Risk-Off Returns as Tech Weakens, Defensives Lead

U.S. stock futures fell again as investors became more cautious. Earlier gains faded as selling continued across technology stocks, while bitcoin and silver also declined.

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Major Indexes: S&P 500 lower, Nasdaq lower, Dow lower, Russell 2000 lower

Leading Sectors: Health Care, Consumer Staples, Utilities

Lagging Sectors: Communication Services, Energy, Consumer Discretionary, Materials, Technology

Alphabet (GOOGL): While quarterly results beat expectations, investors reacted negatively to plans for a major increase in future capital spending.

Qualcomm (QCOM): The company gave a weaker outlook than Wall Street expected, citing issues tied to a global memory shortage. Investors were disappointed with its projected earnings and revenue for the upcoming quarter.

Estée Lauder (EL): Earnings slightly beat expectations and revenue met forecasts, but investors focused on broader concerns despite the company raising its full-year profit outlook.

Canada Goose (GOOS): Revenue grew, but higher expenses and margin pressure weighed on results; the company also announced a leadership change in North America.

Align Technology (ALGN): Results came in stronger than expected, with both earnings and revenue topping forecasts, showing continued demand for Invisalign products.

Corpay (CPAY): The company delivered better-than-expected earnings and revenue, signaling solid business momentum.

E.l.f. Beauty (ELF): The company raised its full-year guidance after reporting strong quarterly results that exceeded expectations.

MicroStrategy (MSTR), Coinbase (COIN), Robinhood Markets (HOOD): Crypto-related stocks declined as bitcoin prices weakened, pressuring sentiment across the sector.

Bristol-Myers Squibb (BMY): The company reported earnings and revenue that exceeded expectations, reflecting strong performance across its drug portfolio.

Tapestry (TPR): Strong quarterly earnings and revenue beat expectations, driven by solid demand for its brands.

Peloton (PTON): Results disappointed, with a wider loss and lower revenue than expected, raising concerns about demand and profitability.

Sirius XM (SIRI): Earnings and revenue beat expectations, and the company offered full-year revenue guidance.

Wolfspeed (WOLF): Earnings and revenue missed expectations, prompting the company to highlight cost cuts, debt reduction, and tax refunds.

Carrier Global (CARR): The company missed expectations on both earnings and revenue, leading to concerns about its recent performance.

Arm Holdings (ARM): Recent results topped estimates, but forward guidance only slightly exceeded expectations, leaving investors cautious.

O’Reilly Automotive (ORLY): Quarterly earnings fell short of expectations, and full-year profit guidance came in below what analysts had hoped for.

Cardinal Health (CAH): The company beat earnings expectations and raised its full-year guidance, pointing to improved operating performance.

Hershey (HSY): Quarterly earnings and revenue exceeded expectations, supported by strong pricing and demand.

Snap (SNAP): The company announced a new stock buyback and reported solid profitability, though its revenue outlook came in below Wall Street’s expectations.

Coherent (COHR): Results beat expectations, but investors reacted cautiously to updated guidance following a recent business sale.

Symbotic (SYM): Revenue grew strongly, the company returned to profitability, and guidance pointed to continued growth tied to major customer partnerships.

Crown Castle (CCI): The company outlined workforce reductions, debt repayment plans, and a share buyback while maintaining its dividend.

Fluence Energy (FLNC): Earnings and revenue missed expectations, though the company reaffirmed long-term guidance and highlighted strong growth in its project pipeline.

ConocoPhillips (COP): Earnings fell short of expectations, but the company outlined steady production, capital spending plans, and shareholder returns.

Energizer Holdings (ENR): Sales were steady and cash flow remained strong, though margins were pressured; full-year guidance was reaffirmed.

Shell (SHEL): The company reported its weakest quarterly profit in years but raised its dividend and announced a new share buyback.

The Cigna Group (CI): Strong results led the company to raise its dividend and issue upbeat guidance, while also resolving a regulatory issue tied to insulin pricing.

Cummins (CMI): Results included one-time charges, but the company guided for moderate revenue growth and stable margins going forward.

IQVIA (IQV): Quarterly results met expectations, and the company provided steady guidance for the coming year.

American Superconductor (AMSC): The company posted a massive year-over-year earnings increase and beat expectations, helped by strong project activity and tax benefits.

Rubrik (RBRK): Preliminary results exceeded all expectations, and the company announced a new chief revenue officer.

Cerence (CRNC): Results benefited from a one-time patent settlement, but investors focused on concerns about the sustainability of revenue growth.

(Stocks showing elevated volume and notable price movement)

Gainers: LUV, SYY

Losers: HOOD, SOFI, HUBS, CVLT, PAR, PINS, CEG, MNDY, FIG

Disclaimer: This newsletter is for informational purposes only and does not constitute investment advice. Readers should conduct their own research and consider consulting a financial professional before making investment decisions.