Levi Strauss, Tesla, Stellantis Decline in Premarket; EQT Corporation Gains

US stock futures declined on Thursday as traders expressed caution ahead of the crucial monthly jobs report set to be released on Friday, alongside ongoing tensions in the Middle East.

Here are some of the major premarket movements in US stocks today:

• Levi Strauss experienced an 11% drop in its stock after the company announced it is reviewing its Dockers brand for a potential sale and revised its full-year revenue forecast downward across the group.

• Tesla saw a 1.6% decline, with Bernstein indicating that the electric vehicle manufacturer’s annual sales are unlikely to grow this year, even with recent price cuts, leading to predictions of a challenging future that may not improve with the upcoming introduction of robotaxis.

• Hims Hers Health shares fell 7.8% following an announcement from the Food and Drug Administration that shortages of Eli Lilly’s obesity and diabetes medications, Zepbound and Mounjaro, have ended. This development negatively impacts the telehealth company’s sales of generic prescription medications, including weight-loss drugs.

• Stellantis stock dropped 3.9% after Barclays downgraded its investment outlook for the Jeep maker from "overweight" to "equal weight," coinciding with the automaker’s reduced guidance for the current year.

• Amazon shares declined by 0.7% as Morgan Stanley cautioned that Wall Street’s profit expectations for the e-commerce giant, particularly for the fourth quarter of 2024, might be overly optimistic.

• Wolfspeed‘s stock fell 4.7% following a downgrade from Mizuho, which expects slower global electric vehicle sales in the latter half of 2024 and 2025, coupled with an oversupply from China.

• EQT Corporation‘s stock rose by 0.5% after Citigroup upgraded the energy company from "neutral" to "buy," anticipating a tighter US gas market by 2025.