Markets
Luke Kawa

Tech rally, meme-stock magic power US stocks to the verge of record highs

The SPDR S&P 500 ETF rose 0.5% on Tuesday, ending just shy of its March peak as investors await April’s reading of the consumer price index tomorrow morning.

Technology outperformed all other sectors for the second consecutive session; consumer staples and industrials were the only two exchange-traded sector funds to finish in the red. Small caps bounced back from Monday’s decline, with the iShares Russell 2000 exchange traded fund closing up 1%.

Trading volumes, which had been moribund lately, picked up meaningfully today. Across US exchanges, this was the third-busiest session of the year so far.

Heavily shorted and so-called “meme stocks” enjoyed another strong session, with GameStop, AMC Entertainment, Plug Power, SunPower, and FuelCell all closing at least 19% higher on the day.

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Hyunsoo Rim

Pinterest sinks after weak revenue guidance and Q3 adjusted EPS misses estimates by 10%

Pinterest plunged nearly 18% in premarket trading on Wednesday, after the company reported lower-than-expected earnings and a weak holiday quarter forecast after the bell on Tuesday.

The social media platform posted adjusted earnings per share of $0.38, below Wall Street’s $0.42 estimates, while revenue matched analysts’ expectations at $1.05 billion, up 17% from a year earlier.

The fly in the earnings ointment appears to be the guidance, however, with Pinterest expecting Q4 sales of only $1.31 billion to $1.34 billion, with the midpoint trailing analysts’ $1.34 billion forecast.

Global monthly active users came in at an all-time high of 600 million, beating expectations, but average revenue per user came in at $1.78, slightly shy of projections. During the earnings call, CFO Julia Donnelly said the company saw “pockets of moderating ad spend” in the third quarter as “larger US retailers navigate tariff-related margin pressure.”

The company’s soft results come as its peers, including Meta, Amazon, and Alphabet, recently reported strong digital ad sales.

CEO Bill Ready said Pinterest’s AI push is “paying off,” highlighting last week’s launch of its AI-powered shopping assistant, Pinterest Assistant. Still, growth in its core North American market — which generates roughly three-quarters of its revenue — remains a drag heading into the holiday season.

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