Stocks making the biggest moves premarket: Goldman Sachs, Best Buy, Fastenal & more

Goldman Sachs beat Q1 EPS and revenue estimates at $17.55 and $17.23B, but shares fell more than 2% after fixed income, currencies and commodities trading came in at $4.01B versus $4.92B expected. Williams-Sonoma rose more than 2% on a Goldman upgrade, while Best Buy fell 4% after a downgrade and Fastenal slid more than 4% on an in-line quarter. Homebuilders Toll Brothers and Pultegroup gained more than 1% on upgrades, energy stocks rallied with oil above $103, and cruise lines and airlines sold off on higher fuel costs and demand concerns; Palantir rebounded more than 2% after last week’s 13.4% drop.

Analysis

The tape is separating into two regimes: names with visible pricing power or direct commodity leverage are being rewarded, while cyclical “good-enough” prints are being sold as investors demand upside surprises, not just in-line execution. The bigger signal is not the headline beats/misses, but the market’s sensitivity to forward margin compression and demand elasticity — that is why a modest FICC shortfall and an in-line industrial print are being punished more than stronger-looking top lines. In other words, dispersion is becoming the trade, and passive beta exposure is likely to underperform until earnings revisions stabilize.

Housing looks like the clearest second-order beneficiary. If builders can absorb macro noise better than expected, the market may begin to re-rate the entire housing complex, including suppliers, land-constrained luxury exposure, and select mortgage-adjacent names, because the incremental buyer is coming back into the market with a psychology shift: “worst is behind us.” The risk is that this turns into a short-lived relief rally if rates back up again or if affordability remains too stretched for entry-level demand; the current move is more about positioning than a confirmed demand inflection.

Energy is being bid on geopolitics, but the more interesting implication is margin pressure elsewhere in transportation and leisure. Cruise lines and airlines should see earnings estimates cut quickly if crude remains elevated for even 2-4 weeks, because fuel costs hit faster than ticket pricing can adjust, especially in competitive domestic routes and lower-end cruise itineraries. Meanwhile, the software/AI cohort is showing that last week’s selloff may have been too aggressive; the market is still willing to separate platform winners from disruption risk, but only if they can show operating leverage and not just narrative.

Key Decisions for Investors

• Long TOL / PHM vs. short XHB for 2-6 weeks: express a housing-quality trade, but keep it paired because a rate backup would hit the basket broadly; target 8-12% relative outperformance if builders keep outperforming on revisions.
• Buy WSM on weakness, or use call spreads 1-2 months out: the setup favors multiple expansion if investors rotate toward branded discretionary winners; risk/reward is attractive unless consumer data rolls over sharply.
• Short BBY into any opening bounce, with a 1-3 month horizon: the market is likely to focus on post-pull-forward demand decay and cost pass-through pressure; use a defined-risk put spread to avoid squeeze risk.
• Long XLE or selective longs in XOM/CVX/PSX versus short JETS or CCL/NCLH for the next 2-4 weeks: fuel inflation should hit travel margins before it helps pricing, and the asymmetry favors energy over leisure if crude stays bid.
• Trade PLTR tactically via call spreads rather than outright long: the stock can rebound mechanically after a sharp drawdown, but the setup is still headline-sensitive; structure around a 4-8 week horizon and take profits on any further momentum squeeze.