Stock Market Today (LIVE): Markets Rise on Ceasefire Extension as Tesla, Boeing and AT&T Earnings Put Corporate Resilience to the Test

📌 Top story — scroll down for more updates

Top of the Morning

9:25 am — MANH +10.5% in before-hours trading

Manhattan Associates (MANH +7.49%) reported improving Q1 2026 results with accelerating cloud revenue growth, record future obligations, and expanding AI agent adoption. It also boosted full-year guidance, invested heavily in its sales initiatives, and forward-deployed engineering teams tied to its evolving, and improving, AI strategy.

Once again, and on purpose, Manhattan’s cloud business is driving the way. Growth accelerated to 24.2% from 20% in Q425, while the older software sales continue to dwindle. Revenues increased 7%, but stripping out the legacy software and maintenance business, sales increased 13%. Services revenue increased 4%, another quarter of improvement after declines last year. Win rates continue to be above 70%, and 55% of new bookings are coming from new clients. A new relationship with Google Cloud Marketplace is helping spur growth. RPO, the all-important future obligations, grew 24%.

We’re starting to see a quiet shift in how Manhattan is building and deploying AI through its platform, and it’s showing some wins. 

Opening Bell

9:35 am

Wall Street advanced Wednesday as President Trump extended the U.S. ceasefire in Iran, citing a “fractured” Tehran government. The Dow jumped 385 points, while the S&P 500 reached new heights despite news of Iran seizing container ships in the Strait of Hormuz. Analysts suggest the AI-driven productivity boom is providing a structural floor for equities, allowing the S&P 500 to shrug off short-term diplomatic “bumps.” With over 80% of reporting companies exceeding analyst estimates, the “de-escalation rally” continues to push indices toward historic milestones.

ASML CEO Vows to Avoid AI Supply Bottleneck

8:15 am — ASML +0.83% in pre-market trading

At ASML‘s (ASML +0.17%) annual meeting on Wednesday, CEO Christophe Fouquet struck a defiant tone, vowing that the lithography leader will “avoid by all possible means” becoming a bottleneck for the AI-driven semiconductor boom. Fouquet emphasized that failing to deliver equipment on time is the firm’s primary threat, as “customers will be strongly tempted to look at other suppliers” if delays occur. While Nvidia (NVDA +0.23%) and TSMC (TSM +1.66%) scramble for capacity, Fouquet dismissed emerging competitors like Substrate and xLight as mere “ideas” rather than viable rivals. Despite looming U.S. export restrictions that could impact 20% of its revenue, CFO Roger Dassen noted that in a world of “undersupply,” lost capacity in China will simply force other regions to “build more than originally planned.”

• AI Supply Constraint: Fouquet warned that supply for advanced memory and logic “will not meet demand for the foreseeable future,” prompting long-term capital commitments from global chipmakers.
• Geopolitical Realism: Management remains cautious on the U.S. “MATCH Act” impact, but Dassen maintains that policymakers recognize the global “need for capacity” remains fixed regardless of regional bans.

Best Buy Bets on Bonfig to Spark AI Recovery

8:00 am — BBY +0.65% in pre-market trading

Best Buy (BBY 3.99%) is turning to a 25-year company veteran to reverse four years of stagnant sales, naming Jason Bonfig to succeed Corie Barry as CEO on October 31. Bonfig, the current chief customer and fulfillment officer, faces the uphill task of navigating a retail landscape marred by “price-conscious” consumers and high memory costs that threaten PC margins. While Barry led the company through the pandemic’s massive appliance boom and navigated a sharp increase in global tariffs, the stock has struggled to keep pace with the S&P 500. Investors are now pinning their hopes on Bonfig’s expertise in supply chain and digital advertising to leverage the next wave of AI-enabled hardware.

• “Memflation” Headwinds: Goldman Sachs recently slapped a “Sell” rating on the stock, warning that surging memory component costs will likely force laptop prices higher, causing consumers to trade down to cheaper models.
• The AI Recovery Play: Despite the bearish outlook, management expects Bonfig to accelerate the rollout of AI-centric mobile and computing products to recapture market share from rivals like Home Depot (HD +0.04%) and Lowe’s (LOW 0.40%).

This Morning’s Breakfast News

7:30 am

Stock market futures were higher this morning, after President Trump said he’s extending the ceasefire until “discussions are concluded, one way or the other” – following a request from peace broker Pakistan, until “leaders and representatives can come up with a unified proposal.” In early trading, S&P 500 futures gained 0.5%, with Nasdaq futures up 0.7%.

• “I have … directed our military to continue the blockade”: There’s no let-up of pressure on ships connected with Iran yet, as the Strait of Hormuz remains closed after Iran accused the U.S. of breaking its commitments.
• “Biggest oil supply disruption on record” – Reuters: Despite the threat of immediate escalation subsiding, oil futures barely moved, held back by the growing uncertainty. Benchmark Brent Crude fell just 0.6% this morning to a fraction below $98, with WTI down 1% at around $89.

ICYMI: Tuesday’s Scoreboard

7:00 am — EME +0.95% in pre-market trading

Emcor Group (EME +1.04%) was the subject of the latest Scoreboard video.

ASTS Rises on FCC Spectrum Approval

6:30 am — ASTS +4.42% in pre-market trading

AST SpaceMobile (ASTS +6.90%) shares gained after the FCC approved 223 satellites to use AT&T and Verizon spectrum for direct-to-cell service. The stock climbed approximately 3.5% as traders viewed the regulatory milestone as reducing commercial risk.

• FCC clears major regulatory hurdle: The approval allows ASTS to operate satellites using carrier spectrum for its satellite-to-smartphone network, unlocking commercial potential tied to existing agreements with major wireless carriers.
• Regulatory milestone reduces overhang: The FCC decision removes a key regulatory uncertainty and advances the company’s plans to provide direct satellite connectivity to standard smartphones without requiring specialized equipment.

Netflix Pivots to Real Estate After WBD Exit

6:00 am — NFLX +0.62% in pre-market trading

Netflix (NFLX +1.15%) is reportedly in negotiations to acquire the historic Radford Studio Center in Los Angeles from a group of lenders led by Goldman Sachs (GS +1.20%). The streaming titan is eyeing a bargain price near $600 million–a steep drop from the studio’s $1.85 billion valuation in 2021–after previous owner Hackman Capital Partners defaulted on a $1.1 billion loan. This “opportunistic” move follows Netflix’s exit from a bidding war for Warner Bros. Discovery (WBD +0.07%), which is now pursuing a $111 billion merger with Paramount Skydance (PSKY +0.52%). By pivoting toward distressed real estate, Netflix aims to scale its internal production capacity as it targets $3 billion in advertising revenue for 2026.

• Asset Repossession Discount: Lenders repossessed the “hit factory” lot after occupancy rates across Los Angeles fell to 62%, allowing Netflix to bid for a fraction of the previous sale price.
• Strategic Cash Allocation: Buoyed by a $2.8 billion breakup fee from the failed WBD deal, Netflix is shifting capital from massive content acquisitions toward permanent infrastructure like its $1 billion New Jersey production hub.

Avis Soars on Massive Short-Squeeze Frenzy

5:15 am — CAR +5.47% in pre-market trading

Avis Budget Group (CAR +6.27%) shares continue their unprecedented rally, with the stock surging approximately 383% in April amid an extreme short squeeze. The rental car company’s stock hit a record high of $723.57, driven by heavy short interest and explosive options activity rather than fundamental business changes.

• Record-breaking surge defies fundamentals: CAR shares have gained roughly 383% from their March 31 close of $145.85, with daily jumps exceeding 20% as the stock trades in extremely overbought territory.
• Short interest fuels squeeze dynamics: Heavy short interest combined with explosive options activity has created GameStop (GME +3.52%)-style dynamics, with options volume reaching seven times typical levels during recent trading sessions.

Before the Opening Bell

5:00 am

Stock futures climbed Wednesday morning after President Donald Trump indefinitely extended the ceasefire with Iran, staving off a deadline that many feared would trigger an immediate escalation. While the extension provides a much-needed cooling-off period for the S&P 500, structural risks remain high as peace talks in Pakistan have stalled and the critical Strait of Hormuz remains largely impassable. Despite the geopolitical overhang, oil prices retreated slightly on whispers of a potential easing of the U.S. naval blockade. Market attention is now shifting toward a high-stakes earnings day, with Tesla (TSLA +1.48%), AT&T (T 2.90%), and Boeing (BA +2.50%) all set to report results that will test investor confidence in a high-inflation, high-risk environment.

• Earnings High Stakes: Analysts expect Tesla to post EPS of $0.37 on $22.7 billion in revenue, with the focus squarely on robotaxi timelines rather than delivery misses, while Boeing aims for “demonstrable advancement” despite a projected 68-cent per share loss.
• Telecom and Trade: AT&T reports pre-market with a focus on fiber growth and free cash flow, though the broader sector remains vulnerable to the 70% drop in maritime traffic through the Persian Gulf.

This article was created using Large Language Models (LLMs) based on The Motley Fool’s insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML, AST SpaceMobile, Best Buy, Boeing, EMCOR Group, Goldman Sachs Group, Home Depot, Manhattan Associates, Netflix, Nvidia, Taiwan Semiconductor Manufacturing, Tesla, and Warner Bros. Discovery. The Motley Fool recommends Lowe’s Companies. The Motley Fool has a disclosure policy.