Tech Rally Loses Steam as Earnings Paint a Mixed Picture

US stock futures were little changed on Thursday as investors weighed earnings results from Nvidia (NVDA) and Salesforce (CRM). Despite a strong earnings beat from Nvidia, the results failed to push technology shares meaningfully higher, with gains from a two-day rebound appearing to stall.

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

Leading Sectors: Industrial, Financial, Technology

Lagging Sectors: Energy, Consumer Discretionary, Real Estate

Nvidia (NVDA): The chipmaker posted strong fiscal fourth-quarter earnings and revenue, both beating analyst expectations. Growth was driven largely by its data center business, and shares edged higher on the results.

Salesforce (CRM): Shares fell after the customer relationship software giant issued fiscal 2027 revenue guidance that narrowly missed analyst forecasts. Fourth-quarter results did beat expectations on both earnings and revenue, however.

Trade Desk (TTD): The advertising technology company fell sharply after issuing weaker-than-expected first-quarter profit and revenue guidance. The disappointing outlook overshadowed a solid fourth-quarter earnings beat.

Nutanix (NTNX): Shares surged after the cloud software company announced a multiyear partnership with AMD to develop an AI infrastructure platform, which includes a $150 million strategic investment from AMD. Nutanix also reported quarterly results that beat analyst estimates on both the top and bottom lines.

IonQ (IONQ): The quantum computing company jumped after issuing revenue guidance well above what analysts had anticipated, for both the first quarter and the full year.

C3.ai (AI): Shares fell sharply after the AI software company reported quarterly earnings and revenue that both missed analyst expectations by a significant margin. The company also announced it is cutting roughly a quarter of its workforce.

Lantheus Holdings (LNTH): The radiopharmaceutical company declined after issuing full-year earnings guidance below analyst forecasts, even though its most recent quarterly results came in ahead of expectations.

Array Technologies (ARRY): The solar energy company reported a quarterly loss and a sharp year-over-year drop in revenue. Its full-year profit guidance also came in below analyst expectations, sending shares lower in premarket trading.

Pure Storage (PSTG): The data storage company reported its first ever billion-dollar quarter and issued strong full-year revenue growth guidance, driven by demand from hyperscale cloud and AI customers. Shares rose in premarket trading.

Sezzle (SEZL): The buy-now-pay-later company beat fourth-quarter earnings estimates and reported strong full-year revenue growth. It also raised its 2026 profit guidance. Shares jumped in premarket trading.

GigaCloud Technology (GCT): The e-commerce logistics company reported record full-year revenue and strong net income in a regulatory filing. Shares climbed in premarket trading.

Opera (OPRA): The browser and AI company reported fourth-quarter and full-year results ahead of its own guidance, issued a positive 2026 outlook, and announced a large share buyback program. Shares rose in premarket trading.

Celsius Holdings (CELH): The energy drink maker reported a record full year of revenue and quarterly results that beat estimates. Shares gained in premarket trading.

SkyWater Technology (SKYT): The semiconductor foundry reported quarterly revenue that more than doubled year over year, beating estimates, though it posted a small per-share loss that missed forecasts. Shares rose in premarket trading.

PROCEPT BioRobotics (PRCT): The medical robotics company issued 2027 financial guidance that disappointed investors, with shares falling sharply in premarket trading despite the long-term targets.

Vital Farms (VITL): The ethical food company reported quarterly and full-year results and issued 2026 revenue growth guidance, alongside a new $100 million share buyback program. Despite the buyback, shares fell in premarket trading.

TG Therapeutics (TGTX): The biopharmaceutical company reported full-year results and raised its 2026 revenue guidance, driven largely by strong sales of its multiple sclerosis drug BRIUMVI. Shares nevertheless declined in premarket trading.

Nu Holdings (NU): The Brazilian digital bank beat fourth-quarter earnings estimates and reported strong returns on equity, but flagged plans to increase spending in 2026. Shares slipped in premarket trading.

J.M. Smucker (SJM): The food company reported better-than-expected quarterly earnings and revenue, sending shares sharply higher. Smucker earned more per share than analysts had forecast, with revenue also coming in ahead of estimates.

Snowflake (SNOW): The cloud software company gave first-quarter revenue guidance that was only slightly ahead of what analysts had expected, leaving investors underwhelmed. Shares slipped modestly.

Synopsys (SNPS): The electronic design automation company slid after its full-year revenue guidance came in roughly in line with, or slightly below, what Wall Street was looking for.

Warner Bros. Discovery (WBD): The media company reported a quarterly net loss and a 6% decline in revenue, reflecting weakness in its TV and film business. Shares were little changed in premarket trading.

(Stocks showing elevated volume and notable price movement)

Gainers: NCLH, ACHC

Losers: ZG

None.



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.