Top Movers of the Day

Ahead of the Federal Reserve's anticipated rate cut, the market is split between a 25 or 50 basis point reduction, with the odds of a 50-basis point cut rising to 63%. Major U.S. indexes closed mostly higher, with gains limited by concerns over weak Apple iPhone demand. The S&P 500 gained 0.13%, the Dow rose 0.55%, while the Nasdaq dropped 0.52%. Treasury yields hit a 15-month low, and the U.S. dollar weakened, boosting energy and materials stocks, with gold reaching record highs.

The Fed is expected to cut rates on Wednesday, with updated economic projections highlighting inflation and GDP growth. Despite strong U.S. economic data, such as low unemployment (4.2%) and steady job growth, a rate cut signals growing concerns about the labor market. A 50-basis point cut could set up further cuts in December.

Here are the top movers of the day:

• Nuvalent: Shares surged over 28% after the biopharmaceutical company reported positive data on two experimental cancer treatments, highlighting their favorable tolerability.

• Bausch + Lomb: The stock rose over 14% following a Financial Times report that the company is considering a sale, working with Goldman Sachs, and attracting private equity interest.

• Alcoa: Shares jumped around 6% after announcing the sale of its 25.1% stake in the Ma'aden joint venture for approximately $1.1 billion.

• Intel: The semiconductor maker's shares gained over 6% after Bloomberg reported that Intel qualified for up to $3.5 billion in grants for Pentagon chip production.

• Upstart Holdings: Shares dropped more than 7% after announcing a $300 million debt offering, intended for bond repurchases and general corporate purposes.

• Micron Technology: The stock fell over 4% after Morgan Stanley lowered its price target, expressing concerns about the company's growth.

• Sprouts Farmers Market: Shares rose over 4% after Evercore ISI upgraded the stock to outperform, citing its potential benefit from a shift toward healthier eating.

• Trump Media & Technology: Shares fell nearly 4%, giving back some of Friday's 11% gain, which followed Donald Trump's announcement that he would not sell his shares.

• Apple: Shares dropped nearly 3% due to reports of sluggish demand for the latest iPhone models, with analysts noting weaker sales and shipping times.

• Zillow: Shares climbed nearly 5% to a 52-week high after Wedbush upgraded the stock to outperform, citing falling mortgage rates and growth in its software and services business.