PREMARKET MOVES | Novartis Gains 4% on Positive MS Drug Trial; Robinhood, Duolingo Upgraded

According to CNBC, chipmakers fell to start the new month as rising Treasury yields pressured the broader market. The VanEck Semiconductor ETF (SMH) lost more than 1%, while Nvidia, AMD and Micron each declined more than 1%. Energy stocks rose broadly alongside oil prices as tensions in the Middle East persisted; the Energy Select Sector SPDR ETF (XLE) climbed more than 1%, with EOG Resources, Diamondback Energy and Targa Resources each advancing more than 1%. Robinhood Markets gained more than 2% after Morgan Stanley upgraded the online brokerage to overweight from equal weight, with analysts saying its expanding platform is turning product velocity into stronger customer economics. Novartis rose 4% on positive trial data for its multiple sclerosis drug, as the company said remibrutinib significantly reduced relapse rates in MS patients relative to another treatment. Duolingo climbed 6% after Evercore ISI upgraded the language education app to outperform from in line, citing strong survey data.