Dow Jones Falls 669.42 Points, Nasdaq Drops 469.32 Points
The major averages closed broadly lower amid concerns over technology profits after a tepid margin outlook from Cisco Systems, whose forecast underscored that higher memory-chip prices are taking a toll. Looking to commodities, gold scaled back after yesterday's gains, slipping over 2%. Oil was also sharply lower following the EIA natural gas storage data.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Ciscoprovided areport for Q2 and raised its quarterly dividendMcDonald'sreportedand provided its outlook for 2026FedExsaid it now sees itsof $3.99 and that its planned FedEx Freight spinoff is on track for June 1President Donald Trump ordered the Pentagon to buyAnthropic raised $30B in Series G funding at a2. WALL STREET CALLS:Shopifyto Outperform at Mizuho and to Buy at TD CowenDeutsche Bank upgraded BorgWarnerto Buy on "pivotal shift" to AIRBCHumanaon Medicare Advantage cost pressureKraft Heinzto Underweight at JPMorganCoinbaseto Sell at Monness Crespi ahead of Q4 report3. AROUND THE WEB:Italy's tax police have carried out searches of Amazon'sMilan offices, Reuters saysApple'slong-planned update of its Siri virtual assistant has run into some issues during recent testing, possibly delaying the release of several highly anticipated functions, Bloomberg reportsAdam Mosseri, the CEO of Meta'sInstagram, on Wednesday disputed claims that the platform prioritized making money over the mental health of young users in a landmark tech addiction case, saying social media is not "clinically addictive" and that Meta was careful to test features used by young people, NY Times saysAeroVironment'sLOCUST laser counter-drone weapon system was deployed by the U.S. Army on Wednesday near El Paso International Airport, Reuters reportsChina's ByteDance is in talks with Samsungto manufacture an AI chip, Reuters says4. MOVERS:Novocureincreases in New York after Optune Pax wasto treat pancreatic cancerCrocsgains afterand providing guidance for Q1 and FY26Fastlyand Cognexhigher afterIconfalls in New York after providing an update on itsinto accounting practices and withdrawing its previously issued FY25 guidanceEnergy Vaultlower after announcing aand providing guidance for Q45. EARNINGS/GUIDANCE:Baxterreportedand provided downbeat FY26 earnings guidanceIPG, with EPS and revenue beating consensusRestaurant Brands, with CEO Josh Kobza commenting, "As we enter 2026, I'm encouraged by the stronger, more focused foundation we've built for the long term"Phiniaand provided guidance for FY26Melco Resorts, with CEO Lawrence Ho commenting, "2025 was a year of growth and recovery"INDEXES:The Dow fell 669.42, or 1.34%, to 49,451.98, the Nasdaq lost 469.32, or 2.03%, to 22,597.15, and the S&P 500 declined 108.71, or 1.57%, to 6,832.76.
