Wall Street was sharply higher before the opening bell on Monday as last week’s momentum spilled over into the new trading week, the Associated Press reports. Futures for the S&P 500 surged 1.1%, while futures for the Dow Jones Industrial Average picked up 0.9%. Nasdaq futures climbed 1.4%.
Investors turned their attention to corporate news while awaiting the latest developments concerning U.S. President Donald Trump’s tariffs, which have spurred major market swings in recent weeks.
Genetics testing company 23andme lost nearly half its value, tumbling 42% in premarket trading after it announced over the weekend that it had initiated voluntary bankruptcy proceedings. The struggling company laid off nearly half of its staff last fall and said it was winding down ongoing clinical trials while evaluating “strategic alternatives” for certain assets.
Shares in The AZEK Co. jumped 20% before the bell Monday after the building materials company announced it was being bought by Australia’s James Hardie Industries in a cash-and-stock deal valued around $8.75 billion. It’s the second large deal in the sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about $11 billion, including debt.
On tariffs, reports suggested that President Trump may narrow his broad approach to focus on countries that run significant trade surpluses with the U.S., including many countries in Asia.
