Equity futures moved modestly higher during morning trading as market participants attempted to recover from aggressive selling during the previous session. Declining U.S. Treasury yields offered some relief, though concerns remained as Brent crude hovered near $93 per barrel.
Ross Stores emerged as a major gainer before the opening bell, climbing between 8.5% and 9%. The discount apparel chain reported second-quarter revenue of $6.3 billion, marking a 14% increase year-over-year. Same-store sales grew by 10%, and earnings per share reached $2.66. The figures were aided by a $253 million tariff reimbursement through the IEEPA initiative.
Following the results, management raised its annual earnings per share projection to a range of $8.61 to $8.77, up from the prior forecast of $7.50 to $7.74. Ross also announced plans to open 115 new locations in 2026, surpassing previous expansion goals.
Cryptocurrency Equities Climb on Legislative and Market Momentum
Cryptocurrency-related equities also advanced during premarket action following President Donald Trump's public push for lawmakers to approve the Clarity Act, which seeks to establish clearer regulatory frameworks for digital assets. Coinbase rose 5.6%, Robinhood increased 5.3%, and Strategy gained 10%.
Strategy's performance was additionally bolstered by Bitcoin's surge of nearly 22% over five consecutive sessions to approximately $78,500. The digital asset's climb shifted Strategy's Bitcoin holdings into an estimated $1.4 billion in unrealized profits, marking a significant reversal from unrealized losses exceeding $13 billion in July when Bitcoin traded at $58,000.
Other Market Movers
Moderna rebounded 4% after dropping 24% in the previous session, a decline driven by profit-taking following earlier triple-digit gains linked to clinical trial data for a customized cancer vaccine developed with Merck.
Conversely, several companies faced sharp declines following disappointing financials and corporate updates:
- OSI Systems dropped 14% after reporting fourth-quarter revenue of $484.1 million—a 4.1% year-over-year decrease that missed analyst projections by $45.6 million—and issuing fiscal 2027 revenue guidance below consensus expectations.
- Aveanna Healthcare Holdings fell 9% after current shareholders priced a secondary offering of 15 million shares at $11.75 each. The company stated it will not sell new shares or receive any proceeds from the sale.
- Flowers Foods declined 5% after second-quarter sales of $1.19 billion missed analyst estimates by $40 million, alongside a downward revision to its full-year revenue and earnings guidance.
