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Major Averages Decline as Tech Earnings Weigh

The major averages were lower near noon after another round of technology earnings sparked renewed selling in software and semiconductor stocks.Economic data remains a central focus ahead of Friday's July employment report. Markets remain divided over the Federal Reserve's next policy move, with incoming employment data expected to play an important role in shaping expectations for interest rates over the coming months.Investors are also monitoring reports of progress toward a potential agreement involving Iran and shipping through the Strait of Hormuz, which has helped keep oil prices relatively contained even as uncertainty persists.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:SanDiskreportedand provided an upbeat outlook for Q1Western Digitalreportedand provided upbeat Q1 earnings guidanceBlockreportedand provided guidance for Q3 and 2026Modernasaid the, a new vaccine against seasonal influenza, for use in all adults 50 years and olderWarner Bros. Discoveryreported2. WALL STREET CALLS:JPMorganCharles Riverto Overweight following "strong" Q2 reportGlobal Paymentsto Outperform at Wolfe ResearchZillow Groupat Bernstein and Evercore ISIAppLovinat Wells Fargo and Piper SandlerHubSpotby at least seven firms post the Q2 report3. AROUND THE WEB:Googlewill be facing a class action lawsuit in the U.K. over the alleged abuse of its dominant market position after an antitrust tribunal allowed the claim to go ahead, Bloomberg reportsEarlier this year, Netherlands approved of Tesla'sFull Self Driving, FSD, system and has encouraged its adoption across the EU, but the country's road regulator RDW won't tell the public why it concluded the system is safe or how it evaluated the technology, Reuters saysMicrosoft'sHalo Studios appears to be laying off staff less than a week after the developer released "Halo: Campaign Evolved," Insider-Gaming reportsFederal prosecutors investigated claims that JPMorganexecutives ignored deficiencies in the company's antifraud program and improperly denied over $100M in reimbursements to customers whose funds were stolen, WSJ saysMeta'sMuse Spark 1.1 AI model accessed the internet during cybersecurity testing and breached the systems of another company, The Information reports4. MOVERS:Aspen Aerogelshigher afterand providing guidance for Q3 and FY26Aevaincreases after, with EPS and revenue beating consensusHonest Companyand Iovancegain afterThredUpfalls afterand cutting its guidance for Q3 and FY26BillionToOneand UWM Holdingslower after5. EARNINGS/GUIDANCE:Ralph Lauren, with EPS and revenue beating consensusHertzShift4 Payments, provided guidance for Q3, and cut its outlook for FY26Fox Corp., with CEO Lachlan Murdoch calling fiscal 2026 "an exceptional year"Pelotonand provided guidance for both Q1 and FY27INDEXES:Near midday, the Dow was down 335.26, or 0.62%, to 54,013.86, the Nasdaq was down 14.68, or 0.06%, to 26,348.76, and the S&P 500 was down 14.94, or 0.19%, to 7,708.61.

Western Digital and SanDisk Shares Plunge as Market Awaits Employment Data

Stock futures are mixed Thursday after another round of technology earnings sparked renewed selling in software and semiconductor stocks, while investors continue to monitor developments in the Middle East and look ahead to key labor market data.Technology remains under pressure despite generally solid quarterly results, highlighting investors' increasingly demanding expectations. Shares of Western Digital and Sandisk are falling sharply in premarket trading after their earnings and forward guidance failed to satisfy elevated expectations tied to artificial intelligence demand. The weakness has spread across the semiconductor sector. Software stocks are also retreating following disappointing earnings reactions from several enterprise software companies, reinforcing concerns that valuations across parts of the AI ecosystem remain stretched.Investors are also watching developments surrounding SpaceX as the company's first post-IPO lockup period expires, making a significant number of previously restricted shares eligible for sale. While the stock has remained relatively resilient, the expiration could increase trading volatility as insiders gain the ability to sell shares.Economic data remains a central focus ahead of Friday's July employment report. Markets remain divided over the Federal Reserve's next policy move, with incoming employment data expected to play an important role in shaping expectations for interest rates over the coming months.Investors are monitoring reports of progress toward a potential agreement involving Iran and shipping through the Strait of Hormuz, which has helped keep oil prices relatively contained even as uncertainty persists. Meanwhile, gold has climbed as investors seek defensive assets amid mixed economic signals and ongoing geopolitical risks.In pre-market trading, S&P 500 futures rose 0.13%, Nasdaq futures fell 0.60% and Dow futures rose 0.25%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Modernaup 2% after announcing that the FDA has approved mFlusiva, a new vaccine against seasonal influenza, for use in all adults 50 years and olderUP AFTER EARNINGS -SiTimeup 27%Watts Waterup 4%Warner Bros. Discoveryup 1%Conoco Phillipsup 1%Keurig Dr Pepperup 1%Airbnbup 1%DOWN AFTER EARNINGS -AppLovindown 18%Datadogdown 15%Western Digitaldown 15%Figmadown 14%Fiservdown 12%Pelotondown 12%Zillowdown 12%SanDiskdown 9%Warby Parkerdown 8%TripAdvisordown 7%