Premarket movers Boeing falls on software glitch; Kodiak surges

U.S. stock index futures declined on Monday as unexpected AI development delays and higher oil prices prompted traders to reduce exposure to risk assets prior to crucial economic data. By 05:45 a.m. ET, Nasdaq 100 futures were down 1% to 30,574.50, while S&P 500 futures dropped 0.5% to 7,706. Dow Jones Industrial Average futures also fell 0.4%, signaling a weaker Wall Street start following a week marked by volatility, with Treasury yields reaching multi-decade highs.

Notable premarket movers included Boeing shares, which fell 1.9% after The Wall Street Journal reported a software glitch in its 737 MAX that could disable an automated navigation function during landing following a missed approach. The issue arose after a cockpit software update, potentially requiring pilots to fly manually based on altered flight paths. Regulators are reviewing the situation.

On the positive side, Kodiak Sciences experienced a 31.9% surge in premarket trading following the release of top-line results from its DAYBREAK Phase 3 study, evaluating investigational therapies Zenkuda and KSI-501 for wet age-related macular degeneration. The trial is crucial as it assesses two separate drug candidates in a single registrational study, potentially offering distinct commercial opportunities.

Kodiak planned a webcast at 8:30 a.m. ET to present the findings, which met or surpassed the primary endpoint of non-inferiority in visual acuity gains compared to the active comparator aflibercept.