The U.S. pre-market session is showing a mix of reactions in major indices and individual stocks this morning. Here’s a breakdown of what’s moving the markets and why these stocks are catching attention.

Major Index Moves

• S&P 500 Futures (ES): Up by +0.3%
• Nasdaq 100 Futures (NQ): Up by +0.6%
• Russell 2000 Futures (RTY): Down by -0.1%

With the Nasdaq showing the biggest gain among the three, it’s clear that tech and growth-oriented stocks are driving a lot of today’s pre-market activity.

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Big Movers in the Pre-Market

Qualcomm (QCOM) +5.3%

Qualcomm is having a strong pre-market rally, rising 5.3% on the back of robust earnings and revenue. The tech giant reported better-than-expected quarterly results and announced a $15 billion share repurchase plan. To add to the optimism, Qualcomm’s Q1 guidance also came in above analyst expectations, indicating potential momentum heading into the new year.

Gilead Sciences (GILD) +1.8%

Gilead shares are up 1.8% this morning after exceeding earnings and revenue expectations. The biopharmaceutical company also issued a strong full-year guidance, signaling that its growth trajectory remains solid.

MercadoLibre (MELI) -7.2%

Shares of the Latin American e-commerce giant are down 7.2% following a quarterly earnings miss. With net profits falling short, investors may be concerned about the company’s near-term profitability in a competitive and economically diverse region.

Arm Holdings (ARM) -3.8%

Arm’s stock is down 3.8% after the chip designer adjusted its annual royalty revenue growth projection from +20% to the high teens year-over-year. The company cited ongoing weakness in the industrial and IoT sectors, which could affect its growth outlook in these areas.

Nutrien (NTR) -3.0%

Nutrien shares declined 3.0% due to an adjusted EPS miss. As a leading producer of crop nutrients, Nutrien’s performance is closely watched as an indicator of the agricultural sector’s health, which may be facing challenges with cost pressures and demand fluctuations.

Barrick Gold (GOLD) -1%

Barrick Gold slipped 1% in the pre-market after disappointing Q3 earnings and revenue figures. Lower-than-expected results are weighing on the mining company, especially given that gold prices have seen some recent gains.

TransDigm (TDG) -1.6%

The aerospace manufacturer is down 1.6% after issuing weaker-than-expected fiscal year 2025 guidance. This cautious outlook may be a result of anticipated challenges in the sector, possibly from supply chain constraints or changes in demand.

Under Armour (UAA) +15.8%

Under Armour is a major winner this morning, with shares surging 15.8%. The athletic apparel company posted earnings and revenue beats and raised its FY25 EPS guidance, indicating that its strategic moves may be paying off.

Lyft (LYFT) +23%

Lyft is today’s top performer, rocketing 23% pre-market. The ride-hailing company reported better-than-expected adjusted net income and revenue, along with robust gross bookings guidance. This surge could signal investor confidence in Lyft’s ability to capture market share and improve its profitability.

U.S. Cellular (USM)

U.S. Cellular agreed to sell part of its retained spectrum licenses to AT&T (T) for a total of $1.018 billion. This sale will help U.S. Cellular streamline its spectrum holdings, with proceeds potentially going toward debt reduction or further network improvements.

JPMorgan Chase (JPM) -1%

Finally, JPMorgan Chase is down about 1% in the pre-market after Baird downgraded the stock from “Neutral” to “Underperform.” The downgrade suggests that there may be concerns about the bank’s growth prospects or potential risks in the financial sector.

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Today’s pre-market session reflects a broad range of earnings reactions across sectors. Highlights include tech-driven gains, as seen with Qualcomm, along with notable upward moves in consumer brands like Under Armour and Lyft. Meanwhile, weakness in sectors like industrials and banking, illustrated by downgrades and lowered guidance, shows the market is still wary of macroeconomic headwinds. Investors will likely keep a close eye on these trends as the day unfolds, with today’s earnings reports offering fresh insights into which sectors are thriving and which may be facing challenges.