US PREMARKET MOVERS: FCX, COO, AVAV, M, LEU, TENB

The cross-name move is the copper complex selling off together on reports the administration has not settled refined copper tariff scope, citing manufacturing cost concerns: when tariff decisions get deferred or narrowed, the trade that prices a US premium over the global benchmark unwinds, and producers with the most domestic exposure to that premium take the hit first while diversified peers follow in sympathy. The established sequence in past tariff episodes of this kind has been headline-driven swings in the spread between US and international copper pricing, with final scope and exemptions mattering more than the initial announcement. The remaining names are single-stock catalysts with no read-across: the contact lens maker's guidance cut and the department store's revenue outlook miss are company-specific, the uranium name's equity and warrant offering and the security software name's convertible issuance are dilution stories, and the drone maker's beat is idiosyncratic. Worth watching is whether copper tariff reporting firms up into a decision, since a definitive narrowing or exemption list is what historically resolves the premium rather than the interim speculation.