Premarket moves on Thursday were driven largely by earnings updates across energy, technology and biotech, alongside major regulatory and clinical-trial developments. Shares of Replimune Group surged after an FDA advisory panel backed the company’s RP1 trial results for a skin cancer indication, while Amazon jumped double digits on stronger-than-expected cloud and total revenue. Elsewhere, Moderna and Novo Nordisk fell sharply despite results that included beats versus expectations in Moderna’s case, underscoring how investors are balancing headline progress against guidance and trial endpoints.
Key takeaways
- Replimune Group shares rose more than 130% after an FDA advisory panel voted in favor of RP1 trial results, highlighting regulatory momentum as a near-term stock catalyst.
- Amazon shares climbed more than 11% following better-than-expected second-quarter revenue and cloud growth, with cloud expansion exceeding Wall Street forecasts.
- Chevron rose modestly after posting better-than-expected earnings and revenue, reinforcing the market’s focus on near-term profitability.
- ExxonMobil shares fell about 2% despite reporting adjusted earnings, as results came in weaker than analysts expected.
- Novo Nordisk dropped more than 10% after phase 3 data showed its ziltivekimab did not reduce major cardiovascular events versus placebo, reflecting the high bar for late-stage clinical outcomes.
Biotech and FDA catalysts reshape premarket leadership
Replimune Group was among the largest premarket gainers after an FDA advisory panel voted in favor of the company’s RP1 drug trial results for a type of skin cancer. The company also received a research upgrade from Wedbush Securities, which lifted its stance to outperform from neutral following the panel’s decision. The reaction suggests investors are prioritizing regulatory signals that could improve the odds and timing of potential approvals.
In contrast, Novo Nordisk slid more than 10% after phase 3 trial results for ziltivekimab failed to show a meaningful reduction in major cardiovascular events compared with placebo. Late-stage study readouts tend to carry outsized weight because they directly shape market expectations for uptake, reimbursement and competitive positioning.
Moderna shares fell more than 4% even as the company reported second-quarter results that beat analysts’ expectations. Moderna reported a loss of $1.97 per share on revenue of $145 million, while analysts expected a loss of $2.03 per share on revenue of $102.9 million. The stock weakness indicates investors may be reacting to other elements of the report beyond the headline beat—such as forward-looking assumptions, durability of demand, or margin outlook—despite full-year revenue guidance being above expectations.
Big Tech and retail earnings drive a split reaction
Amazon shares jumped more than 11% after the company delivered better-than-expected revenue and stronger cloud performance for the second quarter. The cloud segment’s revenue grew 37% year over year, surpassing Wall Street expectations for 31% growth, and marked the unit’s fastest growth in 18 quarters. Investors typically weigh cloud acceleration as a key indicator of improving operating leverage and sustainable demand, particularly as businesses manage technology spending amid shifting macro conditions and interest-rate expectations.
Apple shares fell more than 7% after the company reported stronger-than-expected fiscal third-quarter revenue, driven by a 22% increase in iPhone sales. The drop despite a revenue beat points to investors focusing on other components of the report—such as product mix, services momentum, margin expectations, or forward guidance—rather than the top-line result alone.
Jersey Mike’s rose about 1% after the sandwich chain made its public debut. The stock opened at $21 per share, below its public offering price of $23 per share, and closed the day down roughly 6%, a pattern consistent with early liquidity and post-listing price discovery.
Energy results show how profitability and expectations are steering stocks
Chevron shares rose slightly after reporting second-quarter earnings and revenue that topped expectations. The company posted net income of $12.1 billion, nearly 400% higher than the year-ago period, reinforcing investor appetite for improvements in upstream and downstream profitability during a volatile commodity backdrop.
ExxonMobil, however, declined about 2% after its second-quarter adjusted results came in weaker than analysts expected. The company reported an adjusted $3.52 per share, while analysts surveyed by LSEG expected $3.60 per share. The divergence highlights how narrowly missed earnings forecasts can outweigh broader market narratives when investor positioning is tightly aligned to consensus estimates.
Crypto exchange and social media face investor skepticism
Coinbase shares fell more than 5% after posting its third straight quarterly loss. The company reported a loss of $359.5 million, or $1.36 per share, compared with an anticipated loss of 17 cents per share. Revenue of $1.22 billion also trailed the $1.31 billion estimate. The selloff indicates investors are discounting cost control and profitability progress until the company demonstrates a durable return to earnings power.
Reddit shares dropped 12%, with Wall Street attention focused on search referral traffic from Google. CEO Steve Huffman said search referrals were “choppy” in the quarter. While the company reported second-quarter earnings that beat on both the top and bottom lines and provided guidance that exceeded expectations, the stock reaction suggests that investors are treating traffic quality and distribution channels as key risk factors for engagement-driven revenue.
What to watch next
As trading begins, investors will likely focus on follow-through from the latest earnings and guidance updates, particularly in megacap tech and cloud exposure after Amazon’s strong quarter and Apple’s sharp decline. In energy, attention will remain on whether companies can sustain profitability relative to consensus estimates. For biotech, the market’s direction may hinge on the next regulatory or clinical milestones—especially after the contrasting FDA-advisory support for Replimune Group and the negative late-stage cardiovascular results for Novo Nordisk. Upcoming company updates and broader economic data will also be key as markets calibrate expectations for rates and risk appetite.
