Stocks making the biggest moves premarket: UPS, Lucid, Beyond Meat, Novo Nordisk and more

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Check out the companies making headlines in premarket trading.

Sagimet Biosciences — Shares of the biopharmaceutical company popped 31% following an upgrade from Goldman Sachs. The firm highlighted Sagimet could see strong gains thanks to progress on a treatment for  non-alcoholic steatohepatitis (NASH).

Banks —U.S. bank stocks fell broadly after Moody's cut ratings on several institutions, including M&T Bank, Citizens Financial, Bank of New York Mellon and Truist Financial. Moody's cited a higher interest rate environment as well as asset-liability management risks (ALM) as continued headwinds for U.S. banks. Major banks including Goldman Sachs and JPMorgan Chase traded more than 1% lower, while the regional bank ETF (KRE) fell nearly 3%.

Home Depot, Lowe's — Both home improvement retailers fell more than 1% each in premarket trading. Telsey Advisory Group downgraded both stocks to market perform earlier on Tuesday, over more cautious consumer spending and weakening housing market trends.

Eli Lilly — The pharmaceutical stock climbed 8.6% after an earnings beat. The company reported an adjusted $2.11 per share on revenue of $8.31 billion, while analysts polled by Refinitiv forecasted $1.98 and $7.58 billion.

Novo Nordisk — Shares of the pharmaceutical company popped 13% after trial results showed its weight-loss drug Wegovy cut the risk of heart disease by 20% in adults with obesity.

EchoStar — Billionaire Charlie Ergen said he would reunite Dish and EchoStar in a merger, about 15 years after EchoStar was spun out. EchoStar slid more than 10%, while Dish gained more than 1%.

United Parcel Service — Stock in the shipping behemoth fell nearly 5% after missing on second-quarter revenue. UPS notched an