Wolfspeed Jumps on DoD Loan Commitment as Yields Test 24-Year Highs

Wolfspeed (WOLF) shares rose 15.8% in pre-bell trading after the company disclosed a conditional 30-year loan commitment from the US Department of Defense. The maker of silicon carbide and gallium nitride semiconductor materials and power devices reported the agreement late Wednesday.

The positive move for the stock occurred despite broader market pressure from rising bond yields and crude oil prices. In pre-bell action, the S&P 500 futures fell 0.6%, the Nasdaq declined 0.9% and the Dow Jones was off 1%. West Texas Intermediate crude oil traded up 4.9% at $92.59, while 10-year US Treasuries offered 5.35%, testing 24-year highs. The VanEck Semiconductor fund (SMH) traded down 1.8% during the same period.

Global markets mirrored the caution, with Asian exchanges trading lower overnight on weak AI- and semiconductor-related shares. European bourses also tracked south midday. Bitcoin traded at $82,650 in pre-market action, and spot gold commanded $4,112 an ounce.

The economic calendar for Thursday includes weekly jobless claims at 8:30 am ET and the weekly EIA natural gas report at 10:30 am. Federal Reserve Governor Christopher Waller, Minneapolis Fed President Neel Kashkari and St. Louis Fed President Alberto Musalem are slated to speak.