Premarket moves: GSK, Nuvalent, J.M. Smucker, SailPoint and more

U.S. premarket trading on Tuesday saw notable moves across several largecap and midcap stocks after earnings, guidance updates and deal news. Nuvalent climbed sharply after GSK announced a $10.6 billion agreement to acquire the drugmaker. J.M. Smucker rose after quarterly results beat Wall Street estimates for both earnings and revenue. SailPoint fell after issuing fullyear guidance that was weaker than analysts expected, even though its firstquarter earnings came in above estimates. Other names moved on policy and sector news. Alibaba and Baidu were higher after the Pentagon added several Chinese companies to a list of firms it says have supported the Chinese military. Vail Resorts declined after missing profit expectations, while semiconductor stocks extended their recent rebound, with the VanEck Semiconductor ETF, Micron Technology and Qualcomm all trading higher.