Biggest stock movers today: AAPL, NVDA, crypto stocks, and more

Stock futures are getting hammered in premarket trading, led by a selloff in contracts linked to the Nasdaq. This downturn was triggered by investor concerns over a potential economic slowdown, following weaker-than-expected jobs data released last week, as well as a rise in geopolitical tensions.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• Shares of Kellanova (NYSE:K), the snack-foods company spun off from WK Kellogg, rose 5% following a report that Mars, whose candy brands include M&Ms and Snickers, is exploring an acquisition of it. Assuming a typical M&A premium, Kellanova (K), which has a market cap of about $22B, may be valued at about $30B.

Biggest stock losers

• Apple (NASDAQ:AAPL) shares plunged more than 7% after Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) shocked the market by slashing its stake in the iPhone maker by nearly 50%. The company reported that the fair value of its equity investment in Apple was $84.2 billion at the end of Q2, down from $135.4 billion at the end of Q1. This indicates that Berkshire’s position in Apple has been reduced to about 400 million shares from approximately 789 million, a 49.3% decrease. This dramatic move by the legendary investor sent shockwaves through the market, raising concerns about tech and sparking a selloff among investors. AI darling Nvidia (NASDAQ:NVDA) is also down big on the latest news, tumbling 9% in premarket trade.
• Shares in cryptocurrency-linked companies tumbled on Monday as Bitcoin (BTC-USD) lost about 13% amid a broader selloff in global stock markets, marking the worst session since the FTX exchange imploded. The crypto market faced a pullback as the chances of crypto-friendly Republican nominee Donald Trump securing the presidency in November further diminished. The weakness in Bitcoin is dragging down other major coins like Ethereum (ETH-USD), which plunged about 20%. This decline is also impacting exposed stocks such as Riot Platforms (NASDAQ:RIOT) -11%, MicroStrategy (NASDAQ:MSTR) -13%, CleanSpark (NASDAQ:CLSK) -15%, Coinbase (NASDAQ:COIN) -12%, Bitdeer Technologies (NASDAQ:BTDR) –10%, Bitfarms (NASDAQ:BITF) -10%, HIVE Digital (NASDAQ:HIVE) -9%, and Marathon Digital (NASDAQ:MARA) -15%, all of which are experiencing significant price drops.