Markets
Nia Warfield, Luke Kawa

S&P 500 matches longest winning streak since 2023 on strong megacap tech earnings

US stocks surged out of the gate thanks to stellar earnings reports from megacap giants after the close on Wednesday and were poised for another day of massive gains, but gave back about half their advance for seemingly no reason late in the session.

The S&P 500 and Russell 2000 gained 0.6%, while the the Nasdaq 100 outperformed with a rise of 1.1%.

That marks eight straight positive days for the benchmark US stock index, tying a streak last seen in November 2023.

Tech was the best-performing S&P 500 sector ETF by far, while investors exited defensive sectors like consumer staples and healthcare.

Microsoft shares were still flying high (helping prop up the S&P 500) after topping earnings expectations Wednesday. Now the tech giant is hiking the price of its Xbox Series X console by $100 in the US — blame “market conditions.”

Meta also beat expectations on the top and bottom lines, fueling a 4% rise.

These solid reports from two so-called AI hyperscalers rejuvenated the AI trade in a big way: Nvidia, notably, rose 2.5% on a wave of investor enthusiasm.

Some more bright spots:

Roblox gained 3% after the gaming giant topped Q1 estimates and said daily active users soared.

Kohl’s shares jumped nearly 8% after the retailer ousted its CEO, saying he made company vendor deals tied to personal connections.

CVS jumped after the pharmacy chain reported an earnings beat and raised its full-year guidance.

Meanwhile, Eli Lilly and Qualcomm were some of the worst performers on the day, despite both posting earnings beats. Speaking of…

Shares of pharma giant Moderna also slipped despite topping Wall Street estimates, as sales for its COVID-19 vaccine (its biggest revenue driver) have slowed.

GM shares shed all their premarket gains Thursday after the automaker issued full-year guidance that showed tariffs could cost it between $4 billion and $5 billion this year.

Robinhood Markets shares fell as analysts dug into its latest earnings results, which beat on the top and bottom lines, but investors weren’t thrilled with its EBITDA guidance. (Full disclosure: Sherwood Media is an editorially independent subsidiary of Robinhood Markets Inc.)

McDonald’s slipped nearly 2% after the Big Mac maker beat profit estimates, but missed on revenue and posted its worst same-store sales decline since 2020.

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Paige Oamek

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

markets
Helena Cheng

Rocket Lab deal lifts space stocks

Shares of Rocket Lab are surging after announcing an $8 billion acquisition of satellite communications operator Iridium Communications, helping lift a broader basket of space-related stocks as investors piled back into the sector.

Planet Labs, AST SpaceMobile and Redwire all traded higher alongside Rocket Lab, extending gains in an industry that has drawn enhanced investor attention in recent months in light of the strategic importance that governments place on space and satellite communications infrastructure.

In a presentation, Rocket Lab’s management called the purchase “a shortcut” for its satellite communications business.

Under the terms of the agreement, Iridium shareholders will receive $27 in cash and Rocket Lab stock, valuing Iridium at $54 per share. Backed by a $3.6 billion bridge loan committed by Deutsche Bank and Wells Fargo, Rocket Lab absorbs Iridium’s globally licensed spectrum and an active base of 2.5 million subscribers.

Rocket Lab has also remained one of the most active launch providers in the sector. The company completed its 12th launch of the year last week, maintaining one of the highest launch cadences among commercial space companies.

Today's rally helps offset a brutal stretch for the group. Rocket Lab shares had fallen over 35% over the prior month, while Planet Labs stock was down more than 40% and AST SpaceMobile stock was down around 30% over the same window.

markets
Jake Lahut

Comcast shares rise on news of NBCUniversal spinoff deal

Comcast rose on the news that the telecom behemoth is spinning off NBCUniversal and Sky from its cable portfolio. 

Comcast initially jumped up to 17% in early trading, with the deal leaving management to focus on its core verticals of cable, wireless, and business services. 

NBCUniversal and Sky will form a new publicly traded company, similar to Versant Media, the holding company of CNBC and MS NOW that Comcast officially spun off in January. Bravo, one of the most lucrative properties that remained at Comcast, will remain part of NBCUniversal in the deal. The Universal theme parks and studios will also come with the new spinoff entity, along with Telemundo and Peacock.

Mike Cavanagh, the co-CEO of Comcast, will become the CEO for NBCUniversal, according to CNBC. 

The spinoff will be completed in about a year, according to a Comcast company statement. Its shareholders will also own shares in NBCUniversal, according to the same statement.

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