The market is losing ground after U.S. jobless claims rose to the highest level since August 2023.
The S&P 500 is down 1.8%, and the Nasdaq Composite lost 2.8%. The Dow Jones Industrial Average dropped 1.7%, and the Russell 2000 is down 3.7%.
Mag 7 stocks are showing mixed performances. Meta added 4.4% following an earnings beat and bright outlook. Microsoft is down 1.2%. Tesla, Nvidia, Alphabet, Apple, and Amazon are trading lower.
Investors also await Apple and Amazon’s earnings results after Wall Street’s closing bell today.
Meta shares rally following earnings beat and bright outlook.
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S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
CH Robinson Worldwide Inc (CHRW) +13.1%FMC Corp (FMC) +11.9% Air Products and Chemicals Inc (APD) +9.9%
Iron Mountain Inc (IRM) +7.3%
Aflac Inc (AFL) 6.6%
Related: Analysts overhaul Facebook parent stock price targets after earnings
The worst-performing five S&P 500 stocks with the largest midday drop are:
Moderna Inc (MRNA) -21.2%MGM Resorts International (MGM) -13.3%Western Digital Corp (WDC) -11.1%Lam Research Corp (LRCX) -9.7%AMETEK Inc (AME) -9.4%
Stocks also worth noting with significant moves include:
Tesla (TSLA) -4.5%Nvidia (NVDA) -4.9%Apple (AAPL) -1.4%Amazon (AMZN) -1%Intel (INTC) -4.5%
Qualcomm shares plummet after flat guidance
Qualcomm shares were up 8% yesterday but lost 10% near midday after the company posted an upbeat financial result yet provided a weak outlook.
Related: Buckle up: Stocks face huge test from Fed and earnings storm
The chipmaker announced its third-quarter earnings for fiscal 2024, with earnings per share reaching $2.33 on revenue of $9.39 billion, beating the estimated $2.25 a share and $9.21 billion in revenue.
The QCT segment delivered revenues of $8.1 billion, largely driven by IoT and automotive. However, according to CEO Cristiano Amon, smartphone growth is only expected to be either “flattish” or up by a single-digit percentage this year.
ARM slides despite earnings beat
Like Qualcomm, Arm Holdings (ARM) shares fell even as the chipmaker reported earnings that beat forecast.
Related: Stock Market Today: Stocks tumble on growth worries; Apple, Amazon on deck
Arm shares tumbled 16% midday after the company posted fiscal first-quarter revenue of $939 million, a 39% increase year over year and topping the consensus forecast of $912 million.
Diluted earnings per share were 21 cents, compared to 10 cents in the same quarter last year, exceeding the expected 16 cents.
The company maintained its full-year forecast of $1.45 to $1.65 in adjusted earnings per share on $3.8 billion to $4.1 billion in revenue.
As Arm shifts its focus to higher-value markets like AI accelerators, the company said it will no longer disclose the number of Arm-based chips reported as shipped.
“The number of chips reported as shipped is less representative of our performance as the growth in royalty revenue is concentrated in a smaller number of chips,” CEO Rene Haas wrote in a letter.
Moderna stock plunge after weak full-year guidance
Moderna’s share price lost over 20% midday, the biggest decline since November 2021.
More Tech Stocks:
Analyst revisits Nvidia stock price target after Blackwell checksCathie Wood unloads shares of rebounding tech titanBig tech company files Chapter 7 bankruptcy, closes abruptly
On Thursday, the biotech company posted a loss per share of $3.33, compared to the expected loss of $3.39, and reported revenue of $241 million, beating the anticipated $132 million.
The company also revised its full-year sales forecast downward due to lower anticipated sales in Europe, increased competition for respiratory vaccines in the US, and the possibility of deferring international revenue into 2025.
Related: Veteran fund manager sees world of pain coming for stocks
