Biggest stock movers today: SIRI, XPEV, and more

Stock futures inched up early Monday morning, while Treasury yields slipped, with markets remaining near record highs after the Federal Reserve signaled that long-awaited rate cuts are likely to begin next month.

Here are some of Monday's biggest stock movers:

Biggest stock gainers

• XPeng (NYSE:XPEV) shares surged over 7% after Chairman and CEO He Xiaopeng boosted his stake in the company to restore investor confidence. As the controlling shareholder, Mr. He purchased 1 million Class A ordinary shares in the Hong Kong stock market between August 21-23 at an average price of HK$27.13 per share and an additional 1,419,922 American Depositary Shares (ADSs) at $7.02 per ADS through Galaxy Dynasty Limited, a company he wholly owns. His shareholding in XPeng has now increased to approximately 18.8%, and he plans to further increase his stake, as per the announcement.
• Opendoor Technologies (NASDAQ:OPEN) shares soared nearly 6%, building on Friday's 11% gain, after Federal Reserve Chair Jerome Powell delivered dovish remarks about interest rates during a highly anticipated speech in Jackson Hole, Wyoming. Real estate stock investors, eager for signals of upcoming rate cuts, reacted positively to Powell's stance, driving shares of Opendoor higher.
• Sirius XM (NASDAQ:SIRI) shares rose 4% after Liberty Media Corporation (LSXMA) announced the approval of a redemptive split-off (the Split-Off) of Liberty Sirius XM Holdings (New Sirius) during a virtual special meeting of its Series A and Series B Liberty Sirius XM common stockholders on August 23, 2024. Following the split-off, New Sirius will combine with Sirius XM Holdings Inc. (SIRI) to create a new public company that will continue to operate under the Sirius XM name and brand. Liberty Media will redeem outstanding Liberty SiriusXM common stock for shares of New Sirius common stock. The final exchange ratio will be announced on or about September 5, 2024. Liberty SiriusXM common stock will cease trading on September 9, 2024, and New Sirius common stock will begin trading on the Nasdaq Stock Market under the ticker symbol "SIRI" on September 10, 2024.