Major U.S. indexes were higher in afternoon trading, though well off their session highs, as the stock market looks to extend its comeback from steep losses earlier in the week.
The S&P 500 and Nasdaq Composite were up 0.4% and 0.3%, respectively, while the Dow Jones Industrial Average tacked on 0.2%. On Tuesday, the indexes snapped a three-session streak of big losses stemming from sharp declines in big-name technology stocks and rising investor concerns about the health of the U.S. economy.
Large-cap tech stocks led the broader market sharply higher in early trading Wednesday but were mixed in the afternoon. AI investor darling Nvidia (NVDA) moved into the red and was about 1.5% lower, while Microsoft (MSFT), Apple (AAPL), Alphabet (GOOGL) and Amazon (AMZN) all continued showing gains.
Disney (DIS) shares were down more than 3% even as the company posted third-quarter results that beat Wall Street estimates, boosted by box office hits like “Inside Out 2,” as its streaming business turned to a profit for the first time. Weakness at the company’s theme parks business weighed on sentiment.
Super Micro Computer (SMCI) was down 18% after the server maker’s results and outlook missed expectations, while Airbnb (ABNB) slid 14% after warning about slowing U.S. demand. Among other companies reporting earnings, Ozempic maker Novo Nordisk (NVO) was down 8%, while CVS Health (CVS) was off 1%.
As investors digest the slew of earnings reports, they’re also keeping close tabs on economic data amid expectations that the Federal Reserve will cut its benchmark lending rate soon to deal with the effects of a weakening economy. The data calendar is light on Wednesday, ahead of the release of weekly jobless claims numbers on Thursday that will be closely monitored.
The yield on 10-year Treasurys, which is sensitive to expectations around what the Fed will do, moved higher for the second straight day Wednesday, to around 3.96%. The yield had dropped below 3.70% on Monday to its lowest level in more than a year after a surprisingly weak jobs report on Friday raised expectations that the Fed will have to cut rates swiftly and deeply in the coming months.
Gold futures were up slightly Wednesday to around $2,440, while crude oil rose nearly 3% amid concerns about tensions in the Middle East. Bitcoin, which slumped to below $50,000 on Monday amid the broader market rout, was little changed Wednesday at around $56,000.
TASER maker Axon Jumps to All-Time High After Earnings
42 minutes ago
Horacio Villalobos / Corbis via Getty Images
Axon Enterprise (AXON) shares soared to an all-time high Wednesday after the TASER maker posted better-than-expected sales and boosted its full-year guidance on strong services demand and excitement about its Draft One artificial intelligence product.
The supplier of military and police gear reported second-quarter revenue jumped 34.6% year-over-year to $504.1 million, well above the average estimate of $478.2 million of analysts surveyed by Visible Alpha. Earnings per share of $0.53 were in line with forecasts.
Sales at Axon Cloud & Services unit surged 47% to $194.7 million, driven by growing adoption of its software applications. Sensors & Other segment sales gained 28% to $112.4 million on demand for its Axon 4 body camera. TASER sales increased 278% to $197.0 million, fueled by the newest model, the TASER 10.
Axon shares were up 19% in recent trading.
Fortinet Soars to Lead S&P 500 Gainers
1 hr 45 min ago
Fortinet (FTNT) shares surged Wednesday after the cybersecurity solutions provider raised its full-year revenue outlook, as enterprise customers increase spending to protect their data and applications from cyberattacks.
The company’s better-than-expected earnings report looks set create a bullish stock gap on the chart that could lead to a longer-term upside reversal.
Amid the post-earnings rally, Fortinet shares could test important chart levels including $62.50, $69, and $73.50.
Fortinet shares were up 26% in recent trading to their highest level since April.
Read the full technical analysis here.
Airbnb Slides on Weakening U.S. Demand
3 hr 17 min ago
Airbnb (ABNB) shares sank Wednesday, a day after the vacation rental firm missed second-quarter profit forecasts and warned about slowing demand in the U.S.
The company posted earnings per share of $0.86, which came in short of analysts’ estimates, while revenue rose 10.6% to $2.75 billion, which was slightly above expectations.
Airbnb sees current-quarter revenue in the range of $3.67 billion to $3.73 billion, which is on the low end of analysts’ expectations. The company wrote in a letter to shareholders that it expects “a sequential moderation in the year-over-year growth of Nights and Experiences Booked relative to Q2 2024.”
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Airbnb shares were down 13% in mid-morning trading, hitting their lowest level in more than a year.
Super Micro Computer Plunges After Earnings
3 hr 17 min ago
Super Micro Computer (SMCI) shares tumbled Wednesday after the server maker reported earnings that fell short of expectations and issued a light profit forecast, as the cost of transitioning to more expensive AI chips weighed on the bottom line.
The shares broke down below a descending triangle last month, with the price closing beneath the closely watched 200-day moving average in early August.
Super Micro Computer shares may find support at key chart levels including $496, $357, and $260.
The stock was off 14% at $528.33 in recent trading, at its lowest levels since February.
Read our full technical analysis here.
Major Indexes Poised to Open Higher
5 hr 29 min ago
Futures tied to the Dow Jones Industrial Average were up 0.8% about 45 minutes before the opening bell.
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S&P 500 futures were up 1.1%.
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Nasdaq 100 futures were up 1.3%.
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