokinetics (CYTK) surges over 20% after the heart-drug developer reported late-stage trial data that impressed Wall Street.
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Frontier Group (ULCC) jumps 12% after Deutsche Bank upgraded the low-cost carrier to Buy, citing strong positioning to benefit from Spirit Airlines’ bankruptcy.
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Ionis Pharmaceuticals (IONS) gains more than 20% after announcing that olezarsen reduced triglycerides and acute pancreatitis events in Phase 3 trials for patients with severe hypertriglyceridemia.
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PepsiCo (PEP) rises 4% after the Wall Street Journal reported activist fund Elliott Investment Management has built a ~$4 billion stake and plans to push for changes at the beverage giant.
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Signet Jewelers (SIG) advances 4% after raising its full-year adjusted earnings per share guidance.
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Telus Digital (TIXT) climbs 14% after Telus Corp. agreed to acquire all remaining shares it does not already own.
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United Therapeutics (UTHR) soars 49% after announcing its Teton-2 study of Tyvaso inhalation solution for idiopathic pulmonary fibrosis met its primary efficacy endpoint.
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Mineralys Therapeutics (MLYS) jumps 37% after AstraZeneca’s hypertension drug results came in “numerically worse” than Mineralys’ data, according to Jefferies.
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Constellation Brands (STZ) drops nearly 7% after cutting its fiscal 2026 profit outlook, raising concerns over the strength of the U.S. consumer.
Source: xStation5
