Arm Holdings plc architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers rely on to develop products. The company is involved in the licensing, marketing, research, and development of microprocessors, systems intellectual property (IPs), graphics processing units, physical IP and associated systems IPs, software, tools, and other related services. It also offers system IP products, including memory controller IP, interconnect IP, and other on-chip peripheral components; and compute platforms for a range of devices and applications. The company's products are used in various markets, such as automotive, computing infrastructure, consumer technologies, and Internet of things. It operates in the United States, the People's Republic of China, Taiwan, the Republic of Korea, and internationally. The company was founded in 1990 and is headquartered in Cambridge, the United Kingdom. Arm Holdings plc operates as a subsidiary of Kronos II LLC.

Arm Holdings plc

For Immediate Release
Chicago, IL – July 31, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Arm Holdings plc ARM, NVIDIA NVDA and Qualcomm QCOM.
Here are highlights from Thursday’s Analyst Blog:
ARM's AI Momentum Is Undeniable, but Is the Stock a Buy?
Arm Holdings plc has entered fiscal 2027 with impressive momentum, supported by accelerating adoption of its architecture across cloud infrastructure, edge computing and emerging artificial intelligence applications. The company delivered strong fiscal first-quarter revenue as both licensing activity and royalty collections expanded at a healthy pace.
Revenues came in at $1.3 billion, beating the Zacks Consensus Estimate by 1.8% and increasing 22.4% year over year. Royalty revenues and licensing and other revenues increased 22% and 23% year over year.
Earnings of 45 cents per share beat the Zacks consensus estimate by 12.5% and increased 28.6% year over year.
The biggest structural shift is no longer limited to smartphones. Arm's technology is increasingly becoming the preferred computing foundation for hyperscale cloud providers, AI-enabled personal computers, autonomous vehicles, robotics and industrial automation. This diversification reduces dependence on any single end market and creates multiple long-term growth engines.
Management also highlighted growing interest in its newly launched Arm AGI CPU platform. Customer demand has expanded rapidly, manufacturing capacity has been secured for the initial rollout, and discussions with additional customers continue to strengthen the commercial pipeline. While this business remains in its early stages, it represents an additional monetization avenue beyond Arm's traditional licensing model.
Cloud AI is Becoming the Largest Growth Driver
The strongest contributor to ARM's recent performance remains cloud infrastructure.
Demand for Arm-based processors continues to rise as hyperscale cloud companies increasingly deploy custom chips designed around the company's Neoverse architecture. The trend reflects growing demand for energy-efficient processors capable of handling AI workloads without sacrificing performance.
The adoption cycle also extends beyond central processing units. Networking processors, smart network interface cards and data-processing units increasingly rely on Arm technology, creating another source of royalty growth.
Outside the cloud, the company continues to benefit from the gradual migration toward higher-value processor designs across smartphones and consumer electronics. Even when handset demand remains uneven, newer premium chip designs generate higher royalty rates, helping offset industry softness.
Another encouraging trend is the expansion of AI beyond traditional computing devices. Intelligent vehicles, robotics platforms and autonomous industrial systems increasingly require efficient processing at the edge, an area where Arm already possesses a well-established ecosystem.
Licensing Strength Reflects Deep Customer Commitment
Licensing remains equally encouraging. The company continues signing long-duration agreements with several strategic customers spanning cloud computing, automotive technology, consumer electronics and robotics. Rather than purchasing isolated processor designs, customers increasingly seek long-term access to future architecture roadmaps.
This strengthens revenue visibility while reinforcing Arm's position as a foundational technology provider instead of a cyclical semiconductor supplier.
Management also continues investing aggressively in engineering resources to support future architectures, software tools and AI-focused products. Although these investments elevate operating expenses today, they are intended to expand the company's competitive moat over the coming years.
Importantly, Arm continues generating substantial free cash flow, providing financial flexibility to support both innovation and future product expansion.
Peer Comparison: NVIDIA, Qualcomm
Among U.S.-listed companies, NVIDIA remains one of the most relevant peers because both companies benefit directly from expanding AI infrastructure spending.
Unlike NVIDIA, which primarily generates revenue through graphics processors and complete AI computing platforms, Arm focuses on licensing processor architectures that become embedded across countless semiconductor products.
The relationship is complementary rather than purely competitive. NVIDIA continues incorporating Arm-based CPUs into several next-generation AI platforms, reinforcing confidence in Arm's growing relevance throughout modern AI infrastructure.
Another important comparison is Qualcomm. Historically, Qualcomm has relied heavily on Arm architecture across its smartphone processors, but the relationship is expanding into AI-enabled PCs and future data-center opportunities. The company's continued investments in Arm-based computing illustrate the industry's growing confidence in the architecture.
While Qualcomm competes in chip design rather than processor licensing, both companies benefit from increasing adoption of AI-enabled devices that require efficient computing capabilities, making their long-term growth drivers closely aligned.
Risks Still Deserve Attention
Despite the favorable outlook, investors should remain mindful of several risks. The semiconductor industry remains cyclical, and enterprise spending can fluctuate alongside broader economic conditions. Royalty growth also depends on customer product launches and shipment volumes, introducing periodic volatility.
Another consideration is execution risk surrounding Arm's newer AI CPU initiative. Although customer interest appears strong, scaling manufacturing capacity, fulfilling orders and maintaining attractive commercial terms will be critical to realizing its full potential.
Meanwhile, increased investment in research and development will continue weighing on operating expenses. While these expenditures support future innovation, they may limit margin expansion if revenue growth slows.
Should Investors Hold ARM Stock?
Arm appears well positioned to benefit from several enduring technology transitions rather than relying on a single product cycle. Its expanding presence across cloud infrastructure, intelligent edge devices, advanced automotive systems and AI software ecosystems provides multiple avenues for sustained growth. At the same time, much of this optimism is already reflected in investor expectations, leaving limited room for operational missteps.
The company's long-term fundamentals remain attractive, but execution around new products, customer adoption and industry demand will remain essential. Given the balance between exceptional growth opportunities and elevated expectations, ARM currently looks best suited as a Hold for existing investors while awaiting further execution and valuation support.
ARM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights Arm Holdings, NVIDIA and Qualcomm

The S&P 500 Index ($SPX) (SPY) on Thursday closed up +1.66%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +1.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +3.36%. September E-mini S&P futures (ESU26) rose +1.65%, and September E-mini Nasdaq futures (NQU26) rose +3.28%.
Stock indexes settled sharply higher on Thursday after strong growth at Microsoft reassured investors that massive spending on artificial intelligence is starting to pay off. Microsoft surged more than +15% after reporting that Q4 Azure and other cloud services revenue ex-forex rose +43%, better than the consensus of +39.3% and the fastest quarterly growth in four years. Microsoft's positive earnings also eased AI spending concerns and fueled a sharp rally in chipmakers and AI-infrastructure stocks, pushing the overall market even higher. The markets will get another look at megacap earnings when Amazon.com and Apple report after Thursday’s close.
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On the negative side, Meta Platforms fell more than -7% after a disappointing revenue forecast. Also, bond yields rose on Thursday for a second day on concerns that Fed Chair Warsh won’t manage to curb inflation that has run above target for five straight years after the FOMC kept interest rates unchanged on Wednesday. The 10-year T-note yield rose +3 bp to 4.67%.
Thursday’s US economic news was mixed for stocks. Q2 GDP growth was below expectations despite strong consumer spending, but weekly jobless claims rose less than expected, and the core PCE price index eased as expected.
US weekly initial unemployment claims rose +9,000 to 197,000, showing a stronger labor market than expectations of 200,000.
US Jun personal spending rose +0.3% m/m, weaker than expectations of +0.4% m/m, although May personal spending was revised upward to +0.9% m/m from the previously reported +0.7% m/m. Jun personal income rose +0.2% m/m, weaker than expectations of +0.3% m/m.
The US Jun core PCE price index, the Fed's preferred inflation gauge, eased to +3.3% y/y from +3.4% y/y in May, right on expectations.
US Q2 GDP rose +1.5% (q/q annualized), weaker than expectations of +2.0%, despite Q2 personal consumption rising +3.2%, stronger than expectations of +2.3%. The Q2 core PCE price index eased to +3.4% from +4.4% in Q1, a slower pace of increase than expectations of +3.5%.
Sep WTI crude oil prices (CLU26) gave up an overnight advance and fell more than -1% on Wednesday amid hopes for progress toward a diplomatic solution to the war in the Middle East. Pakistan's Foreign Ministry said today that negotiations between the US and Iran are "ongoing" to restore stability, particularly in the Strait of Hormuz. Also, shipping through the strait has picked up in recent days, with the US claiming its navy escorted some tankers across the waterway.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. US Central Command said Thursday that the US launched airstrikes against dozens of military targets in Iran aimed at degrading Iran's ability to threaten US troops. Iran retaliated by launching drones and missiles into Kuwait and Jordan. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 272 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 66% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 closed up +1.53%. China's Shanghai Composite fell to a 1-week low and closed down -0.62%. Japan's Nikkei-225 Stock Average closed up +0.71%.
Interest Rates
September 10-year T-notes (ZNU6) on Thursday closed down -7.5 ticks. The 10-year T-note yield rose +2.5 bp to 4.665%. T-notes moved lower on Thursday amid reduced safe-haven demand with the sharp rally in stocks. T-notes were also pressured by some negative carryover from Wednesday when the FOMC kept interest rates unchanged, fueling concern the Fed is behind the curve in addressing inflation, which has been above the Fed’s target for more than five years.
T-notes recovered from their worst level after Thursday’s US economic news showed Q2 GDP growing less than expected and the Jun core PCE price index easing as expected, dovish factors for Fed policy. Also, Thursday’s =1% decline in WTI crude oil lowered inflation expectations, a supportive factor for T-notes.
European government bond yields moved lower on Thursday. The 10-year German bund yield fell -0.6 bp to 3.155%. The 10-year UK gilt yield fell -5.2 bp to 4.984%.
Eurozone Q2 GDP rose +0.4% q/q and +1.0% y/y, stronger than expectations of +0.2% q/q and +0.7% y/y.
The Eurozone Jul economic confidence indicator rose +1.5 to a 5-month high of 96.9, stronger than expectations of 96.0.
The Eurozone Jun unemployment rate was unchanged at 6.3%, slightly weaker than expectations of 6.2%.
German Jul CPI (EU harmonized) rose to +2.8% y/y from +2.4% y/y in Jun, right on expectations.
As expected, the BOE kept its benchmark rate unchanged at 3.75% in a 6-3 vote and said there were "clear signs" that domestic inflationary pressures are easing and "little evidence" so far that the energy shock has stoked wage demands and higher prices elsewhere.
The markets are discounting an 84% chance of a +25 bp ECB rate hike at their next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks rallied sharply on Thursday amid better-than-expected earnings from Lam Research. The Philadelphia Stock Exchange Semiconductor Index ($SOX) closed up more than +8%. Nebius Group NV (NBIS) closed up more than +25% to lead gainers in the Nasdaq 100, and Sandisk (SNDK) closed up more than +24% to lead gainers in the S&P 500. Also, Lam Research (LRCX) closed up more than +19%, and Micron Technology (MU) closed up more than +18%. In addition, Applied Materials (AMAT) and Western Digital (WDC) closed up more than +14%, and Advanced Micro Devices (AMD) closed up more than +13%. Finally, Seagate Technology Holdings Plc (STX), Intel (INTC), and Marvell Technology (MRVL) closed up more than +11%, and ARM Holdings Plc (ARM) and ASML Holding NV (ASML) closed up more than +6%.
Cryptocurrency-exposed stocks soared on Thursday as Bitcoin (^BTCUSD) rose more than +2%. Riot Platforms (RIOT) closed up more than +20%, and Galaxy Digital Holdings (GLXY) and MARA Holdings (MARA) closed up more than +17%. Also, Strategy (MSTR) and Circle Internet Group (CRCL) closed up more than +4%, and Coinbase Global (COIN) closed up more than +2%.
Most software stocks tumbled on Thursday after recent sharp gains as investors rotate back into chipmakers and exit the software sector. Thomson Reuters (TRI) closed down more than -7%, and Workday (WDAY), Adobe Systems (ADBE), Atlassian Corp (TEAM), and Intuit (INTU) closed down more than -5%. Also, Autodesk (ADSK), ServiceNow (NOW), and Palantir Technologies (PLTR) closed down more than -4%, and Salesforce (CRM) closed down more than -4% to lead losers in the Dow Jones Industrials.
Corcept Therapeutics (CORT) closed up more than +26% after raising its full-year revenue forecast to $1.1 billion to $1.2 billion from a previous estimate of $950 million to $1.05 billion, stronger than the consensus of $999.6 million.
EMCOR Group (EME) closed up more than +19% after reporting Q2revenue of $5.15 billion, well above the consensus of $4.71 billion, and boosting its full-year revenue forecast to $20 billion to $20.5 billion from a previous forecast of $18.5 billion to $19.25 billion, stronger than the consensus of $19 billion.
Quanta Services (PWR) closed up more than +17% after reporting Q2 revenue of $9.56 billion, well above the consensus of $8.52 billion, and raising its full-year revenue forecast to $39.3 billion to $39.7 billion from a previous forecast of $34.7 billion to $35.2 billion, stronger than the consensus of $35.02 billion.
Microsoft (MSFT) closed up more than +15% to lead gainers in the Dow Jones Industrials after reporting Q4 Azure and other cloud services revenue ex-forex rose +43%, better than the consensus of +39.3% and the fastest quarterly growth in four years.
Huntington Ingalls (HII) closed up more than +14% after reporting Q2 sales and service revenue of $3.42 billion, well above the consensus of $3.15 billion.
Chipotle Mexican Grill (CMG) closed up more than +12% after reporting Q2 comparable sales rose +2.2%, better than the consensus of +1.33%.
Baxter International (BAX) closed up more than +7% after reporting Q2 adjusted EPS of 56 cents, above the consensus of 37 cents, and forecasting full-year adjusted EPS of $1.95 to $2.15, stronger than the consensus of $1.92.
Avery Dennison (AVY) closed up more than +4% after reporting Q2 net sales of $2.46 billion, better than the consensus of $2.30 billion.
Alnylam Pharmaceuticals (ALNY) closed down more than -28% to lead losers in the Nasdaq 100 after reporting Q2 revenue of $1.29 billion, below the consensus of $1.31 billion, and cutting its full-year product revenue forecast to $4.7 billion to $5.1 billion from a previous forecast of $4.9 billion to $5.3 billion, weaker than the consensus of $5.1 billion.
Fair Isaac (FICO) closed down more than -17% to lead losers in the S&P 500 after reporting Q3 revenue of $674.2 million, weaker than the consensus of $681.8 million, and forecasting full-year revenue of $2.53 billion, below the consensus of $2.56 billion.
Norwegian Cruise Line Holdings Ltd (NCLH) closed down more than -9% after cutting its annual forecasts and said bookings for the next 12 months are weak.
Crocs (CROX) closed down more than -8% after forecasting Q3 adjusted EPS of $3.20 to $3.30, weaker than the consensus of $3.53.
Meta Platforms (META) closed down more than -7% after forecasting Q3 revenue of $61 billion to $64 billion, the midpoint below the consensus of $63.17 billion.
Carvana (CVNA) closed down more than -7% after forecasting full-year adjusted Ebitda of $2.7 billion to $3.0 billion, the midpoint below the consensus of $2.99 billion.
Earnings Reports (7/31/2026)
AbbVie Inc (ABBV), AES Corp/The (AES), Ares Management Corp (ARES), Cboe Global Markets Inc (CBOE), Chevron Corp (CVX), Church & Dwight Co Inc (CHD), Colgate-Palmolive Co (CL), Dominion Energy Inc (D), Eaton Corp PLC (ETN), ExxonMobil Holdings Corp (XOM), Federal Realty Investment Trust (FRT), Franklin Resources Inc (BEN), Linde PLC (LIN), LyondellBasell Industries NV (LYB), Moderna Inc (MRNA), T Rowe Price Group Inc (TROW).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Sharply Higher as Microsoft Leads a Surge in Tech Stocks

Arm Holdings plc ARM has entered fiscal 2027 with impressive momentum, supported by accelerating adoption of its architecture across cloud infrastructure, edge computing and emerging artificial intelligence applications. The company delivered strong fiscal first-quarter revenue as both licensing activity and royalty collections expanded at a healthy pace.
Revenues came in at $1.3 billion, beating the Zacks Consensus Estimate by 1.8% and increasing 22.4% year over year. Royalty revenues and licensing and other revenues increased 22% and 23% year over year.
Earnings of 45 cents per share beat the Zacks consensus estimate by 12.5% and increased 28.6% year over year.
The biggest structural shift is no longer limited to smartphones. Arm's technology is increasingly becoming the preferred computing foundation for hyperscale cloud providers, AI-enabled personal computers, autonomous vehicles, robotics and industrial automation. This diversification reduces dependence on any single end market and creates multiple long-term growth engines.
Management also highlighted growing interest in its newly launched Arm AGI CPU platform. Customer demand has expanded rapidly, manufacturing capacity has been secured for the initial rollout, and discussions with additional customers continue to strengthen the commercial pipeline. While this business remains in its early stages, it represents an additional monetization avenue beyond Arm's traditional licensing model.
Cloud AI is Becoming the Largest Growth Driver
The strongest contributor to ARM's recent performance remains cloud infrastructure.
Demand for Arm-based processors continues to rise as hyperscale cloud companies increasingly deploy custom chips designed around the company's Neoverse architecture. The trend reflects growing demand for energy-efficient processors capable of handling AI workloads without sacrificing performance.
The adoption cycle also extends beyond central processing units. Networking processors, smart network interface cards and data-processing units increasingly rely on Arm technology, creating another source of royalty growth.
Outside the cloud, the company continues to benefit from the gradual migration toward higher-value processor designs across smartphones and consumer electronics. Even when handset demand remains uneven, newer premium chip designs generate higher royalty rates, helping offset industry softness.
Another encouraging trend is the expansion of AI beyond traditional computing devices. Intelligent vehicles, robotics platforms and autonomous industrial systems increasingly require efficient processing at the edge, an area where Arm already possesses a well-established ecosystem.
Licensing Strength Reflects Deep Customer Commitment
Licensing remains equally encouraging. The company continues signing long-duration agreements with several strategic customers spanning cloud computing, automotive technology, consumer electronics and robotics. Rather than purchasing isolated processor designs, customers increasingly seek long-term access to future architecture roadmaps.
This strengthens revenue visibility while reinforcing Arm's position as a foundational technology provider instead of a cyclical semiconductor supplier.
Management also continues investing aggressively in engineering resources to support future architectures, software tools and AI-focused products. Although these investments elevate operating expenses today, they are intended to expand the company's competitive moat over the coming years.
Importantly, Arm continues generating substantial free cash flow, providing financial flexibility to support both innovation and future product expansion.
Peer Comparison: NVIDIA, Qualcomm
Among U.S.-listed companies, NVIDIA NVDA remains one of the most relevant peers because both companies benefit directly from expanding AI infrastructure spending.
Unlike NVIDIA, which primarily generates revenue through graphics processors and complete AI computing platforms, Arm focuses on licensing processor architectures that become embedded across countless semiconductor products.
The relationship is complementary rather than purely competitive. NVIDIA continues incorporating Arm-based CPUs into several next-generation AI platforms, reinforcing confidence in Arm's growing relevance throughout modern AI infrastructure.
Another important comparison is Qualcomm QCOM. Historically, Qualcomm has relied heavily on Arm architecture across its smartphone processors, but the relationship is expanding into AI-enabled PCs and future data-center opportunities. The company's continued investments in Arm-based computing illustrate the industry's growing confidence in the architecture.
While Qualcomm competes in chip design rather than processor licensing, both companies benefit from increasing adoption of AI-enabled devices that require efficient computing capabilities, making their long-term growth drivers closely aligned.
Risks Still Deserve Attention
Despite the favorable outlook, investors should remain mindful of several risks. The semiconductor industry remains cyclical, and enterprise spending can fluctuate alongside broader economic conditions. Royalty growth also depends on customer product launches and shipment volumes, introducing periodic volatility.
Another consideration is execution risk surrounding Arm's newer AI CPU initiative. Although customer interest appears strong, scaling manufacturing capacity, fulfilling orders and maintaining attractive commercial terms will be critical to realizing its full potential.
Meanwhile, increased investment in research and development will continue weighing on operating expenses. While these expenditures support future innovation, they may limit margin expansion if revenue growth slows.
Should Investors Hold ARM Stock?
Arm appears well positioned to benefit from several enduring technology transitions rather than relying on a single product cycle. Its expanding presence across cloud infrastructure, intelligent edge devices, advanced automotive systems and AI software ecosystems provides multiple avenues for sustained growth. At the same time, much of this optimism is already reflected in investor expectations, leaving limited room for operational missteps. The company's long-term fundamentals remain attractive, but execution around new products, customer adoption and industry demand will remain essential. Given the balance between exceptional growth opportunities and elevated expectations, ARM currently looks best suited as a Hold for existing investors while awaiting further execution and valuation support.
ARM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Arm's AI Momentum is Undeniable, but is ARM Stock a Hold?

The S&P 500 Index ($SPX) (SPY) today is up +1.12%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.64%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +2.69%. September E-mini S&P futures (ESU26) are up +1.09%, and September E-mini Nasdaq futures (NQU26) are up +2.61%.
Stock indexes are climbing today as strong growth at Microsoft has reassured investors that massive spending on artificial intelligence is starting to pay off. Microsoft is up more than +15% after reporting late Wednesday that Q4 Azure and other cloud services revenue ex-forex rose +43%, better than the consensus of +39.3% and the fastest quarterly growth in four years. The markets will get another look at megacap earnings when Amazon.com and Apple report after today’s close.
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On the negative side, Meta Platforms is down more than -9% after a disappointing revenue forecast. Also, bond yields are rising on concerns that Fed Chair Warsh won’t manage to curb inflation that has run above target for five straight years after the FOMC kept interest rates unchanged on Wednesday. The 10-year T-note yield is up +2 bp to 4.66%.
Today’s US economic news was mixed for stocks with Q2 GDP growth below expectations despite strong consumer spending, but weekly jobless claims rising less than expected and the core PCE price index easing as expected.
US weekly initial unemployment claims rose +9,000 to 197,000, showing a stronger labor market than expectations of 200,000.
US Jun personal spending rose +0.3% m/m, weaker than expectations of +0.4% m/m, although May personal spending was revised upward to +0.9% m/m from the previously reported +0.7% m/m. Jun personal income rose +0.2% m/m, weaker than expectations of +0.3% m/m.
The US Jun core PCE price index, the Fed's preferred inflation gauge, eased to +3.3% y/y from +3.4% y/y in May, right on expectations.
US Q2 GDP rose +1.5% (q/q annualized), weaker than expectations of +2.0%, despite Q2 personal consumption rising +3.2%, stronger than expectations of +2.3%. The Q2 core PCE price index eased to +3.4% from +4.4% in Q1, a slower pace of increase than expectations of +3.5%.
Sep WTI crude oil prices (CLU26) gave up an overnight advance and are down more than -1% amid hopes for progress toward a diplomatic solution to the war in the Middle East. Pakistan's Foreign Ministry said today that negotiations between the US and Iran are "ongoing" to restore stability, particularly in the Strait of Hormuz. Shipping through the strait has picked up in recent days, with the US claiming its navy escorted some tankers across the waterway.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. US Central Command said today that the US launched airstrikes against dozens of military targets in Iran aimed at degrading Iran's ability to threaten US troops. Iran retaliated by launching drones and missiles into Kuwait and Jordan. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 243 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 59% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +1.20%. China's Shanghai Composite fell to a 1-week low and closed down -0.62%. Japan's Nikkei-225 Stock Average closed up +0.71%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -9 ticks. The 10-year T-note yield is up +1.7 bp to 4.657%. T-notes are sliding today on negative carryover from Wednesday when the FOMC kept interest rates unchanged, fueling concern the Fed is behind the curve in addressing inflation, which has been above the Fed’s target for more than five years. T-notes recovered from their worst level after today’s US economic news showed Q2 GDP growing less than expected and the Jun core PCE price index easing as expected, dovish factors for Fed policy.
European government bond yields are mixed today. The 10-year German bund yield is up +1.3 bp to 3.173%. The 10-year UK gilt yield is down -3.3 bp to 5.003%.
Eurozone Q2 GDP rose +0.4% q/q and +1.0% y/y, stronger than expectations of +0.2% q/q and +0.7% y/y.
The Eurozone Jul economic confidence indicator rose +1.5 to a 5-month high of 96.9, stronger than expectations of 96.0.
The Eurozone Jun unemployment rate was unchanged at 6.3%, showing a slightly weaker labor market than expectations of 6.2%.
German Jul CPI (EU harmonized) rose to +2.8% y/y from +2.4% y/y in Jun, right on expectations.
As expected, the BOE kept its benchmark rate unchanged at 3.75% in a 6-3 vote and said there were "clear signs" that domestic inflationary pressures are easing and "little evidence" so far that the energy shock has stoked wage demands and higher prices elsewhere.
The markets are discounting an 85% chance of a +25 bp ECB rate hike at their next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are rallying today on better-than-expected earnings from Lam Research. The Philadelphia Stock Exchange Semiconductor Index ($SOX) is up more than +5%. Nebius Group NV (NBIS) is up more than +20% to lead gainers in the Nasdaq 100, and Lam Research (LRCX) is up more than +18%. Also, Sandisk (SNDK) is up more than +16%, and Seagate Technology Holdings Plc (STX) is up more than +15%. In addition, Applied Materials (AMAT) and Western Digital (WDC) are up more than +13%, and Advanced Micro Devices (AMD), Marvell Technology (MRVL), Micron Technology (MU), and Intel (INTC) are up more than +9%. Finally, KLA Corp (KLAC) and ARM Holdings (ARM) are up by more than +7%.
Corcept Therapeutics (CORT) is up more than +23% after raising its full-year revenue forecast to $1.1 billion to $1.2 billion from a previous estimate of $950 million to $1.05 billion, stronger than the consensus of $999.6 million.
Baxter International (BAX) is up more than +19% to lead gainers in the S&P 500 after reporting Q2 adjusted EPS of 56 cents, above the consensus of 37 cents, and forecasting full-year adjusted EPS of $1.95 to $2.15, stronger than the consensus of $1.92.
Microsoft (MSFT) is up more than +15% to lead gainers in the Dow Jones Industrials after reporting Q4 Azure and other cloud services revenue ex-forex rose +43%, better than the consensus of +39.3% and the fastest quarterly growth in four years.
Quanta Services (PWR) is up more than +15% after reporting Q2 revenue of $9.56 billion, well above the consensus of $8.52 billion, and raising its full-year revenue forecast to $39.3 billion to $39.7 billion from a previous forecast of $34.7 billion to $35.2 billion, stronger than the consensus of $35.02 billion.
Huntington Ingalls (HII) is up more than +8% after reporting Q2 sales and service revenue of $3.42 billion, well above the consensus of $3.15 billion.
Fortinet (FTNT) is up more than +3% after reporting Q2 billings of $2.37 billion, better than the consensus of $2.13 billion, and boosting its full-year adjusted EPS forecast to $3.41 to $3.47 from a previous forecast of $3.16.
Starbucks (SBUX) is up more than +2% after reporting Q3 EPS of 85 cents, well above the consensus of 65 cents, and raising its full-year adjusted EPS forecast to $2.55 to $2.65 from a previous forecast of $2.25 to $2.45, better than the consensus of $2.39.
Alnylam Pharmaceuticals (ALNY) is down more than -25% to lead losers in the Nasdaq 100 after reporting Q2 revenue of $1.29 billion, below the consensus of $1.31 billion, and cutting its full-year product revenue forecast to $4.7 billion to $5.1 billion from a previous forecast of $4.9 billion to $5.3 billion, weaker than the consensus of $5.1 billion.
Fair Isaac (FICO) is down more than -13% to lead losers in the S&P 500 after reporting Q3 revenue of $674.2 million, weaker than the consensus of $681.8 million, and forecasting full-year revenue of $2.53 billion, below the consensus of $2.56 billion.
Crocs (CROX) is down more than -13% after forecasting Q3 adjusted EPS of $3.20 to $3.30, weaker than the consensus of $3.53.
Carvana (CVNA) is down more than -10% after forecasting full-year adjusted Ebitda of $2.7 billion to $3.0 billion, the midpoint below the consensus of $2.99 billion.
Meta Platforms (META) is down more than -9% after forecasting Q3 revenue of $61 billion to $64 billion, the midpoint below the consensus of $63.17 billion.
Norwegian Cruise Line Holdings Ltd (NCLH) is down more than -8% after cutting its annual forecasts and said bookings for the next 12 months are weak.
Earnings Reports (7/30/2026)
A O Smith Corp (AOS), Air Products and Chemicals Inc (APD), Alliant Energy Corp (LNT), Altria Group Inc (MO), Amazon.com Inc (AMZN), American Electric Power Co Inc (AEP), Apple Inc (AAPL), Arthur J Gallagher & Co (AJG), Avery Dennison Corp (AVY), Baxter International Inc (BAX), Bristol-Myers Squibb Co (BMY), Builders FirstSource Inc (BLDR), Camden Property Trust (CPT), Cigna Group/The (CI), Coinbase Global Inc (COIN), Corteva Inc (CTVA), CRH PLC (CRH), Dexcom Inc (DXCM), Edison International (EIX), EMCOR Group Inc (EME), Erie Indemnity Co (ERIE), Eversource Energy (ES), Exelon Corp (EXC), First Solar Inc (FSLR), GoDaddy Inc (GDDY), Hershey Co/The (HSY), Huntington Ingalls Industries (HII), Ingersoll Rand Inc (IR), Intercontinental Exchange Inc (ICE), International Paper Co (IP), KKR & Co Inc (KKR), Labcorp Holdings Inc (LH), Live Nation Entertainment Inc (LYV), Martin Marietta Materials Inc (MLM), Mastercard Inc (MA), Mettler-Toledo International Inc (MTD), Monolithic Power Systems Inc (MPWR), Norwegian Cruise Line Holdings (NCLH), Quanta Services Inc (PWR), Regeneron Pharmaceuticals Inc (REGN), Southern Co/The (SO), Stryker Corp (SYK), Trane Technologies PLC (TT), Valero Energy Corp (VLO), Weyerhaeuser Co (WY), Willis Towers Watson PLC (WTW), Xcel Energy Inc (XEL), Yum! Brands Inc (YUM).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Rebound as Microsoft Earnings Ease AI Spending Concerns

Key Points
Arm stock posted sales and earnings for fiscal Q1 that beat Wall Street's expectations.
Chip stocks are also broadly seeing a strong rebound rally today.
Arm (NASDAQ: ARM) stock is rapidly gaining ground in Thursday's trading. The semiconductor company's share price was up 6.7% as of 11:15 a.m. ET. The S&P 500 was up 0.8% at the same point in the session, and the Nasdaq Composite was up 2.1%. Arm stock had been up as much as 19.4% near the session's open.
After the market closed yesterday, Arm published results for the first quarter of its 2027 fiscal year. Sales and earnings for the period topped expectations, and the company's valuation is also getting a boost from rebound trading for the broader market after yesterday's big sell-off.
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Arm beat Wall Street's targets in fiscal Q1
Aided by strong demand for artificial intelligence (AI) technologies, Arm posted record results in fiscal Q1 and beat the average Wall Street forecasts for sales and earnings. The company notched non-GAAP (adjusted) earnings per share of $0.45 on sales of $1.29 billion in the quarter, topping the average targets for adjusted earnings of $0.40 per share and sales of $1.27 billion.
For the current quarter, Arm is guiding for revenue to come in between $1.36 billion and $1.4 billion. For reference, the average analyst estimate had targeted sales of $1.35 billion for the period. Meanwhile, adjusted earnings for the quarter are projected to be between $0.43 and $0.51 per share -- with the midpoint of that guidance range beating the average Wall Street forecast's call for per-share earnings of $0.45.
Momentum for the broader market is also boosting Arm stock
Concerns about the sustainability of AI-related capital expenditures, increased competition from Chinese companies, and macroeconomic risk factors spurred big sell-offs across the market yesterday, but investors are buying back into stocks today. Chip stocks, including Arm, are seeing particularly strong rebounds. While Arm's business results will play the biggest role in shaping its stock performance over the long term, the market's appetite for the AI trade will continue to have a huge impact on its near-term performance.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Arm Holdings. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Arm Stock Is Surging Today

The S&P 500 Index ($SPX) (SPY) on Wednesday closed down -1.52%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -2.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.06%. September E-mini S&P futures (ESU26) fell -1.59%, and September E-mini Nasdaq futures (NQU26) fell -2.23%.
Stock indexes retreated on Wednesday, with the S&P 500 sliding to a 1-month low and the Nasdaq 100 sinking to a 3-month low. Chipmakers and AI infrastructure stocks sold off on Wednesday, leading the overall market lower. Also, heightened geopolitical risks are weighing on stocks as crude prices surged, and bond yields jumped when President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan.
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Stocks whipsawed Wednesday afternoon and briefly erased their losses before selling off again into the close after the FOMC kept interest rates unchanged in a hawkish Fed hold. Three Fed members dissented in favor of a quarter-point rate hike, and Fed Chair Warsh said the Fed is committed to “deliver price stability.” The 10-year T-note yield rose +4 bp to 4.64%.
Earnings results from Microsoft and Meta Platforms after Wednesday’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns.
The FOMC, as expected, kept the fed funds target range unchanged at 3.50% to 3.75% in a 9-3 vote, with Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari, and Dallas Fed President Lorie Logan voting for a quarter-point rate hike.
The post-FOMC statement said, "Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East," adding that "productivity growth and capital investment are strong." Inflation remains elevated "in part reflecting supply shocks that have driven price increases in certain sectors, including energy."
Fed Chair Warsh said, "The economy is showing impressive resilience" even with recent shocks and policymakers "will not hesitate to act" if inflation remains elevated.
Sep WTI crude oil prices (CLU26) jumped by more than +6% on Wednesday as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 87% of the 216 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 56% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled mixed on Wednesday. The Euro Stoxx 50 closed down -0.65%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) on Wednesday closed down -1 tick. The 10-year T-note yield rose +3.3 bp to 4.639%. T-notes were under pressure from Wednesday’s +6% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, the FOMC's hawkish hold on interest rates weighed on T-note prices after three Fed members dissented in favor of a 25 bp rate hike, and Fed Chair Warsh said policymakers "will not hesitate to act" if inflation remains elevated.
European government bond yields moved higher on Wednesday. The 10-year German bund yield rose +5.6 bp to 3.160%. The 10-year UK gilt yield rose +9.2 bp to 5.036%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting a 90% chance of a +25 bp ECB rate hike at their next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks fell sharply on Wednesday, weighing on the broader market. The Philadelphia Stock Exchange Semiconductor Index ($SOX) dropped to a 2.5-month low and closed down more than -5%. Nebius Group NV (NBIS) closed down more than -12% to lead losers in the Nasdaq 100, and KLA Corp (KLAC) closed down more than -10%. Also, Micron Technology (MU) closed down more than -9%, and Applied Materials (AMAT) and ARM Holdings (ARM) closed down by more than -8%. In addition, Sandisk (SNDK) and NXP Semiconductors NV (NXPI) closed down more than -7%, and Marvell Technology (MRVL) and Lam Research (LRCX) closed down more than -6%. Finally, Advanced Micro Devices (AMD), Microchip Technology (MCHP), and Intel (INTC) closed down more than -5%.
Airline stocks fell on Wednesday as crude oil prices surged. Alaska Air Group (ALK) closed down more than -5%, and Southwest Airlines (LUV) closed down more than -4%. Also, Delta Air Lines (DAL), American Airlines Group (AAL), and United Airlines Holdings (UAL) closed down more than -3%.
Trucking and freight companies were under pressure on Wednesday amid soaring crude oil prices. ArcBest (ARCB) closed down more than -5%, and FedEx Freight Holding (FDXF) closed down more than -4%. Also, Saia Inc (SAIA) closed down more than -3%, and Old Dominion Freight Line (ODFL) and XPO Inc (XPO) closed down more than -2%. In addition, Marten Transport Ltd (MRTN) closed down more than -1%.
Most software stocks rose on Wednesday as investors rotated out of chipmakers into software. Intuit (INTU) closed up more than +6%, and Adobe Systems (ADBE), Datadog (DDOG), and Workday (WDAY) closed up more than +5%. Also, Atlassian Corp (TEAM) and ServiceNow (NOW) closed up more than +4%, and Salesforce (CRM) closed up more than +3% to lead gainers in the Dow Jones Industrials. In addition, Autodesk (ADSK) closed up more than +3%, and Thomson Reuters (TRI) closed up more than +2%.
Energy producers and service providers rallied on Wednesday, as crude oil prices jumped by more than +6%. APA Corp (APA) closed up more than +5%, and Diamondback Energy (FANG) and Devon Energy (DVN) closed up more than +4%. Also, ConocoPhillips (COP) and Occidental Petroleum (OXY) closed up more than +3%, and ExxonMobil Holdings (XOM) and Chevron (CVX) closed up more than +2%.
Lennox International (LII) closed down more than -20% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) closed down more than -17% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
Masco Corp (MAS) closed down more than -11% after reporting Q2 net sales of $1.99 billion, weaker than the consensus of $2.08 billion.
Caterpillar (CAT) closed down more than -6% to lead losers in the Dow Jones industrials after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Avis Budget Group (CAR) closed down more than -6% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Humana (HUM) closed down more than -5% after it maintained its full-year profit outlook despite posting better-than-expected Q2 profit.
Garmin Ltd (GRMN) closed up more than +16% to lead gainers in the S&P 500 after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
GE Healthcare (GEHC) closed up more than +12% to lead gainers in the Nasdaq 100 after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Amphenol (APH) closed up more than +4% after reporting Q2 net sales of $8.76 billion, better than the consensus of $8.31 billion.
Ford Motor (F) closed up more than +2% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/30/2026)
A O Smith Corp (AOS), Air Products and Chemicals Inc (APD), Alliant Energy Corp (LNT), Altria Group Inc (MO), Amazon.com Inc (AMZN), American Electric Power Co Inc (AEP), Apple Inc (AAPL), Arthur J Gallagher & Co (AJG), Avery Dennison Corp (AVY), Baxter International Inc (BAX), Bristol-Myers Squibb Co (BMY), Builders FirstSource Inc (BLDR), Camden Property Trust (CPT), Cigna Group/The (CI), Coinbase Global Inc (COIN), Corteva Inc (CTVA), CRH PLC (CRH), Dexcom Inc (DXCM), Edison International (EIX), EMCOR Group Inc (EME), Erie Indemnity Co (ERIE), Eversource Energy (ES), Exelon Corp (EXC), First Solar Inc (FSLR), GoDaddy Inc (GDDY), Hershey Co/The (HSY), Huntington Ingalls Industries (HII), Ingersoll Rand Inc (IR), Intercontinental Exchange Inc (ICE), International Paper Co (IP), KKR & Co Inc (KKR), Labcorp Holdings Inc (LH), Live Nation Entertainment Inc (LYV), Martin Marietta Materials Inc (MLM), Mastercard Inc (MA), Mettler-Toledo International Inc (MTD), Monolithic Power Systems Inc (MPWR), Norwegian Cruise Line Holdings (NCLH), Quanta Services Inc (PWR), Regeneron Pharmaceuticals Inc (REGN), Southern Co/The (SO), Stryker Corp (SYK), Trane Technologies PLC (TT), Valero Energy Corp (VLO), Weyerhaeuser Co (WY), Willis Towers Watson PLC (WTW), Xcel Energy Inc (XEL), Yum! Brands Inc (YUM).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Plunge on a Rout in Chipmakers and a Hawkish Fed Hold

The S&P 500 Index ($SPX) (SPY) today is down -0.71%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.98%. September E-mini S&P futures (ESU26) are down -0.75%, and September E-mini Nasdaq futures (NQU26) are down -1.03%.
Stock indexes are falling today, with the S&P 500 sliding to a 1-month low and the Nasdaq 100 sinking to a 3-month low. Chipmakers and AI infrastructure stocks are selling off today, leading the overall market lower. Also, heightened geopolitical risks are weighing on stocks as crude prices surged, and bond yields jumped when President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
The markets were little changed following the results of the 2-day FOMC meeting early this afternoon, with policymakers keeping interest rates unchanged in a 9-3 decision. Also, earnings results from Microsoft and Meta Platforms after today’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns. The 10-year T-note yield is up +4 bp to 4.64%.
Sep WTI crude oil prices (CLU26) jumped by more than +7% today as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 87% of the 216 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 34% chance of a +25 bp rate hike at the conclusion of today’s FOMC meeting.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.73%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -9 ticks. The 10-year T-note yield is up +3.0 bp to 4.637%. T-notes are under pressure today from a +7% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, long liquidation and position evening are weighing on T-notes ahead of the FOMC’s interest rate decision later today.
European government bond yields are moving higher today. The 10-year German bund yield is up +5.0 bp to 3.154%. The 10-year UK gilt yield is up +7.7 bp to 5.021%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are sharply lower today, weighing on the broader market. The Philadelphia Stock Exchange Semiconductor Index ($SOX) dropped to a 2.5-month low and is down more than -3%. Nebius Group NV (NBIS) is down more than -9% to lead losers in the Nasdaq 100, and KLA Corp (KLAC) and Sandisk (SNDK) are down more than -7%. Also, Applied Materials (AMAT), NXP Semiconductors NV (NXPI), and ARM Holdings (ARM) are down by more than -5%, and Advanced Micro Devices (AMD) is down more than -4%. In addition, Marvell Technology (MRVL), Lam Research (LRCX), and Microchip Technology (MCHP) are down more than -3%, and Nvidia (NVDA), Intel (INTC), and Texas Instruments (TXN) are down more than -2%.
Trucking and freight companies are under pressure today from soaring crude oil prices. ArcBest (ARCB) is down more than -7%, and Saia Inc (SAIA), FedEx Freight Holding (FDXF), JB Hunt Transport Services (JBHT), and CH Robinson Worldwide (CHRW) are down more than -2%. Also, Old Dominion Freight Line (ODFL), Marten Transport Ltd (MRTN), Knight-Swift Transportation Holdings (KNX), and XPO Inc (XPO) are down more than -1%.
Airline stocks are sliding today with the surge in crude oil prices. Alaska Air Group (ALK) is down more than -3%, and Delta Air Lines (DAL) and Southwest Airlines (LUV) are down more than -2%. Also, American Airlines Group (AAL) and United Airlines Holdings (UAL) are down more than -1%.
Energy producers and service providers are climbing today, with crude oil prices up by more than +7%. Diamondback Energy (FANG) is up more than +4%, and ConocoPhillips (COP), APA Corp (APA), Devon Energy (DVN), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +3%. Also, Baker Hughes (BKR) and Chevron (CVX) are up more than +2%, and Phillips 66 (PSX) and Valero Energy (VLO) are up more than +1%.
Lennox International (LII) is down more than -19% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) is down more than -13% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
Avis Budget Group (CAR) is down more than -11% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Masco Corp (MAS) is down more than -10% after reporting Q2 net sales of $1.99 billion, weaker than the consensus of $2.08 billion.
Caterpillar (CAT) is down more than -6% to lead losers in the Dow Jones industrials after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Humana (HUM) is down more than -6% after it maintained its full-year profit outlook despite posting better-than-expected Q2 profit.
Garmin Ltd (GRMN) is up more than +17% to lead gainers in the S&P 500 after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
GE Healthcare (GEHC) is up more than +11% to lead gainers in the Nasdaq 100 after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Amphenol (APH) is up more than +6% after reporting Q2 net sales of $8.76 billion, better than the consensus of $8.31 billion.
Teradyne (TER) is up more than +5% after reporting Q2 net revenue of $1.33 billion, stronger than the consensus of $1.22 billion.
Ford Motor (F) is up more than +5% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/29/2026)
Align Technology Inc (ALGN), American Water Works Co Inc (AWK), Amphenol Corp (APH), Aon PLC (AON), Automatic Data Processing Inc (ADP), Biogen Inc (BIIB), Boston Scientific Corp (BSX), Bunge Global SA (BG), Carvana Co (CVNA), CBRE Group Inc (CBRE), CH Robinson Worldwide Inc (CHRW), Chipotle Mexican Grill Inc (CMG), Cognizant Technology Solutions (CTSH), Electronic Arts Inc (EA), Entergy Corp (ETR), Equinix Inc (EQIX), Essex Property Trust Inc (ESS), Everest Group Ltd (EG), Fair Isaac Corp (FICO), Flex Ltd (FLEX), Fortinet Inc (FTNT), Fortive Corp (FTV), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), General Dynamics Corp (GD), Humana Inc (HUM), IDEX Corp (IEX), Invitation Homes Inc (INVH), Johnson Controls International (JCI), L3Harris Technologies Inc (LHX), Lam Research Corp (LRCX), Lennox International Inc (LII), Masco Corp (MAS), Meta Platforms Inc (META), MGM Resorts International (MGM), Microsoft Corp (MSFT), Mid-America Apartment Communities (MAA), Old Dominion Freight Line Inc (ODFL), O'Reilly Automotive Inc (ORLY), Procter & Gamble Co/The (PG), PTC Inc (PTC), Public Storage (PSA), QUALCOMM Inc (QCOM), Regency Centers Corp (REG), Robinhood Markets Inc (HOOD), Smurfit Westrock PLC (SW), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Tyler Technologies Inc (TYL), Ventas Inc (VTR), Verisk Analytics Inc (VRSK), Vertiv Holdings Co (VRT), VICI Properties Inc (VICI), Vulcan Materials Co (VMC), Waste Management Inc (WM), WEC Energy Group Inc (WEC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Tumble as Chipmakers Plunge, Oil Spikes

The following companies are expected to report earnings after hours on 07/29/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
Microsoft Corporation (MSFT)is reporting for the quarter ending June 30, 2026. The computer software company's consensus earnings per share forecast from the 15 analysts that follow the stock is $4.21. This value represents a 15.34% increase compared to the same quarter last year. In the past year MSFT has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 4.91%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for MSFT is 23.55 vs. an industry ratio of 20.40, implying that they will have a higher earnings growth than their competitors in the same industry.
Meta Platforms, Inc. (META)is reporting for the quarter ending June 30, 2026. The internet software company's consensus earnings per share forecast from the 13 analysts that follow the stock is $7.10. This value represents a 0.56% decrease compared to the same quarter last year. In the past year META has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 8.94%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for META is 20.18 vs. an industry ratio of 143.20.
Lam Research Corporation (LRCX)is reporting for the quarter ending June 30, 2026. The electric company company's consensus earnings per share forecast from the 9 analysts that follow the stock is $1.69. This value represents a 27.07% increase compared to the same quarter last year. In the past year LRCX has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 8.09%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for LRCX is 47.47 vs. an industry ratio of 28.70, implying that they will have a higher earnings growth than their competitors in the same industry.
Arm Holdings plc (ARM)is reporting for the quarter ending June 30, 2026. The electric company company's consensus earnings per share forecast from the 4 analysts that follow the stock is $0.18. This value represents a 12.50% increase compared to the same quarter last year. ARM missed the consensus earnings per share in the 1st calendar quarter of 2026 by -5.26%. Zacks Investment Research reports that the 2027 Price to Earnings ratio for ARM is 218.52 vs. an industry ratio of 28.70, implying that they will have a higher earnings growth than their competitors in the same industry.
QUALCOMM Incorporated (QCOM)is reporting for the quarter ending June 30, 2026. The electric company company's consensus earnings per share forecast from the 8 analysts that follow the stock is $1.54. This value represents a 32.75% decrease compared to the same quarter last year. In the past year QCOM has met analyst expectations once and beat the expectations the other three quarters. Zacks Investment Research reports that the 2026 Price to Earnings ratio for QCOM is 20.41 vs. an industry ratio of 28.70.
Starbucks Corporation (SBUX)is reporting for the quarter ending June 30, 2026. The restaurant company's consensus earnings per share forecast from the 11 analysts that follow the stock is $0.66. This value represents a 32.00% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for SBUX is 42.78 vs. an industry ratio of -4.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Fortinet, Inc. (FTNT)is reporting for the quarter ending June 30, 2026. The security company's consensus earnings per share forecast from the 11 analysts that follow the stock is $0.66. This value represents a 13.79% increase compared to the same quarter last year. In the past year FTNT has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 37.74%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for FTNT is 53.56 vs. an industry ratio of 254.80.
Equinix, Inc. (EQIX)is reporting for the quarter ending June 30, 2026. The reit company's consensus earnings per share forecast from the 5 analysts that follow the stock is $10.14. This value represents a 2.32% increase compared to the same quarter last year. In the past year EQIX has beat the expectations every quarter. The highest one was in the 1st calendar quarter where they beat the consensus by 9.54%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for EQIX is 27.06 vs. an industry ratio of 14.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Canadian Pacific Kansas City Limited (CP)is reporting for the quarter ending June 30, 2026. The transportation (rail) company's consensus earnings per share forecast from the 7 analysts that follow the stock is $0.89. This value represents a 9.88% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CP is 24.85 vs. an industry ratio of 18.00, implying that they will have a higher earnings growth than their competitors in the same industry.
O'Reilly Automotive, Inc. (ORLY)is reporting for the quarter ending June 30, 2026. The wholesale retail company's consensus earnings per share forecast from the 10 analysts that follow the stock is $0.85. This value represents a 8.97% increase compared to the same quarter last year. ORLY missed the consensus earnings per share in the 4th calendar quarter of 2025 by -1.39%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ORLY is 28.14 vs. an industry ratio of 20.20, implying that they will have a higher earnings growth than their competitors in the same industry.
Robinhood Markets, Inc. (HOOD)is reporting for the quarter ending June 30, 2026. The investment bankers company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.43. This value represents a 2.38% increase compared to the same quarter last year. HOOD missed the consensus earnings per share in the 1st calendar quarter of 2026 by -5%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for HOOD is 47.57 vs. an industry ratio of 16.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Deutsche Bank AG (DB)is reporting for the quarter ending June 30, 2026. The bank (foreign) company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.91. This value represents a 68.52% increase compared to the same quarter last year. DB missed the consensus earnings per share in the 2nd calendar quarter of 2025 by -30.77%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for DB is 9.04 vs. an industry ratio of 12.20.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

After-Hours Earnings Report for July 29, 2026 : MSFT, META, LRCX, ARM, QCOM, SBUX, FTNT, EQIX, CP, ORLY, HOOD, DB

The S&P 500 Index ($SPX) (SPY) today is down -0.71%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.53%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.98%. September E-mini S&P futures (ESU26) are down -0.75%, and September E-mini Nasdaq futures (NQU26) are down -1.03%.
Stock indexes are falling today, with the S&P 500 sliding to a 1-month low and the Nasdaq 100 sinking to a 3-month low. Chipmakers and AI infrastructure stocks are selling off today, leading the overall market lower. Also, heightened geopolitical risks are weighing on stocks as crude prices surged, and bond yields jumped when President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan.
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The markets are awaiting the results of the 2-day FOMC meeting that ends early this afternoon, with policymakers expected to keep interest rates unchanged. Also, earnings results from Microsoft and Meta Platforms after today’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns. The 10-year T-note yield is up +4 bp to 4.64%.
Sep WTI crude oil prices (CLU26) jumped by more than +7% today as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 87% of the 216 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 34% chance of a +25 bp rate hike at the conclusion of today’s FOMC meeting.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.73%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -9 ticks. The 10-year T-note yield is up +3.0 bp to 4.637%. T-notes are under pressure today from a +7% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, long liquidation and position evening are weighing on T-notes ahead of the FOMC’s interest rate decision later today.
European government bond yields are moving higher today. The 10-year German bund yield is up +5.0 bp to 3.154%. The 10-year UK gilt yield is up +7.7 bp to 5.021%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are sharply lower today, weighing on the broader market. The Philadelphia Stock Exchange Semiconductor Index ($SOX) dropped to a 2.5-month low and is down more than -3%. Nebius Group NV (NBIS) is down more than -9% to lead losers in the Nasdaq 100, and KLA Corp (KLAC) and Sandisk (SNDK) are down more than -7%. Also, Applied Materials (AMAT), NXP Semiconductors NV (NXPI), and ARM Holdings (ARM) are down by more than -5%, and Advanced Micro Devices (AMD) is down more than -4%. In addition, Marvell Technology (MRVL), Lam Research (LRCX), and Microchip Technology (MCHP) are down more than -3%, and Nvidia (NVDA), Intel (INTC), and Texas Instruments (TXN) are down more than -2%.
Trucking and freight companies are under pressure today from soaring crude oil prices. ArcBest (ARCB) is down more than -7%, and Saia Inc (SAIA), FedEx Freight Holding (FDXF), JB Hunt Transport Services (JBHT), and CH Robinson Worldwide (CHRW) are down more than -2%. Also, Old Dominion Freight Line (ODFL), Marten Transport Ltd (MRTN), Knight-Swift Transportation Holdings (KNX), and XPO Inc (XPO) are down more than -1%.
Airline stocks are sliding today with the surge in crude oil prices. Alaska Air Group (ALK) is down more than -3%, and Delta Air Lines (DAL) and Southwest Airlines (LUV) are down more than -2%. Also, American Airlines Group (AAL) and United Airlines Holdings (UAL) are down more than -1%.
Energy producers and service providers are climbing today, with crude oil prices up by more than +7%. Diamondback Energy (FANG) is up more than +4%, and ConocoPhillips (COP), APA Corp (APA), Devon Energy (DVN), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +3%. Also, Baker Hughes (BKR) and Chevron (CVX) are up more than +2%, and Phillips 66 (PSX) and Valero Energy (VLO) are up more than +1%.
Lennox International (LII) is down more than -19% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) is down more than -13% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
Avis Budget Group (CAR) is down more than -11% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Masco Corp (MAS) is down more than -10% after reporting Q2 net sales of $1.99 billion, weaker than the consensus of $2.08 billion.
Caterpillar (CAT) is down more than -6% to lead losers in the Dow Jones industrials after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Humana (HUM) is down more than -6% after it maintained its full-year profit outlook despite posting better-than-expected Q2 profit.
Garmin Ltd (GRMN) is up more than +17% to lead gainers in the S&P 500 after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
GE Healthcare (GEHC) is up more than +11% to lead gainers in the Nasdaq 100 after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Amphenol (APH) is up more than +6% after reporting Q2 net sales of $8.76 billion, better than the consensus of $8.31 billion.
Teradyne (TER) is up more than +5% after reporting Q2 net revenue of $1.33 billion, stronger than the consensus of $1.22 billion.
Ford Motor (F) is up more than +5% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/29/2026)
Align Technology Inc (ALGN), American Water Works Co Inc (AWK), Amphenol Corp (APH), Aon PLC (AON), Automatic Data Processing Inc (ADP), Biogen Inc (BIIB), Boston Scientific Corp (BSX), Bunge Global SA (BG), Carvana Co (CVNA), CBRE Group Inc (CBRE), CH Robinson Worldwide Inc (CHRW), Chipotle Mexican Grill Inc (CMG), Cognizant Technology Solutions (CTSH), Electronic Arts Inc (EA), Entergy Corp (ETR), Equinix Inc (EQIX), Essex Property Trust Inc (ESS), Everest Group Ltd (EG), Fair Isaac Corp (FICO), Flex Ltd (FLEX), Fortinet Inc (FTNT), Fortive Corp (FTV), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), General Dynamics Corp (GD), Humana Inc (HUM), IDEX Corp (IEX), Invitation Homes Inc (INVH), Johnson Controls International (JCI), L3Harris Technologies Inc (LHX), Lam Research Corp (LRCX), Lennox International Inc (LII), Masco Corp (MAS), Meta Platforms Inc (META), MGM Resorts International (MGM), Microsoft Corp (MSFT), Mid-America Apartment Communities (MAA), Old Dominion Freight Line Inc (ODFL), O'Reilly Automotive Inc (ORLY), Procter & Gamble Co/The (PG), PTC Inc (PTC), Public Storage (PSA), QUALCOMM Inc (QCOM), Regency Centers Corp (REG), Robinhood Markets Inc (HOOD), Smurfit Westrock PLC (SW), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Tyler Technologies Inc (TYL), Ventas Inc (VTR), Verisk Analytics Inc (VRSK), Vertiv Holdings Co (VRT), VICI Properties Inc (VICI), Vulcan Materials Co (VMC), Waste Management Inc (WM), WEC Energy Group Inc (WEC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Tumble Ahead of FOMC as Chipmakers Plunge

The S&P 500 Index ($SPX) (SPY) today is down -0.18%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.85%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.23%. September E-mini S&P futures (ESU26) are down -0.25%, and September E-mini Nasdaq futures (NQU26) are down -0.30%.
Stock indexes turned lower today as crude prices surged, and bond yields jumped after President Trump said the US will “hit Iran hard” after a recent attack from Iran that targeted a US base in Jordan. The markets are awaiting the results of the 2-day FOMC meeting that ends early this afternoon, with policymakers expected to keep interest rates unchanged. Also, earnings results from Microsoft and Meta Platforms after today’s close will be looked at to see whether the vast spending behind the buildout of artificial intelligence can deliver adequate returns. The 10-year T-note yield is up +3 bp to 4.63%.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Sep WTI crude oil prices (CLU26) jumped by more than +6% today as the recent lull in hostilities came to an abrupt end after the Islamic Revolutionary Guard Corps (IRGC) said it targeted a US airbase and command center in Jordan with ballistic missiles. The IRGC also claimed to have hit and halted three tankers attempting to transit through the Strait of Hormuz. Meanwhile, the US and Saudi Arabia launched a joint attack on "Iran-aligned terrorists" in Iraq after the IRGC directed them to target US forces and Saudi energy infrastructure.
Tensions remain high in the Middle East as the US maintains its blockade of Iranian oil shipments in the Persian Gulf. Also, diplomatic attempts to reopen the Strait of Hormuz appear to be at an impasse. Iranian Deputy Foreign Minister Gharibabadi said Oman's proposal for a route through the Strait of Hormuz, with 50% under Iran's control and 50% under Oman's, would not address Iran's concerns and that the inbound passage and part of the outbound channel must be entirely under Iran's control.
US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week.
The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks. The markets are awaiting results from a raft of megacap technology companies this week, including Microsoft and Meta Platforms today, and Amazon.com and Apple on Thursday. Forecasts compiled by Bloomberg Intelligence suggest Q2 earnings may increase by +23%, close to Q1’s blowout earnings of +30%, which was more than double the +12% analysts had expected. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 170 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 36% chance of a +25 bp rate hike at the conclusion of today’s FOMC meeting.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.48%. China's Shanghai Composite rebounded from a 1-week low and closed up +0.40%. Japan's Nikkei-225 Stock Average fell to a 2.25-month low and closed down -1.49%.
Interest Rates
September 10-year T-notes (ZNU6) today are down -8 ticks. The 10-year T-note yield is up +2.6 bp to 4.633%. T-notes are under pressure today from a +6% surge in crude oil prices, which raises inflation expectations and is hawkish for Fed policy. Also, long liquidation and position evening are weighing on T-notes ahead of the FOMC’s interest rate decision later today.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.2 bp to 3.136%. The 10-year UK gilt yield is up +5.3 bp to 4.997%.
The German Jun import price index eased to 6.1% y/y from 6.8% y/y in May.
The markets are discounting an 88% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Chipmakers and AI-infrastructure stocks are moving lower today, weighing on the broader market. Nebius Group NV (NBIS) is down more than -8% to lead losers in the Nasdaq 100, and Sandisk (SNDK) is down more than -6%. Also, Applied Materials (AMAT) and KLA Corp (KLAC) are down by more than -4%, and NXP Semiconductors NV (NXPI) and ARM Holdings (ARM) are down by more than -3%. In addition, Advanced Micro Devices (AMD), ASML Holding NV (ASML), Micron Technology (MU), Lam Research (LRCX), and Microchip Technology (MCHP) are down more than -2%.
Trucking and freight companies are under pressure today from soaring crude oil prices. ArcBest (ARCB) is down more than -4%, and Old Dominion Freight Line (ODFL) and Saia Inc (SAIA) are down more than -2%. Also, FedEx Freight Holding (FDXF), Knight-Swift Transportation Holdings (KNX), JB Hunt Transport Services (JBHT), Marten Transport Ltd (MRTN), CH Robinson Worldwide (CHRW), and XPO Inc (XPO) are down more than -1%.
Airline stocks are sliding today with the surge in crude oil prices. Alaska Air Group (ALK) and Southwest Airlines (LUV) are down more than -2%, and American Airlines Group (AAL), United Airlines Holdings (UAL), and Delta Air Lines (DAL) are down more than -1%.
Energy producers and service providers are climbing today, with crude oil prices up by more than +6%. ConocoPhillips (COP), Diamondback Energy (FANG), and Valero Energy (VLO) are up more than +3%, and APA Corp (APA), Chevron (CVX), Devon Energy (DVN), ExxonMobil Holdings (XOM), Marathon Petroleum (MPC), Occidental Petroleum (OXY), and Phillips 66 (PSX) are up more than +2%. Also, SLB Ltd (SLB), Baker Hughes (BKR), and Haliburton (HAL) are up more than +1%.
Lennox International (LII) is down more than -13% to lead losers in the S&P 500 after reporting Q2 net sales of $1.55 billion, weaker than the consensus of $1.56 billion.
Vertiv Holdings (VRT) is down more than -8% after reporting Q2 net sales of $3.27 billion, below the consensus of $3.39 billion.
CoStar Group (CSGP) is down more than -8% after reporting Q2 revenue of $925 million, weaker than the consensus of $929.4 million.
Skyworks Solutions (SWKS) is down more than -7% after forecasting Q4 adjusted EPS of $1.27, below the consensus of $1.29.
Avis Budget Group (CAR) is down more than -6% after reporting Q2 EPS of 98 cents, well below the consensus of $1.91.
Caterpillar (CAT) is down more than -2% after Baird downgraded the stock to neutral from outperform, citing a growing trend of state and local government actions targeting data centers, a key growth driver for the company.
Teradyne (TER) is up more than +13% to lead gainers in the S&P 500 and Nasdaq 100 after reporting Q2 net revenue of $1.33 billion, stronger than the consensus of $1.22 billion.
GE Healthcare (GEHC) is up more than +10% after reporting Q2 adjusted EPS of $1.13, better than the consensus of $1.04.
Garmin Ltd (GRMN) is up more than +7% after reporting Q2 revenue of $2.02 billion, above the consensus of $1.92 billion, and raising its full-year revenue estimate to $8.05 billion from a previous estimate of $7.90 billion, stronger than the consensus of $7.99 billion.
Bloom Energy (BE) is up more than +7% after reporting Q2 revenue of $1.07 billion, stronger than the consensus of $838.7 million, and raising its full-year revenue forecast to $3.9 billion to $4.2 billion from a previous forecast of $3.4 billion to $3.8 billion, above the consensus of $3.74 billion.
Generac Holdings (GNRC) is up more than +5% after raising its full-year adjusted Ebitda margin to 20% to 21% from a previous estimate of 18.5% to 19.5%, better than the consensus of 19.2%.
Ford Motor (F) is up more than +4% after raising its full-year adjusted EBIT to $10 billion to $11 billion from a previous forecast of $8.5 billion to $10.5 billion.
Earnings Reports (7/29/2026)
Align Technology Inc (ALGN), American Water Works Co Inc (AWK), Amphenol Corp (APH), Aon PLC (AON), Automatic Data Processing Inc (ADP), Biogen Inc (BIIB), Boston Scientific Corp (BSX), Bunge Global SA (BG), Carvana Co (CVNA), CBRE Group Inc (CBRE), CH Robinson Worldwide Inc (CHRW), Chipotle Mexican Grill Inc (CMG), Cognizant Technology Solutions (CTSH), Electronic Arts Inc (EA), Entergy Corp (ETR), Equinix Inc (EQIX), Essex Property Trust Inc (ESS), Everest Group Ltd (EG), Fair Isaac Corp (FICO), Flex Ltd (FLEX), Fortinet Inc (FTNT), Fortive Corp (FTV), Garmin Ltd (GRMN), GE HealthCare Technologies Inc (GEHC), Generac Holdings Inc (GNRC), General Dynamics Corp (GD), Humana Inc (HUM), IDEX Corp (IEX), Invitation Homes Inc (INVH), Johnson Controls International (JCI), L3Harris Technologies Inc (LHX), Lam Research Corp (LRCX), Lennox International Inc (LII), Masco Corp (MAS), Meta Platforms Inc (META), MGM Resorts International (MGM), Microsoft Corp (MSFT), Mid-America Apartment Communities (MAA), Old Dominion Freight Line Inc (ODFL), O'Reilly Automotive Inc (ORLY), Procter & Gamble Co/The (PG), PTC Inc (PTC), Public Storage (PSA), QUALCOMM Inc (QCOM), Regency Centers Corp (REG), Robinhood Markets Inc (HOOD), Smurfit Westrock PLC (SW), Stanley Black & Decker Inc (SWK), Starbucks Corp (SBUX), Tyler Technologies Inc (TYL), Ventas Inc (VTR), Verisk Analytics Inc (VRSK), Vertiv Holdings Co (VRT), VICI Properties Inc (VICI), Vulcan Materials Co (VMC), Waste Management Inc (WM), WEC Energy Group Inc (WEC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Arm Holdings plc

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