Stocks making the biggest moves premarket: Gap, Tesla, Stellantis and more

Check out the companies making headlines before the bell. Gap — The clothing retail stock jumped 4.7% after JPMorgan upgraded shares to overweight. The firm cited a strong start to the holiday shopping season and a multi-year growth outlook. Stellantis – Shares sank 9% after CEO Carlos Tavares stepped down from his role at the automaker, effective immediately. The company cited "different views" between Tavares and the board of directors as the reason for the departure.

The company named David Zinsner and Michelle Johnston Holthaus as interim co-CEOs. Steel producers — Shares of Cleveland-Cliffs rose more than 1% after Goldman Sachs analyst Mike Harris initiated coverage on the company with a buy rating, saying both cyclical and structural factors — including President-elect Donald Trump's trade policies — could drive earnings growth for the U.S. steel industry.

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