Closing Bell Movers: Coherent down 18% as earnings miss
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Sentiment remains buoyed by expectations of the Fed turning more accommodative at their September meeting in the wake of the benign CPI data earlier this week. Following commentary by the administration overnight pushing for potentially deeper rate cuts at the September meetings, fed funds futures are now 100% convinced of at least a 25bps cut with some possibility of a 50bpt easing. Fixed income markets are also repricing longer-term rate expectations, with longer-dated Treasuries joining the rally. Rate-sensitive sectors – including Home Builders, Regional Banks – are also outperforming for the second consecutive days. Small caps are likewise being aggressively bought – Russell 2000 was up another 2% today following yesterday's 3% jump.
Check out this evening's top movers from around Wall Street, compiled by The Fly.
HIGHER AFTER EARNINGS –
ALSO HIGHER –
Verastem (VSTM) up 12.7% as VS-7375 shows efficacy in lung cancer
Bullish (BLSH) up 10.9%; first day of trading momentum
DOWN AFTER EARNINGS –
Coherent (COHR) down 17.6%
Ibotta (IBTA) down 8.7%
Stantec (STN) down 6.2%
Cisco (CSCO) down 0.6%
ALSO LOWER –
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