01 Stock Market

The U.S. major indexes closed as follows: Dow Jones up 0.02% at 52867.98; S&P 500 down 1.21% at 7663.43; NASDAQ down 2.60% at 26008.86.

Unusual-move stocks were dominated by earnings reactions and AI-related de-risking. RingCentral drew attention after posting stronger-than-expected results, while Western Digital also delivered a better-than-expected quarter and said data storage demand remained solid. In contrast, Bloom Energy fell in after-hours trading despite beating estimates, as investors focused on cash burn and heavy spending. Comfort Systems also declined after its CFO announced retirement, even though quarterly profit and revenue topped expectations.

Chip and AI-linked names were broadly weaker, with several large-cap tech stocks selling off sharply. NVIDIA fell 4.40% at $212.21; Advanced Micro Devices fell 8.10% at $507.93; Broadcom fell 4.31% at $323.24; Marvell Technology fell 8.70% at $223.47; and Micron Technology fell sharply in the broader post-close move. Among individual movers, Spotify rose after its earnings beat, while Deckers Outdoor declined after cutting its outlook.

02 Other Markets

U.S. 10-year Treasury yield rose by 0.00%, latest at 4.95.

USD/CNH rose 0.0089%, at 6.72; USD/HKD rose 0.0070%, at 7.84.

U.S. Dollar Index fell 0.0492%, at 101.57.

WTI crude futures fell 0.54%, at 98.93 USD/bbl; COMEX gold futures fell 0.43%, at 4042.90 USD/oz.

03 Top News

1. Meta announced a new share structure to support a large AI funding push. The company said it plans to create a class of nonvoting stock that would let it raise equity while preserving founder control. The move helped intensify concern about the scale of capital required for the AI buildout.

2. Meta’s financing plans rattled markets as investors reassessed AI spending. Reports said a sizable equity offering could arrive soon as the company looks to reduce reliance on debt. The prospect of more funding needs added pressure to AI-related shares and helped drive a broader rotation into safer assets.

3. Western Digital reported stronger quarterly results and raised its outlook. The company said higher data storage demand and improved pricing lifted revenue and profit above expectations. Management also pointed to continued demand from AI data-center customers and increased its dividend.

4. Bloom Energy beat earnings estimates but still sold off after hours. The fuel-cell maker reported stronger-than-expected revenue and profit, yet investors focused on negative operating cash flow and free cash flow. The company also said it is expanding manufacturing capacity and raised full-year guidance.

5. Comfort Systems appointed a new finance chief as its current CFO prepares to retire. The company said Bill George will step down after it files its annual report and that Julie Shaeff will succeed him. The firm also posted stronger-than-expected quarterly profit and revenue and increased its dividend.

6. RingCentral topped expectations and lifted its revenue outlook. The company said quarterly earnings and revenue beat estimates, supported by growth in AI-powered communications tools. It also raised full-year revenue guidance, signaling continued demand for its platform.

7. Deckers Outdoor cut its annual revenue forecast. The footwear company lowered guidance even after reporting record quarterly revenue. Management cited a softer full-year sales outlook, and the stock dropped in after-hours trading.

8. Gilead agreed to buy an oral inflammation drug program for $1.275 billion. The deal gives Gilead worldwide rights to PepStar Therapeutics’ inhibitor program, including lead asset HCXT-2001. The company said the acquisition supports its inflammatory bowel disease pipeline but will pressure near-term earnings per share.

9. Newmont beat profit estimates as gold prices and copper output improved. The miner said higher gold prices and a rebound in Cadia copper production lifted quarterly results. It also advanced development work on a major Canadian gold and copper project, reinforcing its growth pipeline.

10. Reuters reported that the yen strengthened as oil and AI worries hit risk assets. The currency gained as investors sought safety amid weaker equities and higher crude prices. The move underscored how concerns about inflation, geopolitical risk, and AI-related valuation pressure are reshaping cross-asset flows.

Sources: Reuters, Dow Jones, public market data

Disclaimer: This content is for reference only and does not constitute investment advice.