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Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see U.S. stocks slipped ahead of the bell on Friday. The drop came after Federal Reserve Chairman Jerome Powell signaled the Fed is committed to its “higher for longer” rates stance. This resulted in treasury yields spiking. The underlying message was “don’t expect a bailout from the Fed anytime soon.”

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Here’s a look at the top-moving stocks this morning.

Enphase Energy (Nasdaq: ENPH)

Enphase Energy is down 15.64% premarket after receiving a downgrade from Scotiabank. The solar stock was downgraded to Sector Perform from Sector Outperform with a $140 price target, cut from $180. Scotiabank’s Tristan Richardson cited concerns about the bigger economy and Enphase’s near-term margin profile.

SolarEdge Technologies (Nasdaq: SEDG)

SolarEdge Technologies is down 26.29% premarket. The company issued a warning saying it encountered “substantial unexpected cancellations and pushouts of existing backlog” from its European distributors. Overall, the demand in Europe has slumped significantly.

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American Express (NYSE: AXP)

American Express is up 0.86% premarket after its third-quarter profits beat estimates. Wealthy customers accounted for the bulk of the profits, as they still spent money despite a weary economy. Because of this spending from its wealthy buyers, Amex has largely been able to mitigate the hit from inflation and the Federal Reserve’s rate hikes.