Markets
Nia Warfield, Luke Kawa

S&P 500 slumps into the close for first three-day losing streak since reciprocal tariff announcement

US stocks stumbled into the close, unable to hold onto solid daily gains and ending virtually unchanged.

The S&P 500 and Russell 2000 finished the session marginally in the red, while the Nasdaq 100 mustered a 0.2% advance. It’s the first three-day losing streak for the benchmark US stock index since the S&P 500 fell four days in a row following the unveiling of reciprocal tariffs on April 2.

Utilities were far and away the worst-performing S&P 500 sector ETF; consumer discretionary and tech were the only ones that advanced.

Key S&P 500 gainers included Coinbase, United Airlines, and Moderna. Renewable stocks Enphase and NextEra led the day’s losses after President Trump’s tax-and-spending bill cleared the House, putting clean energy tax benefits at risk. Elsewhere…

Advance Auto Parts surged 58%, erasing its year-to-date losses after the retailer reaffirmed its full-year guidance, despite the 25% auto parts tariff that went into effect earlier this month.

Urban Outfitters shares popped nearly 23%, hitting a fresh all-time high after the trendy retailer posted record Q1 earnings results and strong sales across all its banner brands.

Peloton shares jumped nearly 12% Thursday after the fitness tech company saw more bullish options activity than a full-day total for 90% of sessions this year.

Nike shares jumped over 2% after news broke that the sneaker and apparel retailer plans to push price hikes into effect by June 1.

Palantir also rose after its Department of Defense contract was upsized by $800 million.

Hims & Hers sank nearly 8% after rival pharmacy benefit manager Cigna said it would cap copays for its popular GLP-1 weight-loss drugs at $200.

Quantum stocks had a massive session, with IonQ, D-Wave, and Rigetti Computing all up more than 20% and Quantum Computing up double digits as the cohort fully erased losses suffered in early January when Nvidia CEO Jensen Huang said it would likely be decades before the technology would be “very useful.”

Navitas Semiconductor more than doubled on the day after announcing a collaboration with Nvidia on data center infrastructure.

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AMD posts top and bottom line beat in Q3 with Q4 sales guidance ahead of estimates

Advanced Micro Devices reported third-quarter results that exceeded analysts’ expectations on the top and bottom lines, with guidance to match.

  • Adjusted diluted earnings per share: $1.20 (estimate: $1.17)

  • Revenue: $9.25 billion (estimate: $8.74 billion, guidance for $8.4 billion to $9 billion)

  • Data center revenue: $4.34 billion (estimate: $4.14 billion)

  • Adjusted gross margin: 54% (estimate: 54%, guidance for 54%)

Its Q4 guidance for sales of $9.3 to $9.9 billion was strong relative to the anticipated $9.2 billion, while its adjusted gross margin outlook of 54.5% is bang in line with estimates.

Even so, shares are off about 2% in after-hours trading as of 4:24 p.m. ET.

“AMD's strong 3Q sales beat and 4Q outlook were likely driven by stronger PC and server CPU demand — similar to Intel's results — along with continued share gains,” write Bloomberg Intelligence analysts Kunjan Sobhani and Oscar Hernandez Tejada. “The GPU ramp-up remains ahead of expectations, aided by a gaming rebound.”

AMD has had a high-profile Q4 so far, striking a megadeal with OpenAI that its CFO said “is expected to deliver tens of billions of dollars in revenue.” That announcement prompted more than 20 price target hikes from Wall Street analysts in a 24-hour span.

The company followed that up with a pact with Oracle, which said it would deploy 50,000 of AMD’s new flagship chips in data centers starting in the second half of next year. On the upcoming conference call, the Street will be looking for as much color as possible on the sales outlook for those MI450 chips.

Ahead of this release, Morgan Stanley analyst Joseph Moore wrote:

The focus should remain on MI450. AMD's rack scale solution shipping next year is the key, and we are excited to see what the company can do. It's still early to make market share assessments, and while the Open AI agreement is clearly an accelerant, the reliance on cloud providers to ramp those 6 gigawatts still creates some uncertainty. Ultimately, to drive share gains, the company will need to provide better ROI than NVIDIA can offer, and customers still raise questions about that given lower rack density and the need to resolve ecosystem issues.

The chip designer was the third-best performing member of the VanEck Semiconductor ETF in 2025 heading into this report, with shares having more than doubled year to date.

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