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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Hardware stocks jump thanks to server demand and record Lenovo revenue

Server stocks are rallying as Dell, Super Micro Computer, and Hewlett Packard Enterprise ride the momentum of Hong Kong-based Lenovo. The PC maker’s stock rose 19% on Friday, hitting an all-time high, on record Q4 earnings.

Powering the positive earnings report was the company’s AI-related revenue, which grew 84% in the fourth quarter and now makes up over a third of total revenue. Investors seem to think the increased demand for servers could have trickle-down effects for other companies.

“The company’s results and commentary reinforced the outlook for strong AI-infrastructure demand while indicating resilient broader traditional server and storage spending,” wrote Woo Jin Ho, a senior technology analyst at Bloomberg Intelligence. “Lenovo’s $21 billion AI-server pipeline and remarks that demand is outpacing supply support Dell’s AI-demand momentum and point to robust orders.”

AI’s insatiable computing demand is reshaping the hardware industry and driving up server demand.

Dell will report first-quarter earnings on Thursday, May 28.

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Ross Stores surges as Q1 results beat expectations, full-year guidance raised

Ross shares are rising after the company delivered strong Q1 results, with sales topping Wall Street’s projections.

The stock soared 6.3% just after the open.

Key numbers:

  • Earnings per share of $2.02 vs. $1.47 year over year (estimate: $1.72).

  • Sales of $6.01 billion, up 21% year over year (estimate: $5.61 billion).

  • Comparable sales growth of 17% (estimate: 8.58%).

CEO Jim Conroy attributed the results to better traffic in stores. “Customer traffic was the primary driver of the strong sales trend as compelling merchandise assortments, higher customer acquisition and engagement from our ongoing marketing initiatives, and an improved in‑store experience are resonating with shoppers.”

The company also noted that transaction volume grew across all key demographics, including “income levels, ethnicities, and age groups, including younger customers.” Sales were also likely buoyed by standard seasonal tailwinds, including consumer spending from tax refunds.

Backed by the strong quarter, the company lifted its full-year targets. Ross now projects same-store sales growth of 6% to 7%, up from the prior forecast of 3% to 4%, topping Wall Street’s estimate of 4.64%. It boosted its annual EPS guidance to a range of $7.50 to $7.74, versus the prior outlook of $7.02 to $7.36.

Ross Stores has been one of the retail sector’s standout performers this year, rising around 20% year to date as of Thursday’s close.

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