Today’s Top Movers: Tesla, Arm, Bristol Myers, GameStop, and More Driving Market Activity

These Stocks Are Moving the Most Today: Tesla, Arm, Bristol Myers, GameStop, and More

Stock futures pointed higher on Monday as investors awaited key U.S. inflation data later in the week and earnings reports from major retailers. Among the stocks poised to make moves were Tesla, Arm Holdings, Bristol Myers Squibb, and GameStop.

Tesla made headlines with a new financing offer for its Model Y electric vehicles. The company introduced a below-market financing rate of 0.99% APR for qualifying purchases, a significant drop from the previous rate of 6.49% APR. While lower financing rates often stimulate sales volume, this move from Tesla is viewed as another price cut amidst a slowdown in electric vehicle demand. Despite this, Tesla shares were up 0.4% in premarket trading.

Arm Holdings, a chip designer, saw its U.S.-listed shares rise 1.5% following reports of its plans to launch artificial-intelligence chips next year. The company is reportedly setting up an AI chip division with the goal of producing a prototype by spring 2025. This strategic move positions Arm to enter the AI chip market, capitalizing on the growing demand for AI-powered technologies.

On the pharmaceutical front, Bristol Myers Squibb faced challenges as its trial evaluating a combination of cancer treatments failed to meet the primary endpoint of progression-free survival. The company announced plans to conduct a full evaluation of the data and collaborate with investigators to share the results with the scientific community. As a result, Bristol Myers Squibb’s stock declined by 1.3% in premarket trading.

Meanwhile, GameStop experienced a significant uptick in premarket trading, rising by 17%. This surge followed investor Keith Gill’s return to social media platform X, where he posted for the first time in three years. Gill, also known as Roaring Kitty, gained prominence during the “meme stock” craze in 2020, contributing to the rally in GameStop shares. His cryptic post on X hinted at continued interest in GameStop stock, which had already rallied approximately 70% in May.

In addition to individual stock movements, investors were anticipating earnings reports from several companies, including Tencent Music Entertainment, StoneCo, and Agilysys. Later in the week, reports were expected from Walmart, Home Depot, Alibaba, Applied Materials, Deere,, Sony, On Holding, Cisco Systems, Copart, Dynatrace, Baidu, Take-Two Interactive Software, Under Armour, Nextracker, and Ross Stores.

These earnings reports would provide insights into the financial performance of major retailers and tech companies, shedding light on consumer spending trends and business resilience amid economic challenges.

In summary, the stock market showed signs of optimism as investors awaited inflation data and earnings reports. Tesla’s financing offer, Arm Holdings’ AI chip plans, Bristol Myers Squibb’s trial results, and GameStop’s social media activity were among the key drivers influencing stock movements. Earnings reports from a wide range of companies would further shape market sentiment and investor confidence in the days ahead.

Exit mobile version