Top gainers on Wall Street : Ferguson, MoonLake, Summit lead the rally

Ferguson Enterprises (NYSE: FERG) and MoonLake Immunotherapeutics (NASDAQ: MLTX) were among the top-performing stocks on June 3, 2025, as U.S. equities closed higher on strong sectoral rotation and improving risk sentiment. The top 10 gainers, drawn across retail, biotech, energy, and technology sectors, each posted double-digit percentage gains, with Ferguson rallying over 17% on unexpectedly strong earnings guidance.

This sudden surge in select mid-to-large-cap names occurred amid muted macro volatility, with traders closely watching upcoming job data and further clues from the Federal Reserve. Momentum-driven action was particularly visible in high-volume tickers such as Summit Therapeutics and Credo Technology, both of which traded significantly above their 3-month average volumes. Below is a closer look at the top performers from Tuesday’s session.

Why Did MoonLake Immunotherapeutics Stock Jump Nearly 18%?

MoonLake Immunotherapeutics (NASDAQ: MLTX) gained 17.95% to close at $48.55, with nearly 3.94 million shares traded, far exceeding its 3-month average volume of just over 415,000. The surge is being linked to increased anticipation around its sonelokimab drug candidate targeting inflammatory diseases like hidradenitis suppurativa and psoriatic arthritis.

While there was no fresh catalyst in Tuesday’s session, institutional buying appears to have been triggered by renewed analyst optimism following recent Phase 2b trial commentary. MoonLake’s low float and high short interest have also made it a frequent target for momentum traders in recent biotech rallies.

Despite Tuesday’s spike, the stock is up just 0.86% over the past 52 weeks, indicating a breakout from consolidation. Analysts will be watching closely for upcoming trial updates that could push MLTX toward a mid-cap revaluation.

What Triggered Ferguson’s 17% Rally on Tuesday?

Ferguson Enterprises Inc. (NYSE: FERG) rallied 17.23% to $211.36 on heavy volume, gaining over $31 in a single session. With over 5.19 million shares changing hands, the stock saw more than double its average daily volume.

The move comes on the heels of stronger-than-expected preliminary Q3 results released during the pre-market, in which Ferguson beat both top and bottom-line expectations. The company, a leading distributor of plumbing and HVAC products, has been benefiting from housing sector stabilization in the U.S. and U.K., and analysts pointed to margin expansion as a sign of disciplined cost control.

With a trailing P/E of 26.39 and a $42.4 billion market cap, Ferguson’s upward revision to full-year guidance may continue to attract long-term institutional interest despite the stock still being 8.46% lower YTD.

Why Is Summit Therapeutics Suddenly in Focus?

Summit Therapeutics Inc. (NASDAQ: SMMT) surged 16.33% to $20.62, supported by enormous trading volume of over 12.17 million shares. The move came without any company-specific news but reflects rising investor interest following recent developments in its ivonescimab oncology pipeline in partnership with Akeso.

The stock has now gained over 140% in the past 12 months, and speculative buying continues to dominate trade flows amid sector-wide biotech interest. Traders are positioning ahead of further Phase 3 data releases and licensing updates.

Given its still modest $15.3 billion market cap and no earnings-based valuation metrics (P/E undefined), institutional investors remain cautious but observant. If Summit delivers on pipeline milestones, it could enter the radar of biotech-focused ETFs.

Is Newegg’s 16% Surge Backed by Fundamentals?

Newegg Commerce Inc. (NASDAQ: NEGG) climbed 16.18% to $6.21, with a volume of just over 258,000, roughly double its 3-month average. The gain follows renewed social media interest, where retail investors flagged the e-commerce player as a turnaround candidate.

Newegg has had a rough year, with a 69.6% decline over the past 52 weeks, largely due to declining sales and poor margins. However, Tuesday’s price action may suggest bargain-hunting behavior or a short squeeze given its low float and frequent mention in speculative trader circles.

While no press release or earnings update was issued, the chart breakout may prompt day traders to revisit NEGG in the coming sessions. Fundamentally, the company still faces uphill challenges in regaining profitability and e-commerce market share.

What Drove Dollar General’s Comeback in Retail?

Dollar General Corporation (NYSE: DG) jumped 15.85% to $112.57, trading over 14.12 million shares against an average of 4.48 million. The rally appears to be fueled by a bullish analyst upgrade noting that inventory normalization and store reformatting are beginning to take effect.

With a 21.52 P/E and market cap just under $25 billion, Dollar General had faced significant pressure over the past year, losing nearly 28% in share value. However, a renewed focus on private label expansion and rural penetration may be restoring institutional confidence.

The retail sector more broadly showed signs of bottoming out Tuesday, with Signet Jewelers also appearing among top gainers. If macro conditions stabilize and consumer confidence returns, DG could see a sustained rerating.

Why Did Algonquin Power Rally Despite Utility Headwinds?

Algonquin Power & Utilities Corp. (NYSE: AQN) closed 15.83% higher at $6.22 with massive volume of 43.94 million shares, more than 3x its average. The rally follows reports that the company may be accelerating its asset sale program to pay down debt faster than expected.

Utility stocks have struggled under rising interest rates, and AQN has lost nearly 13% in the past year. But investor optimism appears to be building around restructuring moves, including exiting non-core international assets and focusing on North American regulated utility operations.

With a trailing P/E of 22.21 and a modest $4.78 billion market cap, AQN is being reevaluated as a yield-plus-recovery candidate by income-focused funds.

What’s Fueling Sitio Royalties’ Energy Momentum?

Sitio Royalties Corp. (NYSE: STR) rose 15.30% to $19.97, with 10.18 million shares traded on the day. The oil and gas royalty firm may have benefited from the rebound in WTI crude prices and renewed focus on shale consolidation.

STR has been part of a broader wave of energy names moving higher as investors rotate into inflation-resistant assets. Its strong cash flow metrics and strategic acreage in the Permian and DJ Basins make it a compelling income play for energy investors.

Despite a 21.8% decline over the past year, Sitio’s valuation at a P/E of 38.40 suggests strong confidence in long-term royalty stream stability.

Is Credo Technology Attracting AI or Data Center Bulls?

Credo Technology Group Holding Ltd. (NASDAQ: CRDO) jumped 14.80% to $71.92 on outsized volume of 22.50 million shares. The company, known for its high-speed connectivity solutions, has been repeatedly highlighted in AI infrastructure and hyperscaler supply chain discussions.

With a staggering P/E of 248 and growing chatter around its relevance in AI datacenter stack upgrades, CRDO is increasingly seen as a second-order AI beneficiary alongside names like Marvell and Arista.

The stock is up over 150% year-on-year, and Tuesday’s rally may mark further ETF inflows and institutional positioning ahead of Q2 earnings.

Why Did Signet Jewelers Rally Sharply Despite Retail Volatility?

Signet Jewelers Limited (NYSE: SIG) posted a 12.45% gain to close at $75.13, rallying on analyst revisions and stronger-than-expected early spring sales data.

The company has spent the last year combating sector-wide consumer slowdown and rising inventory concerns, resulting in a 37.77% decline in its stock price over the trailing 12 months. But updated store traffic figures and digital conversion metrics appear to be changing the narrative.

With a P/E ratio of 86.36 and a $3.1 billion market cap, Signet may still face valuation challenges, but Tuesday’s price action suggests short covering and positioning ahead of earnings.

What’s Behind Uranium Energy’s Double-Digit Move?

Uranium Energy Corp. (NYSEAMERICAN: UEC) gained 11.77% to $6.36, trading nearly 24 million shares as global uranium sentiment remained elevated. The move coincides with bullish policy signals on nuclear energy from the U.S. Department of Energy and European regulators.

UEC’s long-term bet on American uranium production is gaining visibility amid geopolitical concerns and energy security debates. The company remains a speculative favorite for clean energy-focused investors despite being down 13.26% over the past year.

UEC’s low-cost in-situ recovery model and growing domestic reserve base continue to support bullish institutional theses around the stock.

What Does Tuesday’s Rally Signal for Investors?

June 3’s rally in U.S. equities was led by a cross-section of sectors including biotech, retail, AI infrastructure, and clean energy. Institutional flows appeared to target both growth and turnaround narratives, with several beaten-down stocks like Newegg and Dollar General finding support. High-volume breakouts in CRDO and SMMT also underscore persistent trader appetite for momentum names.

While macro risks remain, Tuesday’s market action could signal a sentiment shift, especially if economic indicators stabilize. Investors should monitor earnings revisions, insider activity, and further guidance upgrades across these names in the coming sessions.