Target, Dell, Amazon rise premarket; Five Below falls

Investing.com -- US stock futures surged Thursday, the day after the Federal Reserve started its latest rate-cutting cycle with an outsized half percentage point reduction.

Here are some of the biggest premarket US stock movers today Target (NYSE:TGT ) stock rose 1.3% after the retailer named Jim Lee as its chief financial officer effective Sept. 22. Lee comes with more than 25 years of financial, strategy and business experience at PepsiCo (NASDAQ:PEP ). Amazon (NASDAQ:AMZN ) stock rose 1.9% after the online retail giant detailed plans to raise pay for fulfillment and transportation workers by $1.50 an hour, while adding Prime membership to its benefits package. Dell Technologies (NYSE:DELL ) stock added 3% after the PC-maker declared a quarterly cash dividend. Five Below (NASDAQ:FIVE ) stock fell 1.5% after JPMorgan downgraded its investment stance on the discount retailer to “underweight” from “neutral”, citing declining consumer spending. Charter Communications (NASDAQ:CHTR ) stock rose 2% after RBC initiated coverage of the telecommunications company with a “sector perform” rating, citing a solid execution but structural challenges. DoorDash (NASDAQ:DASH ) stock rose 3.8% after BTIG upgraded the online food delivery company to “buy” from “neutral”, citing under-appreciated longer-term drivers. Steelcase (NYSE:SCS ) stock fell 7.8% after the office-furniture company reported disappointing second-quarter revenue as well as forecasting third-quarter revenue below expectations. Progyny (NASDAQ:PGNY ) stock slumped 24% after the health-care company said that a significant client had exercised its option to terminate their services agreement.

Source: Investing.com