Markets
Nia Warfield, Luke Kawa

Everything goes wrong for US stocks, with the S&P 500 posting its biggest loss in months

A trio of troubles sank US stocks on Friday: Amazon’s lackluster guidance after the bell on Thursday, President Donald Trump’s plans for more tariff hikes starting August 7, and a string of poor economic data headlined by lower-than-expected job growth in July.

The S&P 500 had its first daily move of at least 1% in 26 sessions, and it was to the downside: the benchmark index finished off 1.6%, while the Nasdaq 100 and Russell 2000 each slumped 2%.

Defensively oriented S&P sector ETFs — healthcare, consumer staples, and utilities — were the only ones to go positive on the session. Consumer discretionary and tech each slumped 2%, with seven sector ETFs falling at least 1%.

Gains were led by Monolithic Power, which rose 10%, and First Solar, which jumped 5.3% after the solar panel developer posted a surprise Q2 earnings beat and a sunnier full-year outlook. On the flip side: Coinbase helped lead declines with shares falling 16.9% after the largest US crypto exchange posted disappointing Q2 results on Thursday.

Sticking with earnings…

Amazon shares continued to stumble, falling 8% as investors focused on the tech giant’s weaker-than-expected operating income forecast for the current quarter and massive capex spend.

Moderna shares slipped 6.6% after the vaccine maker reported Q2 results that beat Wall Street estimates but lowered its full-year revenue guidance.

Exxon fell 1.8% after reporting better-than-expected Q2 earnings and sales early Friday, despite warning weeks ago that soft prices would crimp profits.

Riot Platforms fell 17% after the bitcoin mining company reported Q2 earnings after the bell Thursday that missed on revenue amid rising mining costs. 

Outside of earnings…

Joby Aviation rose 3% after the air taxi maker announced a partnership with defense tech firm L3Harris Technologies to develop military aircraft. L3Harris shares closed flat.

Tesla shares ticked lower 1.8% lower after EV sales fell in Sweden, Denmark, the Netherlands, and France — marking the seventh straight monthly drop in those countries.

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Palantir tumbles after delivering spectacular results

Palantir’s exceptional earnings receive ugly reaction

The valuation agita hitting high-flying stocks overshadowed the AI and intelligence software company’s blowout quarterly update.

Matt Phillips3h
markets
Luke Kawa

Fermi secures preliminary approval for a low-emissions natural gas plant to meet AI power demands

Power provider Fermi said it has received preliminary approval from the Texas Commission on Environmental Quality for the planned 6 gigawatts of natural gas generation that’s part of its “Project Matador” to meet the ever-growing power demands of the AI boom.

“At Fermi, our private grid model ensures that the growing demand for AI is met privately,” Fermi America CEO and cofounder Toby Neugebauer said.

Final approval is still subject to a formal meeting and public comment.

The initial gas generators are already en route to the campus, with plans to have these installed and online in 2026, Fermi said.

Microsoft CEO Satya Nadella recently remarked that “the ability to get the builds done fast enough close to power” is the biggest constraint he faces, just ahead of an announced deal with IREN to purchase power-secured cloud computing capacity.

markets
Luke Kawa

The negative reaction after Palantir’s earnings is spreading to other volatile retail favorites

Palantir is the poster child for a richly valued, retail darling, megacap momentum stock. It’s going down on largely good news, and that’s cascading to hit smaller, volatile segments of the market also beloved by the retail community.

Goldman Sachs baskets that track retail favorites and nonprofitable tech stocks are down more than 2% and 3% as of 9:43 a.m. ET, respectively, while the Invesco S&P 500 High Beta ETF is also off more than 2%.

Long Island highway patrol officer using radar to check speed

Stocks are getting speed checked

A retail favorite failing to build momentum even when it “deserves” to, the most important part of the stock market being told it’s overheating, and the heads of banks warning of a broader pullback.

Luke Kawa7h
markets
Tom Jones

Spotify notches another quarter of strong active user growth and improved profitability

Spotify shares are up 3.25% as of 6:45 a.m. ET as investors digest the streaming giant’s Q3 earnings, in which the company reported that it added more than 70 million monthly active users, posted revenues that were up 7% from last year, and improved profitability.

Total revenues climbed to €4.27 billion, or around $4.91 billion, for the quarter, while net income came in at €899 million ($1.03 billion), which translated into adjusted earnings per share of €3.28 — ahead of the ~€1.96 that analysts had expected, per FactSet figures cited by The Wall Street Journal. Spotify now counts a whopping 713 million monthly active users, including 281 million premium subscribers, compared to 640 million and 252 million, respectively, on the same quarter last year.

The boosted figures come on the back of a host of new features that the streaming platform’s introduced, such as “lossless listening,” playlist mixing controls, and direct messages. The company is now forecasting that its total monthly active users will climb to 745 million by the end of the fourth quarter.

With the latest gains today, Spotify is now up ~48% year to date, even as cofounder Daniel Ek announced in September that he’d be stepping down as CEO at the end of the year, almost 20 years on from the company’s inception.

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