On this episode of Stock Movers:
- AbbVie (ABBV) is lower this morning alongside pharma stocks as President plans to order a cut in US prescription drug costs by mandating that Americans pay no more than people in countries that have the lowest price.
- Newmont (NEM) shares are also lower as a result of the risk on narrative. Gold fell more than 3% in the premarket as investor attention turns back to US equities in easing trade tensions with China.
- Texas Instruments (TXN) is higher this morning along with other major chipmakers, which are heavily exposed to Asian markets. US megacap tech stocks, which had been hard hit this year, were on track to tally some of the biggest gains, with Nasdaq 100 futures poised to re-enter a bull market.
- Apple (APPL) is rallying on the China trade news, with the company having significant supply chain exposure to China. Other Mag 7 stocks like Tesla and Nvidia are also rallying on the trade news.