Pre-Market | Federal Reserve Governor Dismissal Sparks Market Uncertainty

26 Aug., DOW FUTURES down 0.11% in pre-market, NASDAQ FUTURES down 0.08% in pre-market, S&P FUTURES down 0.08% in pre-market. US President announced dismissal of Federal Reserve Governor Lisa Cook over alleged mortgage fraud, effective immediately. Cook disputes the legality and refuses to resign, vowing to continue duties. This unprecedented move risks undermining Federal Reserve independence and sparking a legal battle, amplifying market uncertainty amid pre-market declines.

Interactive Brokers Group rose 4.05% in pre-market trading, marking a significant gain as it was added to the S&P 500 index. Advanced Micro Devices (AMD) saw a 2.44% increase in pre-market trading, following the lifting of export bans that now allow AMD to sell its AI technology to China. Novo Nordisk experienced a 2.04% drop in pre-market trading, attributed to the company slashing its full-year sales guidance due to weakening sales of Ozempic and Wegovy. British American Tobacco also saw a decline, dropping 1.76% in pre-market trading, as the resignation of its CFO raised investor uncertainty.

Invivyd shares surged over 123% in pre-market trading, driven by strong revenue growth and strategic advancements. EchoStar also saw a significant rise, with shares up nearly 68% after selling spectrum to AT&T for $23 billion. ESSA Pharma, however, experienced a dramatic drop of over 66% in pre-market trading. The company announced a return of capital distribution and the winding-up of its business, leading to the sharp decline. Capstone Holding shares fell over 26% in pre-market trading, with positive momentum waning in after-hours trading.

IBM and AMD announced plans to collaborate on developing next-generation computing architecture. President Trump dismissed Federal Reserve Governor Lisa Cook, citing alleged mortgage fraud, but Cook refused to resign, asserting he lacked legal authority to remove her and vowing to continue her duties. New season apple prices show significant divergence, with higher early-harvest varieties like Gala, while old-season Fuji inventories face weakening demand, potentially lifting expectations for late-maturing Fuji apple market values.