Shares of Universe Pharmaceuticals Inc surged 228.4% to $9.72 in pre-market trading after the company announced it will acquire Best Praise International for $10.75 million. The acquisition drove the sharp increase in Universe Pharmaceuticals' stock price, making it one of the top gainers in the session.

Decoy Therapeutics Inc rose 227.5% to $18.07 in pre-market trading following the announcement of up to $21 million in private placement financing. INLIF Ltd gained 52% to $0.071, while Volato Group Inc increased 36.5% to $0.23. Tvardi Therapeutics Inc climbed 26.7% to $1.90 after a 36% dip on Friday.

SAGTEC GLOBAL Ltd advanced 24.7% to $1.31, recovering from a 27% decline on Friday. The company's Chairman and CEO acquired 1.5 million shares last week. Meiwu Technology Co Ltd gained 14.2% to $3.84, and Churchill Capital Corp XI rose 13.2% to $15.69 after announcing a SPAC merger with Agility Robotics.

Larimar Therapeutics Inc jumped 12.4% to $4.11, while Viridian Therapeutics Inc gained 11.5% to $19.95 following the U.S. FDA approval and launch of Lumvoa (veligrotug-vvze) for thyroid eye disease treatment.

On the downside, Farmmi Inc tumbled 60.7% to $0.48 after announcing a proposed public offering. Jupiter Neurosciences Inc fell 24.3% to $0.21 due to the resale registration of up to 16 million shares by selling stockholders. Picocela Inc – ADR declined 19.7% to $5.58, and UTStarcom Holdings Corp dipped 16.3% to $2.00.

Curis Inc fell 16.1% to $0.27, while Sadot Group Inc dropped 15.6% to $18.08 after a 247% surge on Friday. LiveWire Group Inc declined 13.8% to $1.19, and Freecast Inc fell 13.8% to $6.60. TopBuild Corp decreased 7.3% to $395.00 as Toast Inc will replace it in the S&P MidCap 400 effective prior to the opening of trading on Wednesday, July 1. Pershing Square Inc declined 6.2% to $29.59.

Top Movers in Pre-Market Trading

Nasdaq, Inc. announced that its Nasdaq Closing Cross achieved a record trading volume during the June 2026 Russell US Indexes reconstitution. A total of 4,594,880,616 shares, representing $334.027 billion, were executed in 1.630 seconds across Nasdaq-listed securities. This event marked the largest liquidity event on the Nasdaq Stock Exchange for the Russell Reconstitution, surpassing the 2025 volume of 2,506,428,416 shares valued at $102.455 billion, which were executed in 0.871 seconds.

Reconstitution Details

The Russell Reconstitution occurs semi-annually to reflect shifts in market capitalization, sector dominance, and style orientation of publicly traded US companies. This year marked the 23rd year that the Nasdaq Closing Cross was used to calculate the reconstitution for the entire family of Russell US Indexes, including the Russell 1000, Russell 2000, and Russell 3000.

Market Impact and Technology

Kevin Kennedy, EVP, North American Markets at Nasdaq, highlighted the scale of the event, noting that US equity markets have grown materially in complexity. He stated that the record demonstrates the infrastructure's ability to scale with the market, delivering a single, transparent closing price across record volume in under a second.

Fiona Bassett, CEO of FTSE Russell, emphasized that the record notional volume underscores the trust the investment community places in the transparent and rules-based process. She noted that the successful completion of the rebalancing marks another milestone in the shared commitment to market integrity and efficiency.

Index Implementation

The index reconstitution process was completed on June 26, 2026. The newly reconstituted index membership will take effect when markets open on June 29, 2026. Approximately $10.6 trillion in assets are benchmarked to or invested in products based on the Russell US Indexes, which are subsets of the Russell 3000E Index representing approximately 98% of the US equity market.

Since the Nasdaq Closing Cross began calculating the Russell Reconstitution over two decades ago, the Cross has reduced latency by over 85%. This improvement has effectively kept pace with an increasing trade volume growth of over 550% and an increasing notional volume growth of over 1500%.