Biggest stock movers Monday: Crypto stocks, and more

Stock futures edged lower Monday morning as investors reacted to Moody’s downgrade of the U.S. credit rating by one notch, from Aaa to Aa1.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

Novavax (NASDAQ:NVAX) +16% — Shares jumped Monday morning after the FDA granted full approval to its COVID-19 vaccine on Friday, Nuvaxovid, for adults aged 65 and older. The shot will also be commercially available for individuals aged 12–64 with underlying conditions that increase their risk for severe COVID-19. Previously authorized only for emergency use, NVAX missed the April 1 deadline for full approval but expressed renewed confidence after addressing an FDA data request. The approval also triggers a $175M milestone payment from partner Sanofi (SNY).

Bitcoin (BTC-USD) -3% – Cryptocurrency-linked stocks declined as the leading cryptocurrency fell amid a broader risk-off sentiment following Moody’s downgrade of the U.S. credit rating. Among notable movers: Cipher Mining (NASDAQ:CIFR) -6%, Robinhood (NASDAQ:HOOD) -5%, Bitfarms (NASDAQ:BITF) -3.5%, Bit Digital (NASDAQ:BTBT) -3.8%, Hive Digital (NASDAQ:HIVE) -3.4%, TeraWulf (NASDAQ:WULF) -4%, Hut 8 (NASDAQ:HUT) -3%, CleanSpark (NASDAQ:CLSK) -2.4%, MARA Holdings (NASDAQ:MARA) -2%, Riot Platforms (NASDAQ:RIOT) -1.6%, MicroStrategy (NASDAQ:MSTR) -1.3%, and Coinbase (NASDAQ:COIN) -3%.
Reddit (NYSE:RDDT) -6% — Shares fell after Wells Fargo downgraded the stock to Equal Weight from Overweight, citing that recent user disruptions are likely to be more permanent as Google accelerates the rollout of AI-powered search. Analysts warned this shift could hurt all firms dependent on search traffic, including Reddit, and cut the price target to $115 from $168, implying just 1.6% upside from the last close.