US Stock Market Update

US stock futures fell Thursday, with traders cautious ahead of Friday’s crucial monthly jobs report amid ongoing tensions in the Middle East.

Major Premarket Movers

• Levi Strauss (NYSE:LEVI): Stock fell 11% after the jeans maker announced a review of its Dockers brand for potential sale and reduced its overall full-year revenue forecast.

• Tesla (NASDAQ:TSLA): Stock dropped 1.6% as Bernstein predicts the EV manufacturer will struggle to grow annual sales this year despite price cuts, with challenges ahead not resolved by robotaxi launches.

• Hims Hers Health (NYSE:HIMS): Stock decreased 7.8% following an FDA announcement that there are no longer shortages of Eli Lilly’s prescription obesity and diabetes drugs, affecting Hims Hers’ market, which includes direct-to-consumer weight-loss products.

• Stellantis (NYSE:STLA): Stock fell 3.9% after Barclays downgraded its rating on the Jeep maker to “equal weight” from “overweight”, following cuts to the company’s guidance for the year.

• Amazon (NASDAQ:AMZN): Stock declined 0.7% as Morgan Stanley cautioned that Wall Street’s expectations for fourth-quarter 2024 profits may be overly optimistic.

• Wolfspeed (NYSE:WOLF): Stock fell 4.7% after Mizuho downgraded its rating on the chipmaker to “underperform” from “neutral”, anticipating slower EV sales and oversupply from China in 2024 and 2025.

• EQT Corporation (NYSE:EQT): Stock rose 0.5% after Citigroup upgraded its rating to “buy” from “neutral”, anticipating a tighter US gas market in 2025.