Markets
Nia Warfield, Luke Kawa

S&P 500 dips as Fed Chair warns on inflation risks

The S&P 500 fell into the red and never made it back to positive territory after Fed Chair Jay Powell warned of more tariff-induced pressure on inflation to come, causing traders to price in lower odds of interest rate cuts. The benchmark US stock index fell 0.1%, the Nasdaq 100 gained 0.2%, and the Russell 2000 slumped 0.5%.

Materials, energy, and real estate were the worst-performing S&P 500 sector ETFs, while utilities, communications services, and tech were the lone sectors to gain on the day.

Humana rose more than 12% after the health insurance company topped Q2 estimates and raised its full-year outlook. Big decliners included mining giant Freeport-McMoran, which tumbled after the Trump administration announced tariffs on imports of processed copper products, but excluded ore and cathodes.

Elsewhere…

Wingstop shares soared 26% after the chicken chain posted better-than-expected Q2 sales and profit — and opened a record 129 net new stores last quarter.

Peloton shares climbed 18% after UBS slapped a “buy” rating on the stock, citing recent subscription price hikes and early signs that user declines may be leveling off.

Marvell Technology rose 7% after Morgan Stanley raised its price target to $80 from $73 while keeping its “equal weight” rating.

Electronic Arts shares jumped 5.7% after Wedbush Securities said in a note that the Madden NFL parent company was set to outpace the rest of the video game market through its fiscal year 2027.

Shares of Nvidia and Broadcom rose 2% and 1.7%, respectively, after a Morgan Stanley analyst raised his price targets on the chipmakers to $200 from $170 for Nvidia and to $338 from $270 for Broadcom.

VF shares rallied 2.7% after the parent of Vans, Timberland, and The North Face reported a smaller-than-expected Q1 loss and showed early signs of a potential turnaround.

Avis shares tanked 15% following a disappointing second-quarter earnings report. (Fun fact: renting a car costs about 40% more than it did a decade ago).

Adidas shares sank 11% after the shoemaker posted lower-than-expected sales in the second quarter and warned of the impacts of US tariffs for the second half of the year.

Mondelez fell 6.6% after the Oreo parent beat Q2 expectations but stuck with a muted full-year outlook, as it faces historically high cocoa prices and slow demand in North America.

SoFi Technologies dropped 2.3% after it announced plans to sell $1.5 billion of stock, giving up gains after the company topped Q2 earnings expectations and hiked its full-year revenue guidance on Tuesday.

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Tasha Matsumoto
10h
Stocks slide on inflation fears as oil climbs

Tech fell and oil rose, while investors grew concerned that oil supply disruption from the ongoing closure of the Strait of Hormuz could drive inflation.

Roaring bear
markets
Paige Oamek

SpaceX reportedly plans to IPO in mid-June, chooses to list on Nasdaq

Elon Musk’s aerospace and satellite manufacturer, SpaceX, could price its initial public offering as soon as June 11 and make its public market debut on June 12, Reuters reported Friday. SpaceX is preparing for a monster IPO, reportedly aiming to raise $75 billion at a record $1.75 trillion valuation.

Sources familiar with the matter told Reuters that Musk’s company had chosen to list on the Nasdaq.

SpaceX is moving through its IPO timeline and is said to be ready to hit the road to secure commitments from investors around June 4, according to Reuters.

SpaceX did not immediately respond to requests for comment.

Go Deeper: What happens to Tesla stock when SpaceX goes public?

markets
Paige Oamek

Figma spikes after raising full-year sales outlook as the software company leverages AI for growth

Figma jumped postmarket Thursday after posting impressive sales in Q1, surpassing Wall Street expectations and raising its full-year guidance. The key numbers:

  • Q1 revenue of $333.4 million (compared to analyst estimates of $316 million).

  • Q2 sales guidance of $348 million to $350 million (estimate: $329.7 million).

  • Full-year revenue between $1.422 billion and $1.428 billion (up from previous guidance of $1.37 billion).

The digital design software firm is the latest company to diminish investor fears about AI-induced disruption by making the technology work for them. Like Atlassian or Datadog, Figma said it was able to use AI to its advantage, bringing more customers on board and getting them to spend more.

In the press release, Praveer Melwani, Figma CFO, said:

“As AI gets better, Figma is accelerating and customer usage and workflows on our platform are deepening. Our platform and AI products drove faster growth for both new customer acquisition and expansion within existing accounts.”

Revenue grew 46% year over year in Q1 2026, an acceleration from growth of 40% in Q4 2025.

markets
Luke Kawa

Infleqtion reports Q1 adjusted loss, offers modest boost to full-year sales guidance

Infleqtion is falling in postmarket trading after reporting a Q1 adjusted loss from operations of $13.2 million and sales of $9.5 million.

Management modestly upgraded its sales guidance to “at least” $40 million for 2026, adding that language to enhance the target provided in early April. Revenues of $40 million would mark an increase of roughly 23% compared to the $32.5 million generated in 2025, and an acceleration from growth of 12% last year.

The company utilizes neutral-atom technology to make quantum sensors used in clocks and antennas in addition to computers.

“Q1 reinforced our confidence that quantum is gaining momentum as the market shifts toward deployable systems, real applications, and measurable customer value,” said CEO Matt Kinsella. “Across computing, sensing, and software, we are seeing expanding customer activity especially in national security, space, and hybrid quantum-AI applications.”

Shares are roughly flat since February 13, which is just before the company went public via a SPAC, after being down 35% near the end of March, and then up nearly 30% in mid-April.

The quantum computing space benefited from the return of speculative appetite in April after the US and Iran agreed to a ceasefire. The cohort was later bolstered after Nvidia unveiled a suite of open models designed to leverage AI to improve calibration and error correction for quantum computers.

markets
Luke Kawa

Applied Materials rallies after better-than-expected Q2 results, strong sales guidance

Shares of Applied Materials are gaining in postmarket trading after the company reported robust Q2 results and a sales outlook that indicate building momentum.

  • Net sales: $7.9 billion (compared to analyst estimates of $7.7 billion and guidance for $7.65 billion, plus or minus $500 million).

  • Adjusted earnings per share: $2.86 (estimate: $2.68, guidance: $2.68, plus or minus $0.20).

For Q3, the company anticipates net sales of $8.95 billion (plus or minus $500 million; estimate: $8.15 billion) with adjusted EPS of $3.36 (plus or minus $0.20; estimate: $2.88).

“The growth in AI that Applied has been investing for is now in full force,” CFO Brice Hill said in the press release.

Management has consistently indicated that it expects demand to pick up in the second half of this year, but its first-half results have already blown away expectations by a wide margin. All this appetite for semiconductors to support AI compute is fantastic news for companies like Applied Materials that make the equipment to produce these specialized chips.

Shares of Applied Materials closed near a record high ahead of this report, up more than 70% year to date.

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