Midday movers:Chipotle Mexican Grill, Tencent Music fall; Starbucks rises

(Updated - August 13, 2024 11:59 AM EDT)

Investing.com -- U.S. stock futures climbed Tuesday after data showed U.S. producer prices rose less than expected in July, boosting hopes for a rate cut from the Fed as soon as September.

Here are some of the biggest U.S. stock movers today:

• Home Depot (NYSE:HD) (HD) stock rose 1% despite the home improvement retailer lowering its full-year outlook, citing weaker consumer demand for home improvement projects.

• General Motors (NYSE:GM) stock fell 0.6%, with the auto giant recalling 21,469 electric SUVs in the U.S. over concerns of an unexpected activation of the anti-lock brake system, and will remedy the issue through an over-the-air update, the National Highway Traffic Safety Administration said.

• Trump Media&Technology (DJT) stock fell 3.1%, continuing the previous session’s selloff after former President Donald Trump made his return to X, the platform formerly known as Twitter.

• BuzzFeed (BZFD) stock soared 19% after the digital media company narrowed its net loss in the second quarter to $6.6 million from $22.5 million a year earlier.

• On Holding (ONON) stock rose 6% after beating estimates for second-quarter revenue on strong demand from customers looking for products linked with tennis star Roger Federer .

• B. Riley Financial (RILY) stock fell 12% after the investment bank disclosed a delay in filing its quarterly report with the U.S. Securities and Exchange Commission, adding to a sharp plunge triggered by the expectations of a second-quarter loss.

• Tencent Music Entertainment (TME) stock fell 15% after the company reported a drop in quarterly revenue, although this was cushioned by an increase in paying subscribers at its music streaming platforms.

• Baxter (NYSE:BAX) stock fell 6% after the Carlyle Group (NASDAQ:CG) (CG) buyout firm struck a deal to acquire the medical-device maker’s kidney-care unit Vantive for $3.8 billion.

• Starbucks (NASDAQ:SBUX) rose 20% after naming Brian Niccol, the current Chairman and CEO of Chipotle Mexican Grill (NYSE:CMG), as its new Chief Executive Officer. Chipotle declined 10%.

• Dell Technologies (NYSE:DELL) rose 5% after it was upgraded from 'underweight' to 'equal Weight' at Barclays. Analysts cited significant reduction in AI-related hype that initially influenced their bearish outlook.

Additional reporting by Louis Juricic