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Major Averages Little Changed as Micron Reports Strong Q4 Earnings

The major averages were little changed to start the month as rising Treasury yields continue to weigh on markets even as Micron reported upbeat Q4 earnings and revenue. Also weighing on stocks was a jump in oil prices as traders await President Trump's next move in the war with Iran.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Micronreported better-than-expected Q4 results and provided an upbeat earnings and revenue outlook for Q1Accenturereported upbeat Q4 results but provided conservative FY27 earnings guidanceMSG Sports'board of directors approved a spinoff of its Rangers business from its Knicks businessMattelhas drawn takeover interest from Authentic Brands, WSJ reportsGeneral Motorsreported a 6% drop in Q3 U.S. sales, while Toyotareported an 8.4% increase in September U.S. sales on a volume basis, and Stellantisreported "steady" U.S. sales for last quarter2. WALL STREET CALLS:Wells Fargo upgraded BP, downgraded Exxonon relative valuation callOccidentalupgraded to Buy at Goldman SachsBarclays reinstated Williamswith an Overweight, sees growth from behind-the-meter powerEthosdowngraded to Neutral from Overweight at JPMorganArgus upgraded Regeneron, sees attractive entry point after selloff3. AROUND THE WEB:BAE Systemsis weighing a bid for Robin Radar in a potential $2.3B deal, Reuters reportsMetaCEO Mark Zuckerberg helped initiate and draft the principles behind the White House's voluntary AI industry accord, working with Nvidia'sJensen Huang and other executives to address regulatory and safety concerns, Semafor reportsTencenthas signed an estimated $7B, five-year lease with Oracleacross Southeast Asian data centers, giving it access to roughly 100,000 advanced AI chips unavailable in China, FT saysBroadcomis emerging as a uniquely strategic Anthropic partner, spanning compute supply, equipment leasing, and up to $42B of infrastructure financing, Reuters reportsGoogleis paying roughly 100 digital publishers for how much their content contributes to AI Overviews, AI Mode, and Gemini in a pilot, The Information reports4. MOVERS:Synopsysgained after providing guidance for FY27 and announcing its intention to repurchase $1B sharesWave Life Sciencesincreased after announcing FDA feedback supported its pathway for WVE-006Infosyswas higher in New York after partnering with Columbia University to develop its AI R&D activitiesCortevafell after completing the spin-off of its seed and genetics businessNektarwas lower after announcing long-term data on rezpegaldesleukin5. EARNINGS/GUIDANCE:Lyftbacked its outlook for Q3McCormickreported Q3 results and reaffirmed its outlook for FY26Acuityreported Q4 results, with EPS beating consensusCardinal Healthreaffirmed its outlook for FY27Progress Softwarereported Q3 results and provided guidance for both Q4 and FY26INDEXES:The Dow rose 20.51, or 0.04%, to 50,926.56, the Nasdaq gained 10.53, or 0.04%, to 26,871.60, and the S&P 500 advanced 14.91, or 0.19%, to 7,666.45.

Major Averages Decline as Treasury Yields Rise

The major averages were lower near noon to start the month as rising Treasury yields continue to weigh on markets even as Micron reported upbeat Q4 earnings and revenue. Also weighing on the averages is a jump in oil prices, with the commodity above $90 a barrel. Traders await President Trump's next move in the war with Iran and ponder if he will wait until after midterm elections before ordering further military actions.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Micronreported better-than-expected Q4 results and provided an upbeat earnings and revenue outlook for Q1Accenturereported upbeat Q4 results but provided conservative FY27 earnings guidanceMSG Sports'board of directors approved a spinoff of its Rangers business from its Knicks businessGoogleis rolling out its new frontier model Gemini 4 ArgonConstellationand Amazonannounced a long-term power purchase agreement that will support the continued investment in and expansion of the Calvert Cliffs Clean Energy Center2. WALL STREET CALLS:Wells Fargo upgraded BP, downgraded Exxonon relative valuation callOccidentalupgraded to Buy at Goldman SachsBarclays reinstated Williamswith an Overweight, sees growth from behind-the-meter powerEthosdowngraded to Neutral from Overweight at JPMorganArgus upgraded Regeneron, sees attractive entry point after selloff3. AROUND THE WEB:MetaCEO Mark Zuckerberg helped initiate and draft the principles behind the White House's voluntary AI industry accord, working with Nvidia'sJensen Huang and other executives to address regulatory and safety concerns, Semafor reportsTencenthas signed an estimated $7B, five-year lease with Oracleacross Southeast Asian data centers, giving it access to roughly 100,000 advanced AI chips unavailable in China, FT saysAI holds the promise to accelerate drug development, optimize clinical trials, and bring lifesaving therapies to market faster, and Veeva Systemsis making that transformation happen, Barron's saysBroadcomis emerging as a uniquely strategic Anthropic partner, spanning compute supply, equipment leasing, and up to $42B of infrastructure financing, Reuters reportsGoogleis paying roughly 100 digital publishers for how much their content contributes to AI Overviews, AI Mode, and Gemini in a pilot, The Information reports4. MOVERS:Synopsysgains after providing guidance for FY27 and announcing its intention to repurchase $1B sharesWave Life Sciencesincreases after announcing FDA feedback supported its pathway for WVE-006Infosyshigher in New York after partnering with Columbia University to develop its AI R&D activitiesCortevafalls after completing the spin-off of its seed and genetics businessNektarlower after announcing long-term data on rezpegaldesleukin5. EARNINGS/GUIDANCE:Lyftbacked its outlook for Q3McCormickreported Q3 results and reaffirmed its outlook for FY26Acuityreported Q4 results, with EPS beating consensusCardinal Healthreaffirmed its outlook for FY27Progress Softwarereported Q3 results and provided guidance for both Q4 and FY26INDEXES:Near midday, the Dow was down 276.37, or 0.54%, to 50,629.68, the Nasdaq was down 118.98, or 0.44%, to 26,742.09, and the S&P 500 was down 28.82, or 0.38%, to 7,622.72.

Investors Pull Back Amid Geopolitical and Inflation Concerns

Stock futures are slightly lower as investors close out August with renewed geopolitical and inflation concerns. The pullback follows renewed fighting between the U.S. and Iran, which has pushed oil sharply higher and raised concerns about another inflationary shock.Brent crude has climbed above $90 a barrel, while WTI is around $86, after U.S. forces struck Iranian rocket launchers near the Strait of Hormuz and Iran retaliated against U.S. forces in the region.Markets are now pricing roughly a 60% probability of a September rate hike, up from about 41% a week ago. Fed Chair Kevin Warsh's hawkish Jackson Hole comments, combined with renewed energy-price pressures, have pushed investors to reconsider expectations for monetary easing.The market is nevertheless finishing a strong August. The S&P 500 is up roughly 3% for the month, the Nasdaq about 4% and the Dow about 2%, according to premarket data. The gains have been driven largely by technology and AI stocks. Attention now turns to a data-heavy first week of September. The ISM manufacturing report is due Tuesday, followed by the August employment report Friday. The jobs report will be particularly important for the Fed after July's disappointing payroll reading, with economists expecting employment to rebound in August.In pre-market trading, S&P 500 futures fell 0.36%, Nasdaq futures fell 0.32% and Dow futures fell 0.37%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -SLBup 1% after signing an agreement to acquire Kelvion for $3.4B in cashUP AFTER EARNINGS -SAICup 11%BioLineRxup 9%GameStopup 3%UP AFTER RENEWED STRIKES IN THE MIDDLE EAST -Halliburtonup 2%Chevronup 2%Valeroup 2%Occidentalup 2%Exxon Mobilup 2%LOWER -PG&E, Edison Internationaland Sempra Energydown 16%, 15% and 3%, respectively, afterCalifornia lawmakers are barring Governor Gavin Newsom from moving forward with his plan to prevent insurers in the state from recouping their losses from investor-owned utilities that cause a catastrophic wildfireTela Bio (TELA) down 5% after announcing that Roberto Cuca, COO and CFO, will step down from the role effective immediatelyPinterestdown 3% after disclosing that Julia Brau Donnelly, CFO, submitted her resignation to Pinterest to pursue another opportunityAon plcdown 1% after entering a definitive agreement to acquire USI from KKRand other shareholders for a total purchase price of $17B