U.S. stock futures were modestly weaker Monday as markets prepared for a week that includes a Federal Reserve policy decision and earnings from prominent technology companies. In premarket activity a number of individual names stood out, driven by corporate transactions, commodity price swings and a severe winter storm affecting travel.
Allied Gold (NYSE:AAUC) advanced 3% after Zijin Gold International (HK:2259) agreed to buy the Canada-headquartered gold producer in an all-cash deal valued at approximately C$5.5 billion. The transaction propelled the target's shares higher in early trade.
USA Rare Earth (NASDAQ:USAR) jumped 22% following reports that the Trump administration was taking a 10% stake in the miner as part of a $1.6 billion debt-and-equity investment package. The reported government involvement coincided with a sharp move higher in the company's stock.
Broad strength among gold producers was evident as Newmont (NYSE:NEM) and Barrick Mining (NYSE:B) both climbed significantly. The moves came as bullion surged to a record high of $5,100 an ounce, extending a rally described in the market as being driven by safe-haven demand amid geopolitical uncertainties and broader market volatility.
Shares of major U.S. carriers fell, with American Airlines (NASDAQ:AAL), Delta Air Lines (NYSE:DAL) and United Airlines (NASDAQ:UAL) all down more than 1% in the premarket. Market participants cited concerns about possible flight delays and cancellations because of a heavy winter storm blanketing many American states.
Baker Hughes (NASDAQ:BKR) rose 2.2% after reporting an 11% increase in fourth-quarter adjusted profit. The energy services company said demand for its gas technology equipment and services more than offset softness in its oilfield services and equipment segment, supporting the upbeat earnings metric.
Meta Platforms (NASDAQ:META) ticked up 0.6% after Redburn upgraded the social media and advertising giant to "buy" from "neutral." The research firm said Meta possesses a highly efficient demand-supply matching capability and is well positioned to capitalise on two large artificial intelligence opportunities.
Leidos (NYSE:LDOS) gained 0.7% after the defense contractor announced it would acquire power design firm ENTRUST Solutions Group from private equity firm Kohlberg for about $2.4 billion. The deal is intended to bolster Leidos' engineering offerings for utilities.
Revolution Medicines (NASDAQ:RVMD) plunged 21% after the Wall Street Journal reported that Merck had ended talks to acquire the biotech firm, citing people familiar with the matter. The report corresponded with a steep premarket decline in the biotech's shares.
Skywater Technology (NASDAQ:SKYT) jumped 7.7% as IonQ agreed to acquire the company for $35.00 per share in a cash-and-stock transaction, implying a total equity value of approximately $1.8 billion. The acquisition announcement supported the stock's premarket strength.
Overall, the premarket session showed a mix of deal-driven rallies, commodity-linked gains and weather-related weakness in travel names as investors balanced corporate developments with anticipation of central bank policy and upcoming corporate earnings.