Stocks making the biggest moves premarket: Nvidia, GitLab, Five Below, J.B. Hunt and more

Take a closer look at these market movers prior to the bell.

Semiconductor stocks are experiencing a dip as a Bloomberg report suggested the Biden Administration is considering tighter trade restrictions, raising fears that U.S. firms may be sharing too much semiconductor technology with China. Nvidia saw a 4.4% decrease, while Taiwan Semiconductor and AMD dropped 4.7% and 4.1%, respectively. ASML, a semiconductor equipment supplier for chip manufacturers, saw a significant 8% drop, despite impressive quarterly results. The news also hit the VanEck Semiconductor ETF (SMH), causing it to fall almost 4%.

Five Below’s stock took a significant hit of over 15% following the discount retailer’s reduced second-quarter forecast and the announced resignation of CEO Joel Anderson. This led to downgrades from major Wall Street firms, including Evercore ISI, Morgan Stanley, Truist and Mizuho Securities.

US Bancorp saw a rise of over 1% following second-quarter earnings that exceeded expectations. The bank posted 97 cents earnings per share, outpacing the StreetAccount estimate of 94 cents per share according to FactSet.

J.B. Hunt Transport Services experienced a 3% drop following second-quarter results that fell short of Wall Street’s predictions. Despite efforts to cut operating costs, the firm experienced increased insurance and equipment expenses.

V.F. Corporation saw a 6.8% increase after eyewear group EssilorLuxottica announced it had agreed to purchase the Supreme brand from V.F. Corporation for a cool $1.5 billion in cash. The deal is slated to close by the end of 2024.

Despite stronger-than-expected second quarter revenue, Omnicom Group slipped more than 3%. The corporate communications company reported earnings of $1.95 per share excluding items, aligning with analyst forecasts. Revenue of $3.85 billion narrowly beat the expected $3.83 billion.

Shares of GitLab, the DevOps software company, skyrocketed over 14% following a Reuters report about potential sale talks after receiving acquisition interest from firms, including Datadog. Shares of Datadog, however, fell more than 3%.

Johnson & Johnson shares decreased slightly as the company’s full-year earnings guidance fell short of expectations. The new earnings per share expectation ranges from $9.97-$10.07, a significant reduction from the previous projection of $10.57-$10.72. Analysts according to FactSet predicted guidance around $10.45 per share.