Chemours and BP are among the stocks making the biggest premarket moves today. Chemours, a chemical company, saw a 3% increase after being upgraded by UBS. On the other hand, BP, the oil and gas giant, experienced a more than 4% drop after warning investors of an impairment of up to $2 billion and weak margins from its refining business.
Another company making waves in the premarket is Tempus AI, a health care diagnostics company, whose shares surged nearly 4% after receiving buy or overweight ratings from several Wall Street banks.
In other news, Bill Ackman’s Pershing Square has begun its IPO roadshow for a closed-end investment vehicle, Pershing Square USA Ltd., with an IPO price set at $50 per share. The fund is expected to be listed on the New York Stock Exchange under the ticker PSUS.
Meanwhile, BP shares tumbled after the company announced an impairment charge of up to $2 billion and lower refining margins for the second quarter. The oil major is set to report quarterly earnings on July 30.
Investors are also being warned by Vital Knowledge about being too optimistic on the impact of Federal Reserve rate cuts on the stock market. The firm believes that a modest easing cycle may not be enough to immediately halt the growth slowdown currently underway.
Overall, the market remains dynamic and investors are advised to stay diversified and cautious amidst the ongoing fluctuations.
