Stocks Pull Back on Fed Turmoil as Metals and Biotech Gain Traction

Stock futures fell Monday after the Justice Department opened a criminal investigation into Federal Reserve Chair Jerome Powell.

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Major Indexes: S&P 500 lower, Nasdaq lower, Dow lower, Russell 2000 lower

Leading Sectors: Materials, Consumer Staples, Energy

Lagging Sectors: Financial, Technology, Consumer Discretionary, Industrial

Financial stocks: The group fell broadly after President Donald Trump called for credit-card interest rates to be capped for one year. Capital One (COF), and Synchrony Financial (SYF), led the declines as investors worried the cap could hurt lending profits. Citigroup (C), Bank of America (BAC), Wells Fargo (WFC), and JPMorgan Chase (JPM) also moved lower on concerns about reduced interest income. Buy-now-pay-later stocks rose, with Affirm (AFRM) gaining as traders bet consumers may shift toward alternative financing if banks tighten credit.

Silver stocks: Silver miners moved higher as silver prices surged to record levels, improving profit expectations across the group. Hecla Mining (HL), First Majestic Silver (AG), and Endeavour Silver (EXK) all benefited from the strength in the metal.

Stoke Therapeutics (STOK): The stock fell after the company said it expects to complete patient enrollment sooner than planned for its late-stage Dravet syndrome study.

Abercrombie & Fitch (ANF): Shares fell after the retailer projected record sales growth and updated its outlook for the year.

American Eagle Outfitters (AEO): Shares fell after the company reported strong recent sales trends but investor focus shifted to broader retail and cost concerns.

Walmart (WMT): Shares rose after Nasdaq announced Walmart will be added to the Nasdaq-100 index, which could drive more buying from index-tracking funds.

Alibaba (BABA): Shares rose after reports showed strong global adoption of Alibaba Cloud’s open-source AI models.

Exxon Mobil (XOM): The stock edged lower after President Trump threatened to block Exxon from operating in Venezuela’s oil market.

Akamai Technologies (AKAM): Shares jumped after Morgan Stanley upgraded the stock, citing improving growth trends across its cloud and security businesses.

Sun Country Airlines (SNCY): The stock surged after the airline agreed to be acquired by Allegiant Travel (ALGT) in a cash-and-stock deal expected to close later this year.

Day One Biopharmaceuticals (DAWN): The stock rose after the company reported stronger-than-expected early revenue results and issued upbeat guidance for its cancer drug OJEMDA.

Adaptive Biotechnologies (ADPT): Shares gained after the company reported strong revenue growth driven by higher testing volumes and a smaller annual loss.

Abivax (ABVX): Shares jumped after reports suggested Eli Lilly (LLY) is still interested in acquiring the biotech company.

Regenxbio (RGNX): The stock moved higher after the company shared positive long-term results for its Duchenne muscular dystrophy gene therapy and outlined upcoming catalysts.

Beam Therapeutics (BEAM): Shares advanced after the company said it reached alignment with the FDA on a faster approval path for a key drug and extended its cash runway.

(Stocks showing elevated volume and notable price movement)

Gainers: CGON, SPRY, BLDR, MTH, RKT, PHM, TOL, ELVN, BW, KRUS

Losers: AIG, CSIQ, DQ, FVRR, ADSK, JAZZ

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