Markets
Nia Warfield, Luke Kawa

US stocks end July on a soft note


The S&P 500 opened 1% higher after last night’s blockbuster earnings from Microsoft and Meta lit a fire under the entire AI complex. Unfortunately, the day only got worse from there.

US stocks slid throughout the session, ending near their lows. The S&P 500 gave back 0.4%, the Nasdaq 100 fell 0.5%, and the Russell 2000 underperformed with a 0.9% decline.

This ends July as the S&P 500’s first month without a daily gain or loss of at least 1% since two years ago, in July 2023.

Healthcare was far and away the worst-performing S&P 500 sector ETF, with drugmakers including Eli Lilly, Pfizer, and Novo Nordisk falling after President Trump sent a letter to 17 pharma CEOs demanding they cut US drug prices within 60 days.

On the positive side, eBay soared 18%, touching an all-time high a day after the online marketplace posted strong Q2 results and analysts issued a pair of price target hikes. Declines were led by Align Technology, which sank a massive 36% after the Invisalign maker missed both top- and bottom-line Q2 estimates.

Elsewhere…

Meta shares jumped another 11% after the social media and AI behemoth topped Q2 estimates Wednesday. Ad revenue — which makes up the majority of its total — leapt 21%.

Microsoft shares rose another 4% after the company’s blowout fiscal Q4 earnings, pushing its valuation above $4 trillion for the first time.

Norwegian Cruise Line sailed up 9% after the cruise operator reaffirmed full-year guidance despite so-so Q2 results, citing a rebound in bookings.

Roblox jumped 10% after the gaming platform beat estimates, with total bookings climbing to $1.4 billion.

CVS Health climbed as much as 6% before closing flat after the pharmacy retailer topped Q2 estimates and raised its full-year outlook.

SoFi Technologies bounced up 3%, marking its third straight day of big moves after Deutsche Bank and Mizuho hiked their price targets on the stock.

Comcast shares closed up 2.2% after the media and cable giant delivered a strong Q2 earnings beat, fueled in part by the debut of its Epic Universe park and hit Peacock shows.

AB InBev fell 13% as the world’s largest brewer continued to report declining sales volume with each passing quarter.

Cigna shares dropped 10%, despite the healthcare insurer beating Q2 estimates and showing solid cost control during the quarter.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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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.”

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