Boeing Soars on Major Navy Contract; Concentrix Plunges on Weak Outlook

U.S. stock index futures were little changed in early trading Wednesday as investors awaited crucial inflation data, while significant corporate news drove large moves in individual stocks. Boeing shares surged on a major defense contract win, whereas Concentrix and Moderna saw notable declines.

By 06:09 ET (10:09 GMT), Dow and S&P 500 futures were up approximately 0.1%, while Nasdaq 100 futures were mostly flat. The market's focus is squarely on the upcoming Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, which is expected to show inflation remains above the central bank's 2% target.

Boeing Secures $20 Billion Navy Contract

Shares of Boeing (BA) climbed 3% in premarket trading after the Pentagon announced the aerospace giant had won a contract valued at more than $20 billion to develop the U.S. Navy’s next-generation strike fighter, the F/A-XX.

The award is a significant victory for Boeing, which beat out competitor Northrop Grumman. It marks the company's second consecutive win for a sixth-generation fighter program and solidifies its central role in the Navy's Next Generation Air Dominance initiative.

Concentrix and Moderna Tumble

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On the downside, Concentrix (CNXC) plunged 11.1% after the technology services firm reported disappointing fiscal third-quarter revenue and issued a weak forecast. The company cited faster-than-expected AI automation among its clients and cut its full-year 2026 revenue outlook. The results also included a $1.05 billion non-cash goodwill impairment charge.

Moderna (MRNA) shares fell 6.3% following a downgrade to 'Sell' from Citi. The bank noted that the biotechnology company's valuation had become stretched after a recent rally pushed the stock to a new 52-week high.

Other Notable Premarket Movers

• GameStop (GME): Rose 1.6% after CEO Ryan Cohen disclosed the purchase of an additional 450,000 shares for approximately $10.6 million.
• Trulieve Cannabis (TRLV): Dropped 6.5% after announcing a new licensing agreement, with investors seemingly focused on potential integration costs and execution risks.
• Yiren Digital (YRD): Gained 6.1% despite reporting a year-over-year revenue decline, as investors were encouraged by a narrowing sequential net loss.