Market Movers: Lucid Soars on Uber Deal, Economic Data Surprises, Gold Dips

Lucid Group (LCID) experienced a dramatic surge in its shares, jumping 62% in pre-market trading after announcing a $300 million investment from Uber (UBER). This investment is part of a new partnership to develop a next-generation autonomous robotaxi program, with plans to deploy over 20,000 Lucid Gravity SUVs equipped with Nuro's Level 4 autonomy system over six years, starting in 2026. The first launch is anticipated in a major U.S. city next year.

U.S. economic data surprised positively as the July Philadelphia Fed Index rose sharply to 15.9, well above the median estimate of -1 from a Bloomberg survey. This significant increase from the prior month's -4.0 reading suggests a notable improvement in manufacturing conditions in the region. Following this robust data, spot gold prices extended losses, falling 1% to $3,312.54/oz.

In the semiconductor sector, Micron Technology (MU) shares fell 3.4% in pre-market trading. This decline followed a downgrade of its South Korean competitor, SK Hynix, by Goldman Sachs, which cited concerns over potential high-bandwidth memory (HBM) pricing declines in 2026 and increasing competition. SK Hynix shares themselves dropped over 8% on the news.

United Airlines (UAL) CEO indicated that business travel demand has returned to expected levels, while low-end leisure demand has recovered 50% from the start of the year. The airline has raised its full-year adjusted earnings guidance to $9.00-$11.00 per share, reflecting a "positive shift in demand beginning in early July."

Elevance Health (ELV) announced a cut to its 2025 guidance, attributing the revision to persistent elevated medical cost trends, particularly within its government-backed Affordable Care Act (ACA) and Medicaid businesses. The company now expects its 2025 adjusted diluted EPS to be approximately $30.00, a reduction from its previous guidance range of $34.15 to $34.85.

Geopolitical developments include sirens ringing in areas near the Gaza Strip intersecting with Israel, with reports of a missile launched from Yemen being intercepted. Meanwhile, the Ukraine Parliament voted to keep Andrii Sybiha as Foreign Minister, amidst a broader cabinet reshuffle.

On the trade front, the Wall Street Journal reported that China is threatening to block a deal that would hand over dozens of seaports to Western investors unless Cosco secures a stake. This highlights ongoing tensions in global trade and investment.

PepsiCo (PEP) CEO noted that the China market is "a little bit weaker," providing insight into the performance of a key global consumer market.

European firms are reportedly rushing into the defense sector as the EU prepares a major security spending boost. The European Commission has proposed a €2 trillion long-term budget for 2028-2034, with a significant €131 billion allocated to defense and space investment, a fivefold increase from the current framework.

Deutsche Bank stated that the potential removal of Federal Reserve Chair Jerome Powell is "one of the most underpriced event risks" in the coming months, warning of a possible "nuclear event" for global capital flows.