S&P Loses Ground for 3rd Straight Day as Stocks Fail to Sustain Early Gains Amid Flurry of Big Tech Earnings

Biggest S&P 500 Movers on Thursday

7 hr 47 min ago

Decliners

• Align Technology (ALGN) shares plummeted 36.6%, the most of any stock in the S&P 500 on Thursday. The maker of clear teeth aligners and other dental equipment reported second-quarter results that missed analysts’ sales and profit estimates. The company indicated it will take measures to streamline its operations, including workforce cuts, for which it expects to take a one-time charge of roughly $150 million to $170 million during the second half of 2025.
• Shares of Baxter International (BAX), a provider of a wide range of healthcare products, tumbled 22.4% following the company’s quarterly earnings release. Although revenue was in line with estimates, adjusted earnings per share fell short of forecasts, and Baxter’s sales guidance for the current quarter was also below expectations. The company cited ongoing fallout from Hurricane Helene, the devastating storm in September 2024 that damaged its plant in North Carolina, along with soft demand affecting its key intravenous fluids business.
• Despite achieving better-than-expected year-over-year sales growth, International Paper (IP) also missed the mark with its quarterly adjusted profit, and shares of the packaging and materials producer dropped 12.9%. Soft demand in Europe and outage costs related to planned maintenance weighed on the company’s performance.  

Advancers

• eBay (EBAY) stock soared 18.3% to secure the top daily performance in the S&P 500. The online auction operator topped sales and profit estimates for the second quarter and issued stronger-than-expected guidance for the third quarter. Gross merchandise volume, or the value of goods sold on eBay’s site, also surpassed expectations, jumping 6% year-over-year. 
• C.H. Robinson Worldwide (CHRW) shares surged 18.1% after the freight transporter posted stronger-than-expected second-quarter sales and adjusted profits. The logistics firm highlighted a significant expansion of its operating margin, driven by cost-cutting measures, including substantial headcount reductions, and improvements in operational efficiency.
• Shares of Facebook, Instagram, and WhatsApp parent Meta Platforms (META) jumped 11.3% to an all-time high in the wake of a solid second-quarter earnings report. Revenue and net income came in ahead of expectations, boosted by higher-than-expected advertising revenue. CEO Mark Zuckerberg noted that capital expenditures would likely increase next year as the company continues to aggressively invest in artificial intelligence.

–Michael Bromberg

Amazon Stock Slides Despite Earnings Beat

8 hr 10 min ago

Amazon (AMZN) shares tumbled in extended trading Thursday, despite better-than-estimated earnings and growth in its Amazon Web Services. Investors may have been looking for more in the wake of Microsoft’s blowout results.

Amazon delivered quarterly revenue of $167.7 billion, up 13% year-over-year and above the analyst consensus from Visible Alpha. The e-commerce and cloud services giant’s net income of $18.2 billion, or $1.68 per share, compared to $13.5 billion, or $1.26 per share, a year earlier, topping Wall Street’s estimates.

Online store sales grew 11% to $61.49 billion, while revenue from Amazon Web Services revenue increased 18% to $30.9 billion, also above projections.

“Our AI progress across the board continues to improve our customer experiences, speed of innovation, operational efficiency, and business growth, and I’m excited for what lies ahead,” CEO Andy Jassy said.

However, investors may have wanted more from the cloud services giant after strong results from Microsoft’s Azure yesterday. Jefferies analysts said in a note Thursday that AWS growth was “disappointing given big momentum at Azure and GCP.”

Looking ahead, Amazon forecast third-quarter revenue of $174 billion to $179.5 billion, above the $173.17 billion analysts surveyed by Visible Alpha called for. Its outlook for operating income between $15.5 billion and $20.5 billion was slightly ahead of the analyst consensus at the midpoint.

Shares of Amazon were down about 7% in recent after-hours trading. The stock was up 7% for 2025 through Thursday’s close.

–Andrew Kessel

Coinbase Stock Tumbles After Earnings Miss

8 hr 40 min ago

Shares of Coinbase Global (COIN) slid late Thursday after the crypto exchange reported second-quarter earnings that missed analyst estimates.

Coinbase reported revenue of $1.49 billion and adjusted earnings before interest, taxes, depreciation and amortization of $512 million. Analysts tracked by Visible Alpha anticipated $1.56 billion in revenue and adjusted EBITDA of about $564 million. Revenue from transactions as well as subscriptions and services were down quarter-over-quarter, though the latter, at $656 million, was within the range Coinbase previously forecast at $600 million to $680 million.

The stock was recently down about 8% in extended trading after finishing the regular session essentially unchanged.

Lower trading volume dragged on transaction revenue, as it did in the first. A March increase in stablecoin pair trade fees weighed on trading volume, a company representative told Investopedia. However, Coinbase sees July transaction revenue of roughly $360 million; if that pace keeps up through the next couple months, third-quarter results should be better.

The company also expects subscriptions and services to rise, driven primarily by higher average crypto prices and stablecoin revenue. Its partnership with Circle should help with stablecoin USDC usage ticking up.

Coinbase has been pulling on growth levers all year, making acquisitions and inking partnership deals with big firms in the financial industry. It acquired crypto options exchange Deribit in May, and earlier this month acquired token management shop Liquifi. It partnered with American Express (AXP) for a bitcoin-rewards credit card in June. And recently, it joined forces with JPMorgan Chase (JPM) to offer customers another way to link their bank accounts to the exchange.1

Through Thursday’s close, Coinbase shares were up about 50% year-to-date.

–Crystal Kim

Apple Rises in After-Hours Trading as Earnings Top Estimates

8 hr 50 min ago

Apple (AAPL) shares rose in extended trading Thursday after the company reported quarterly results that topped analysts’ expectations.

The iPhone maker posted revenue of $94.04 billion in its fiscal third quarter, up 10% year-over-year and above the analyst consensus from Visible Alpha. Net income of $23.43 billion, or $1.57 per share, rose from $21.45 billion, or $1.40 per share, a year earlier, topping Wall Street’s estimates. Apple’s services revenue improved 13% to a record $27.42 billion.

Apple’s total number of active devices also reached an all-time high, CFO Kevan Parekh said in a release.

Apple’s iPhone sales climbed 13% to $44.58 billion, ahead of projections, while Mac sales rose 15% to $8.05 billion, and iPad sales decreased 8% to $6.58 billion.

Apple shares were up 3% in recent after-hours trading. The stock was down 17% for 2025 through Thursday’s close.

–Andrew Kessel

What to Expect from Jobs Report on Friday

9 hr 11 min ago

The July jobs report may show the slowest pace of employment growth since last fall, as trade uncertainty drags down hiring.

A report Friday from the Bureau of Labor Statistics, set to be released at 8:30 a.m. ET, is expected to show U.S. employers added 100,000 jobs, the fewest since October, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal. That would be a slowdown from the 147,000 added in June.

The unemployment rate is forecast to tick up to 4.2% from 4.1%, staying within the same narrow range it’s been since May 2024, signaling employers are reluctant to both hire and fire.

The report could indicate the toll that President Donald Trump’s trade wars are having on the economy. Uncertainty around trade policy and higher prices for imports due to tariffs are weighing on both business activity and consumer confidence.

“Overall, the labor market is not collapsing, but it is starting to run on tired legs,” Cory Stahle, chief economist at job site Indeed, wrote in a commentary. “In the months ahead, whether this slow fade becomes a stumble will depend on whether demand finds a second wind or if fatigue takes over.”

A slower labor market could affect the outlook for interest rates. The Federal Reserve has kept its key interest rate high this year in an effort to push inflation down to its target of a 2% annual rate. But slower hiring could force officials to consider cutting the rate to boost the job market, and stave off a sharp increase in unemployment. The central bank’s “dual mandate” from Congress is to keep employment high and inflation low. It accomplishes that mainly by adjusting the fed funds rate, which in turn influences borrowing costs on all kinds of loans.

–Diccon Hyatt

S&P 500 Posts Solid Gains for 3rd Straight Month

9 hr 53 min ago

Major stock indexes gained ground in July amid investor enthusiasm about strong corporate earnings and economic data, while concerns about tariffs eased as the White House negotiated a handful of trade deals. The momentum slowed at the end of the month, but stocks remain near all-time highs.

The benchmark S&P 500 index rose 2.2% in July, posting its third consecutive month of solid gains. The Dow Jones Industrial Average is also on a three-month winning streak, though it finished July with just a 0.1% gain. The tech-heavy Nasdaq Composite tacked on 3.7% in July, rising for the fourth straight month.

So far in 2025, the Nasdaq has risen 9.4%, while the S&P 500 and the Dow have gained 7.8% and 3.7%, respectively.

eBay Leads S&P 500 Gainers After Earnings

10 hr 39 min ago

Shares of eBay (EBAY) soared Thursday as the online auction-site operator posted better-than-expected quarterly revenue and profit and issued a strong outlook.

The stock traded closed 18% higher, leading all companies on the S&P 500 today. Shares of eBay have surged nearly 50% in 2025.

Revenue for eBay‘s second quarter came in at $2.73 billion, up 6% year-over-year and above the analyst consensus from Visible Alpha. Adjusted earnings rose to $643 million, or $1.37 per share, from $602 million, or $1.19 per share a year earlier. 

EBay’s gross merchandise volume rose 6% to $19.5 billion in the period, also topping estimates.

Looking ahead, eBay said it expects third-quarter revenue of $2.69 billion to $2.74 billion and adjusted EPS in the range of $1.29 to $1.34. Wall Street had called for $2.66 billion in revenue and EPS of $1.30.

–Andrew Kessel

Align Stock Plummets After Weak Earnings, Restructuring News

11 hr 30 min ago

Align Technology (ALGN) was the worst-performing stock in the S&P 500 Thursday, losing more than a third of its value a day after the Invisalign maker reported second-quarter results that missed analysts’ expectations and announced a restructuring.

The Tempe, Ariz.-based company posted adjusted earnings per share of $2.49 on revenue that slipped 1.6% year-over-year to $1.01 billion. Analysts surveyed by Visible Alpha had expected $2.57 and $1.06 billion, respectively.

Align said it plans “to take a series of actions in the second half of fiscal 2025 to streamline operations and reallocate resources to better align with our long-term growth and profitability objectives.” The actions will include layoffs and the firm expects to incur one-time charges of approximately $150 million to $170 million in the second half.

“We are evaluating these difficult but, we believe, necessary actions to position us for sustainable, long-term success and improved profitability,” Align CFO John Morici said.

Align shares were down 36% in recent trading to about $130, their lowest level in more than eight years.

–Aaron Rennie

How Much Traders Expect Apple Shares to Move After Earnings

12 hr 21 min ago

Traders anticipate a sizable move in Apple (AAPL) shares after the iPhone maker reports earnings this afternoon.

Current options pricing suggests traders are expecting the shares could move 4% in either direction by the end of Friday’s trading session.

Apple stock has registered an average post-earnings move of 2% over the past four quarters, falling in each of those instances. In May, shares fell 4% the day following the company’s earnings, after Tim Cook told analysts tariffs could cost Apple $900 million in its fiscal third quarter.

Last week, Morgan Stanley analysts cautioned that the Trump administration could soon subject Apple to Section 232 tariffs, which are tied to national security concerns and have held up better in court than country-specific duties.

The iPhone maker is widely expected to post rising quarterly sales and profits. Ahead of the results, nine brokers tracked by Visible Alpha have “buy” or equivalent ratings for the stock, compared to one “hold” and one “sell” rating. Their average price target around $235 represents a roughly 12% premium over Wednesday’s closing price. 

Analysts will also be watching for any progress on—or increased investment in—Apple Intelligence, which has been dogged by Siri delays and a lack of availability in China.

–Andrew Kessel

Carvana Stock Jumps as Sales Soar

13 hr 27 min ago

Shares of Carvana (CVNA) skyrocketed to an all-time high Thursday after the used car retailer beat earnings and revenue expectations as vehicle sales soared.

The company reported second-quarter GAAP earnings per share of $1.28 on revenue that jumped 42% to a quarterly record of $4.84 billion. Analysts surveyed by Visible Alpha had expected $0.97 and $4.58 billion, respectively.

Retail units sold rose 41% to 143,280, which also set a quarterly record, and wholesale units sold jumped 45% to 72,770. Both were above Visible Alpha estimates.

Founder and CEO Ernie Garcia credited the performance to the company’s “superior business model.” Garcia said the results showed Carvana was again “the fastest growing and most profitable automotive retailer, both by significant margins.”

The company anticipates current-quarter retail units sold will increase from Q2, and full-year EBITDA will be $2.0 billion to $2.2 billion.

Following the report, JPMorgan raised its end-of-year price target to $415 from $350, pointing to Carvana’s retail gross profit per unit of $3,734.3

Carvana shares were up 17% at around $390 recently, after touching a record $413.22 earlier. The stock has nearly doubled so far in 2025.

–Bill McColl

What Analysts Think of Amazon Stock Ahead of Earnings

14 hr 28 min ago

Amazon (AMZN) is scheduled to report second-quarter earnings after the market closes today, with analysts overwhelmingly bullish on the online retail and cloud services giant’s stock.

All 25 analysts tracked by Visible Alpha give Amazon’s stock a “buy” or equivalent rating. Their average price target near $252 would surpass Amazon’s previous record close of $242.06 on Feb. 4. The stock has added about 7% this year so far, near $235 in recent trading.

Amazon is expected to report a nearly 10% bump in revenue to $162.19 billion, while earnings per share are projected to increase to $1.33 from $1.26 the same time a year ago.

Last quarter, Amazon topped estimates even as analysts had raised concerns that tariffs could impact consumers’ shopping behavior. But the earnings beat was offset by weaker-than-expected operating income forecasts. Consumers didn’t appear to have issues with prices during Amazon’s longest-ever four-day Prime Day sales event earlier this month, which brought record sales. The Prime Day sales will be part of Amazon’s third-quarter results.

Deutsche Bank analysts, lifting their price target to $266 from $230, wrote recently that they believe “a resilient consumer backdrop and tariff-related cost increases that continue to get kicked down the road should support upside to 2Q/3Q numbers.” They also said that Amazon appears to be gaining e-commerce market share as tariffs and the Trump administration’s closing of the de minimis import exemption have led U.S. shoppers to turn away from low-cost Chinese platforms like Temu.

Bank of America analysts recently bumped their price target to $265 from $248, writing that they expect Amazon’s retail sales to top estimates. While they said Amazon Web Services‘ revenue growth could slow from the first quarter, they believe it should accelerate again in the second half of the year due to “strong AI demand and AWS capacity growth.”

Analysts at HSBC and Citi also raised their targets recently to $256 and $265, respectively, from $240 and $225. HSBC analysts called Amazon well-positioned to navigate tariff uncertainty. Citi analysts, meanwhile, said they will be looking for commentary on the scaling of AWS infrastructure that would accelerate the cloud service’s growth this year.

–Aaron McDade

Qualcomm Stock Slips as Some Revenue Growth Disappoints

15 hr 5 min ago

Qualcomm (QCOM) shares fell Thursday, a day after the company reported results for its fiscal third quarter.

The chipmaker reported revenue of $10.37 billion, up 10% from the same time a year ago, while adjusted earnings per share also rose nearly 20% to $2.77. Revenue was roughly in line with what analysts had expected, and adjusted EPS topped the analyst consensus compiled by Visible Alpha by 7 cents.

CEO Cristiano Amon highlighted Qualcomm’s growing automotive and “internet of things” revenue with partnerships like making parts for Meta Platforms’ (META) smart glasses, each growing over 20% in the quarter. Qualcomm’s “QCT” revenue, the combined sales from its auto, IoT, and smartphone chip segments, came in at about $8.99 billion, just below what analysts were expecting.

Qualcomm projected fiscal fourth-quarter revenue of $10.3 billion to $11.1 billion, with adjusted EPS from $2.75 to $2.95. The midpoint of each range, at $10.7 billion and $2.85, was about in line with what analysts currently project.

Qualcomm has looked to widen its sources of revenue as the company is set to lose Apple (AAPL) as a customer in the coming years, as Apple shifts to making the modems it previously bought from Qualcomm. The chipmaker has also made recent acquisitions to aid its push into the growing world of data center revenue.

“With the loss of Apple revenues over the next couple of years, we forecast overall revenue growth for the company to be constrained and in the single digit percentages for FY26 and FY27,” JPMorgan analysts wrote in a note following the earnings report, maintaining their “overweight” rating and $200 price target.

Qualcomm shares were down 6% in intraday trading, putting them into negative territory for the year.

–Aaron McDade

Microsoft Briefly Joins Nvidia in the $4 Trillion Club

15 hr 55 min ago

The $4 trillion club could be a party of two by the end of the day.

Microsoft (MSFT) on Thursday became the second company in history to reach a $4 trillion market value as tech stock prices continued to climb on booming AI demand.

Microsoft’s stock popped 7% at the open, putting its market capitalization at $4.09 trillion, after the company’s fiscal fourth-quarter results blew past expectations on strong growth in all of its businesses, but especially in its cloud computing and AI services. 

Microsoft’s entry into the $4 trillion club comes just weeks after Nvidia (NVDA) became the first company to reach the milestone. Its market cap briefly crossed $4 trillion in intraday trading on July 9, but it wasn’t until July 10 that it closed above the threshold. 

Microsoft was already America’s second most valuable company, worth nearly $2 trillion, when the launch of ChatGPT in late 2022 sparked an AI frenzy in Silicon Valley and on Wall Street. But surging demand for AI and cloud computing has turbocharged Microsoft’s growth in the last three years. The company on Wednesday reported 2025 fiscal-year revenue of close to $282 billion, up from $198 billion in the fiscal year before ChatGPT, and net income of $102 billion, up from $73 billion.

With about 7.4 billion shares outstanding, Microsoft stock will need to close at or above $538.13 to stay in the $4 trillion club. Shares were up 4.4% at about $536 in recent trading.

–Colin Laidley

What Analysts Think of Apple Stock Ahead of Earnings

16 hr 50 min ago

Apple (AAPL) is scheduled to report fiscal third-quarter results after the closing bell Thursday, with analysts largely bullish on the iPhone maker’s stock despite lingering tariff concerns.

Of the 12 analysts covering Apple stock tracked by Visible Alpha, nine have a “buy” or equivalent rating, alongside two “hold” ratings and one “sell.” Their consensus price target is near $233.

Apple shares were down slightly this morning at around $209.

Goldman Sachs, which has a $251 target on Apple stock, said “[s]ervices revenue growth should be resilient” and that new AI features, like live translation across Messages, Phone, and FaceTime expected this fall, will lift demand for iPhone upgrades.

The Street expects Apple’s June quarter revenue to have grown 4% year-over-year to $89.54 billion, including $40.45 billion in iPhone sales (2% growth) and $26.81 billion in services revenue (11% growth). Apple is projected to report earnings per share of $1.44, up from $1.40 a year ago.

That said, Apple needs to “get past key overhangs,” Morgan Stanley analysts said last week.

 The bank cautioned that the Trump administration could soon subject Apple to Section 232 tariffs, which are tied to national security concerns and have held up better in court than country-specific duties.

Morgan Stanley maintained a buy rating and $235 price target, putting it slightly above the analyst consensus. HSBC, meanwhile, kept a hold rating and $220 target, pointing to the same regulatory uncertainty in a recent note to clients.

Investors will be also watching for any progress on—or increased investment in—Apple Intelligence, which has been dogged by Siri delays and a lack of availability in China.

However, while Google owner Alphabet (GOOGL) raised its projected capital expenditures to $85 billion from $75 billion last week, Morgan Stanley said it doesn’t expect a similar move from Apple.

–Andrew Kessel

Meta Stock Pops as Results Blow Past Expectations

17 hr 9 min ago

Meta (META) shares jumped in early trading Thursday after the company’s second-quarter results handily topped analysts’ estimates.

The Facebook, Instagram, and WhatsApp owner’s shares were up 12% at a record high. The stock has now gained 33% since the start of the year.

Meta’s quarterly revenue grew 22% year-over-year to $47.52 billion, ahead of the analyst consensus from Visible Alpha. Its net income rose to $18.34 billion, or $7.14 per share, from $13.47 billion, or $5.16 per share a year earlier, also surpassing estimates. 

Advertising revenue, which makes up the bulk of Meta’s revenue, climbed 21% to $46.56 billion, exceeding expectations.

“On advertising, the strong performance this quarter is largely thanks to AI unlocking greater efficiency and gains across our ad system,” CEO Mark Zuckerberg told investors during the company’s earnings call.

The CEO said that the company has also started to see signs of its AI systems improving themselves. “The improvement is slow for now, but undeniable, and developing superintelligence, which we define as AI that surpasses human intelligence in every way, we think is now in sight,” Zuckerberg said.

Looking ahead, Meta said it expects third-quarter revenue in the range of $47.5 billion to $50.5 billion, higher than the $46.29 billion analysts called for.

Meta said it now expects $66 billion to $72 billion in capital expenditures this year, raising the lower end of its projected range by $2 billion. The company said its capex is also likely to grow in 2026 as Meta continues “aggressively pursuing opportunities” to advance its AI development efforts.

“Infrastructure will be the single largest contributor to 2026 expense growth,” CFO Susan Li said, with employee compensation representing the second-largest driver as Meta grows its overall headcount and splurges on incentives to attract top AI talent.

Zuckerberg told investors he wants to have “the absolute best and most elite, talent-dense team” at the company. The CEO has reportedly been personally involved in a hiring spree with hefty compensation packages to build out Meta’s “Superintelligence” unit, with some of Meta’s recent hires including former Github CEO Nat Friedman and ex-Scale AI CEO Alexandr Wang.

–Andrew Kessel

Microsoft Stock Jumps as Cloud, AI Growth Boost Earnings

17 hr 43 min ago

Microsoft (MSFT) shares soared in premarket trading after the company reported quarterly earnings that topped analysts’ expectations on strong growth in its Intelligent Cloud segment,

The stock was up 9% in recently, putting Microsoft on pace to join Nvidia as the only companies ever to have a market capitalization of $4 trillion Through Wednesday’s close, Microsoft stock was up about 22% for 2025.

The tech titan posted fiscal fourth-quarter revenue of $76.44 billion, up 18% year-over-year and above analyst estimates compiled by Visible Alpha. Net income rose to $27.23 billion, or $3.65 per share, from $22.04 billion, or $2.95 per share a year earlier, also beating projections.

Revenue from Microsoft’s Intelligent Cloud segment, which includes Microsoft Azure, grew 26% to $29.89 billion, topping the analyst consensus from Visible Alpha.

“Cloud and AI is the driving force of business transformation across every industry and sector,” CEO Satya Nadella said in a release late Wednesday. “We’re innovating across the tech stack to help customers adapt and grow in this new era, and this year, Azure surpassed $75 billion in revenue, up 34 percent, driven by growth across all workloads.”

That marked the first quarter Microsoft reported the scale of its Azure business in dollars.

CFO Amy Hood said Microsoft expects double-digit revenue growth in fiscal 2026, though Hood warned the company would continue to be “capacity constrained” in the near term as it builds out its AI infrastructure.2

“I talked in January and said I thought we’d be in better supply/demand shape by June, and now I’m saying, ‘I hope I’m in better shape by December,'” Hood said.

Hood said Microsoft expects to spend $30 billion in capital expenditures in its fiscal first quarter, up from $20 billion a year earlier, as the company works to bring more data center capacity online to keep up with demand.

If Microsoft continued to spend at the same pace, that would add up to $120 billion for the full year, up from $88.2 billion in fiscal 2025, though Hood suggested the pace of Microsoft’s capex growth would “moderate” compared to fiscal 2025, with a higher growth rate in the first half than second half of fiscal 2026.

–Andrew Kessel

Futures Point to Sharply Higher Open for Major Indexes

18 hr 48 min ago

Futures tied to the Dow Jones Industrial Average were up 0.2%.

S&P 500 futures rose 0.9%.

Nasdaq 100 futures jumped 1.2%.