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Nasdaq Rises on Soft Inflation Data, IBM Under Pressure
Stocks moved higher, with the Nasdaq the leader, after softer inflation data shut the door on a Fed rate hike this month. Both headline and core inflation rates declined, easing the impact of another rally in energy prices after the U.S. and Iran maintained strikes against each other. Attention was also focused on the first wave of second quarter earnings from major U.S. banks. Meanwhile, IBM was under pressure after issuing a softer-than-expected revenue outlook, weighing on software and enterprise technology stocks.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:IBMoffered abut guided for 5% software revenueHCA Healthcareprovided anbut lowered its earnings guidance for FY26Goldman Sachsreportedas investment banking fees grew 55% year-over-year in the quarterJPMorganreported, with the company saying it expects AI to produce "huge efficiencies" across the bankAdditionally, Wells Fargoand Citiboth reported2. WALL STREET CALLS:Appleto Underweight at KeyBancPrior to IBM's negative pre-announcement, HSBCshares to Reduce, arguing in favor of a "synthetic IBM" insteadCircle Internetto Underperform at MizuhoBarclayscoverage of SK Hynixwith an Overweight rating and $330 price targetSpaceXwith an Outperform at Evercore ISI3. AROUND THE WEB:Verizonis planning another round of layoffs this week, Barron's reportsPrismML CEO Babak Hassibi told CNBC that Appleand other companies have been evaluating the startup's models and measuring their speed, energy efficiency and performance on devicesGoogleis being probed over Android's default search feature, Reuters reportsOpenAI's first device is expected to be unveiled in 2026, Bloomberg saysA U.S. unit of ZTEand two other Chinese companies have received approval to purchase advanced AI chips from Nvidiaand AMD, signaling a selective easing of export restrictions for certain Chinese firms, Reuters says4. MOVERS:NextCuresurged after entering into awith Avere TherapeuticsDelivery Herowas higher after confirming it iswith Uberin respect to a potential takeover offerJet.AIdropped after entering into a Letter of Intent for awith a privately held operating companyBiogenwas lower afterfrom its CELIA study evaluating diranersenLucidslipped after the companyas an adviser, adding that reports of a possible bankruptcy filing are "completely false"5. EARNINGS/GUIDANCE:FastenalreportedTrex Companyraised itsEricssonreported aUnity Bancorpreported slightlyVirtu FinancialreportedINDEXES:The Dow rose 9.63, or 0.018%, to 52,508.27, the Nasdaq gained 233.83, or 0.90%, to 26,107.01, and the S&P 500 advanced 28.25, or 0.38%, to 7,543.59.
Stocks Rise on Soft Inflation Data; IBM Faces Pressure
Stocks moved higher after softer inflation data shut the door on a Fed rate hike this month. Both headline and core inflation rates declined, easing the impact of another rally in energy prices after the U.S. and Iran maintained strikes against each other. The S&P 500 and Nasdaq 100 were the leaders to the upside near midday, while the Dow swung into the green to hover above the flatline.Meanwhile, attention is focused on the first wave of second-quarter earnings from major U.S. banks. IBM is also under pressure after issuing a softer-than-expected revenue outlook, weighing on software and enterprise technology stocks.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:IBMoffered abut guided for 5% software revenueHCA Healthcareprovided an upbeat earnings outlook for Q2 butGoldman Sachsreported sharplyas investment banking fees grew 55% year-over-year in the quarterMeanwhile, JPMorganreported, with the company saying it expects AI to produce "huge efficiencies" across the bankAdditionally, Wells Fargoand Citiboth reported2. WALL STREET CALLS:Appleto Underweight at KeyBancPrior to IBM's negative pre-announcement, HSBCshares to Reduce, arguing in favor of a "synthetic IBM" insteadCircle Internetto Underperform at MizuhoBarclayscoverage of SK Hynixwith an Overweight rating and $330 price targetSpaceXwith an Outperform at Evercore ISI3. AROUND THE WEB:Uberis in advanced talks to acquire Delivery Hero, Bloomberg reportsGoogleis being probed over Android's default search feature, Reuters reportsOpenAI's first device is expected to be unveiled in 2026, Bloomberg saysA U.S. unit of ZTEand two other Chinese companies have received approval to purchase advanced AI chips from Nvidiaand AMD, signaling a selective easing of export restrictions for certain Chinese firms, Reuters saysA U.S. official says that "very few" of Nvidia's H200 chips have shipped to China yet, Reuters reports4. MOVERS:NextCuresurges after entering into awith Avere TherapeuticsNvidiahigher afterit halved its Asia buyer list amid strict export controlsJet.AIdrops after entering into a Letter of Intent for awith a privately held operating companyBiogenlower after announcing expanded data from itsBrown-Formanfalls after CEO Lawson Whiting5. EARNINGS/GUIDANCE:FastenalreportedTrex Companyraised itsand FY26Ericssonreported a year-over-yearUnity Bancorpreported slightlyVirtu FinancialreportedINDEXES:Near midday, the Dow was down 0.15%, or 80.83, to 52,417.81, the Nasdaq was up 0.79%, or 203.78, to 26,076.96, and the S&P 500 was up 0.28%, or 20.96, to 7,536.30.
Dow Futures Modestly Lower, IBM Down 22%
Dow futures are modestly lower and Nasdaq futures are slightly higher as semiconductor stocks attempt to rebound from Monday's selloff. Markets are trading cautiously this morning as investors react to a mix of inflation data, bank earnings and congressional testimony from Federal Reserve Chair Kevin Warsh. The combination of macroeconomic data and the start of earnings season is expected to set the tone for markets over the coming weeks.Attention is turning to the first wave of second-quarter earnings from major U.S. banks. IBM is also under pressure after issuing a softer-than-expected revenue outlook, weighing on software and enterprise technology stocks.Crude oil is holding above $80 a barrel after renewed military action involving the U.S. and Iran disrupted shipping activity near the Strait of Hormuz.In pre-market trading, S&P 500 futures rose 0.34%, Nasdaq futures rose 1.21% and Dow futures fell 0.18%.Check out this morning's top movers from around Wall Street, compiled by The Fly.UP AFTER EARNINGS -Goldman Sachsup 3%LOWER -IBMdown 22% after releasing selected preliminary Q2 financial resultsAppledown 1% after KeyBanc downgraded the stock to Underweight with a $250 price targetDOWN AFTER EARNINGS -JPMorgandown 2%Bank of Americadown 1%Citidown 2%Fastenaldown 2%
Fastenal reports Q2 EPS 33c, consensus 33c
Reports Q2 revenue $2.39B, consensus $2.34B.
Markets Start Cautiously, SK Hynix Shares Down 16%
Markets are starting the week on a cautious note as rising geopolitical tensions and another bout of semiconductor selling weigh on risk sentiment. U.S. stock futures are lower across the board, with the Nasdaq leading declines as chipmakers come under renewed pressure. At the same time, crude oil prices are climbing after the latest escalation between the U.S. and Iran, reviving concerns that higher energy costs could complicate the inflation outlook.Shares of SK Hynix fell sharply in South Korea following last week's blockbuster U.S. debut, dragging down the broader chip sector. The selloff has spread to U.S. memory-chip makers and AI-related names.Oil prices surged after renewed military strikes between the U.S. and Iran and Tehran's claims that the Strait of Hormuz would be closed to shipping. While the long-term impact on global energy supplies remains uncertain, the move has pushed energy stocks higher while increasing worries that another jump in fuel prices could slow progress on inflation.The week also marks the unofficial start of second-quarter earnings season, with major U.S. banks set to report over the next several days. Investors will also receive June CPI and retail sales data, along with congressional testimony from Federal Reserve Chair Kevin Warsh.In pre-market trading, S&P 500 futures fell 0.40%, Nasdaq futures fell 1.16% and Dow futures fell 0.15%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -TriCo Bancsharesup 7% after entering into a definitive agreement pursuant to which First Hawaiian will acquire the company in an all-stock transaction.Shopifyup 2% after Jefferies upgraded the stock to Buy with a price target of $160, up from $140MGM Resortsup 2% after The Wall Street JournalMGM has been in talks over a potential deal with Barry Diller's People Incorporatedafter the media mogul offered to acquire the casino giantFastenalup 1% after Rothschild & Co Redburn initiated coverage of shares with a Buy rating and $55 price targetDeckers Outdoorup 1% after Jefferies upgraded the stock to Buy with a price target of $130, up from $110LOWER -SK Hynixdown 16% after its Friday IPO in the U.S.First Hawaiiandown 6% after entering into a definitive agreement pursuant to which the company will acquire TriCo Bancshares in an all-stock transaction
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