Major Averages Broadly Lower as Investors Grow Cautious on Tech Stocks
The major averages were broadly lower as investors grow more cautious around tech stocks, AI investments, and a decline in bitcoin. Traders are also continuing to assess the implications of Alphabet's earnings and spending plans as well as position ahead of Amazon's upcoming results due later today.In commodities, gold continues to have a volatile couple of weeks, as the so-called "safe haven" asset slips once again. Oil prices were also plunging near noon following EIA gas storage data.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Alphabetreportedand provided 2026 CapEx guidanceQualcommreported, saying it is on track to achieve its FY29 revenue goalsArmreported better-than-expectedPresident Trump said he will stay out of the fight between Netflixand Paramount Skydanceto buy some or all of Warner Bros. Discovery,Hims & Herswill offer afor a copy of Novo Nordisk'sWegovy pill, with Novo saying the product from Hims & Hers is an "unapproved, inauthentic, and untested knockoff"2. WALL STREET CALLS:StifelMicrosoftto Hold, sees 2027 estimates as "too optimistic"Snapto Buy at B. RileyWolfeZoom Communicationson confidence in growth pickupSteven Maddento Underperform at JefferiesFox Corp.to Equal Weight at Wells Fargo3. AROUND THE WEB:Police plan to question Coupang'sinterim CEO Harold Rogers over allegations that he committed perjury during a parliamentary hearing by falsely claiming the company conducted an internal probe into a data breach at the direction of South Korea's intelligence agency, Yonhap News saysWorkdayis cutting roughly 2% of its workforce, or about 400 employees, primarily in customer-facing roles, with the move anticipated to help it invest in priority areas, Bloomberg reportsPinteresthas fired two engineers for tracking which workers lost their jobs in the recent set of layoffs, BBC saysHSBCis preparing to award little or no bonuses to some bankers and push underperforming staff to exit after payouts, including at senior levels, Bloomberg reportsThe sales of Nvidia'sH200 AI chips to China have been waiting final approval from Washington for 2 months as the U.S. government conducts a national security review before granting licenses to Chinese customers, FT says4. MOVERS:FormFactorgains afterand providing guidance for Q1Regal Rexnordand Tenableincrease afterCardinal Healthhigher afterand raising its guidance for FY26FMCfalls afterand announcing it will be exploring strategic optionsGenius Sportslower in New York after announcing itin a transaction valued at up to $1.2B5. EARNINGS/GUIDANCEHII, with CEO Christ Kastner commenting, "We made solid progress on our operational initiatives"Rockwell Automationand narrowed its guidance for FY26Pelotonand provided guidance for Q3Ralph Laurenand raised its guidance for FY26ScanSourceand cut its guidance for FY26INDEXES:Near midday, the Dow was down 0.75%, or 363.33, to 49,137.97, the Nasdaq was down 0.92%, or 209.63, to 22,694.95, and the S&P 500 was down 0.79%, or 54.64, to 6,828.08.
