After pausing for a few days the stock market rally revved higher on big Trump moves, but the major indexes edged lower for the week. First, President Donald Trump won't go ahead with a last-minute Biden administration mandate for sweeping additional AI chip restrictions globally. Then, Trump announced a trade deal with the U.K., with U.S.-China trade talks set for over the weekend.
Many leading stocks broke out or flashed buy signals. Palantir Technologies Inc. plunged on earnings, but slashed losses. MercadoLibre, AppLovin Corporation, Coupang, Inc. and Axon Enterprise, Inc. were big earnings winners, but there were losers too.
The stock market got a boost from a U.S.-U.K. trade deal, but the major indexes dipped for the week, above their 50-day moving averages but still below their 200-day lines. However, a large number of stocks broke out or flashed buy signals. Bitcoin rallied past $100,000. Crude oil jumped. Treasury yields rose.
Amid high expectations, Palantir Technologies' (PLTR) Q1 earnings rose 62%, in line with views. Revenue climbed 39% to $884 million, a seventh straight quarter of accelerating growth. The maker of data analytics software topped views for government and commercial revenue. Palantir guided higher on Q2 and full-year revenue. Shares plunged from near record highs on earnings, but later slashed losses.
Bitcoin rallied above $100,000 for the first time since February, moving above $104,000 at one point, as Trump trade optimism fueled a risk-on trade. Ethereum skyrocketed. Coinbase (COIN) badly missed Q1 views while revenue rose 24%, also missing. The crypto exchange announced a $2.9 billion deal to acquire Deribit, a crypto options and futures trading platform. Coinbase shares were little changed for the week. But many crypto-related plays rallied on bitcoin's rise, with Robinhood (HOOD) breaking out. The stock-and-crypto trading app beat Q1 expectations recently with crypto revenue doubling.
CrowdStrike (CRWD) will cut 5% of its workforce, or 500 jobs, citing AI productivity gains. The company indicated Q1 results would meet or beat its guidance, while reaffirming fiscal 2026 guidance. A later report said CrowdStrike faces a government probe. Shares tumbled. Fortinet (FTNT) said Q1 earnings rose 35%, beating, with sales edging past views with a 14% gain to $1.54 billion. But Q2 revenue guidance was a whisker below consensus at the midpoint. FTNT stock plunged. Qualys (QLYS) said March-quarter adjusted earnings rose 15% as revenue climbed 10% to $159.9 million, both beating. For Q2, Qualys forecast revenue slightly above views at the midpoint. Shares rose solidly.
MercadoLibre (MELI) cruised past Wall Street estimates with its Q1 results. Earnings for the Latin American e-commerce and payments giant grew 44% while revenue jumped 37% to $5.9 billion. MercadoLibre hailed "exceptional" performance from its recovering Argentina business. MercadoLibre stock gapped up to a new high. Coupang (CPNG) — the e-commerce leader in South Korea — beat earnings estimates despite sales growing a slightly slower-than-expected 11% year over year to $7.9 billion. Coupang gapped up to a record high as it also announced a $1 billion buyback.
Uber (UBER), beat Q1 earnings expectations but 14% sales growth to $11.53 billion was below expectations. But the ride-hailing and delivery giant forecast strong bookings for Q2. Shares fell modestly near highs. U.S. ride-hailing rival Lyft (LYFT) reported a surprise profit, though sales growth slowed to 14%, with $1.45 billion in revenue slightly missing. But strong bookings and an enlarged and accelerated buyback spurred a big jump in long-lagging Lyft stock.
DoorDash (DASH) swung to a stronger-than-expected profit, but a 20% revenue gain to $3.03 billion missed Q1 consensus. The delivery app giant also announced a $3.9 billion deal for U.K. food delivery rival Deliveroo and a $1.2 billion deal for SevenRooms, a hospitality industry software company. DoorDash guided higher on Q2 bookings. But Shares sold off.
Constellation Energy (CEG) underperformed first-quarter profit expectations while fellow S&P 500 nuclear stock Vistra (VST) reported a surprise first-quarter loss of $268 million with revenue increasing 29% to $3.93 billion. But both kept 2025 guidance intact. Meanwhile, Talen Energy (TLN) underperformed Q1 expectations with a big loss, while also affirming and narrowing 2025 guidance but keeping its 2026 outlook unchanged. Duke Energy (DUK) reported better-than-expected Q1 earnings and revenue, choosing to also stick by its previous 2025 adjusted EPS guidance range. Constellation stock jumped for the week while Vistra and Talen reversed for small losses. Duke Energy fell slightly.
Advanced Micro Devices (AMD) delivered a modest beat-and-raise first-quarter report, which drove AMD stock higher. The fabless chipmaker got a boost from its core businesses of chips for PCs and servers, including AI accelerators. AMD EPS jumped 55% with sales up 36%. Meanwhile, chip designer Arm Holdings (ARM) beat estimates for the March quarter, with a 53% EPS gain on a 35% revenue rise to $1.24 billion, but it guided low for the June quarter. Arm stock fell on the news. Meanwhile, President Donald Trump reportedly plans to rescind some Biden-era export curbs on AI chips, which is positive news for Nvidia (NVDA) and AMD.
Neurocrine Biosciences (NBIX) jumped on strong early sales for its newest drug, Crenessity, which treats an inherited disorder that affects the adrenal glands. Halozyme Therapeutics (HALO) gapped up out of a base on strong Q1 earnings and full-year projections. Vertex Pharmaceuticals (VRTX) missed on EPS and sales, which fell 15% and 3%, respectively, amid slow uptake for its newer drugs. The company also paused a study testing a messenger RNA-based cystic fibrosis treatment. Sarepta Therapeutics (SRPT) dived, rocked by the appointment of Vinay Prasad to the FDA's Center for Biologics Evaluation and Research. Prasad is a vocal critic of the accelerated approval pathway and Sarepta's gene therapy, Elevidys. Elevidys sales also missed first-quarter expectations after a teenager died following treatment. Argenx (ARGX) narrowly beat expectations with its drug Vyvgart, bringing in $790 million in sales, but shares plunged on overly bullish investor expectations. ADMA Biologics (ADMA) missed on Q1, but raised its outlook for 2025 and 2026 revenue. Shares dived initially, but pared losses somewhat.
D-Wave Quantum (QBTS) reported a smaller-than-expected first quarter loss while revenue easily topped views with a 509% surge to $15 million. Q1 bookings fell 64% to $1.6 million. D-Wave also commented on a new quantum project underway with Davidson Technologies in Huntsville, Alabama. IonQ (IONQ) reported a smaller Q1 loss vs. a year earlier while revenue was flat at $7.56 million, both in line with estimates. Further, IonQ announced two new acquisitions as it builds a quantum communications platform. IonQ expects Q2 revenue of $17 million, roughly in line.
The e-commerce software giant's net loss swelled to $682 million from $273 million a year earlier. Revenue climbed 27% to $2.36 billion, slightly topping estimates. Gross merchandise volume fell short. So did merchant solutions revenue and subscription revenue. Shopify, which said it's not seeing a major tariff impact so far, gave some mixed guidance. Shares fell for the week.
Insurers and underwriters posted mixed results for the week, though premiums generally rose. Palomar (PLMR) beat estimates and guided higher, pushing shares to record highs. Upstart (UPST) topped views, but the AI lending company fell for the week on a light Q2 sales forecast. Bowhead Specialty (BOW) edged out earnings views but fell short of revenue forecasts. CEO Stephen Sills said the insurer is still well-positioned to profitably grow premiums by about 20% on an annual basis but shares fell. EverQuote (EVER) earnings increased 320% but still missed expectations. Shares tumbled despite strong revenue and revenue guidance. Lemonade (LMND) rose as its quarterly loss widened but it beat analyst predictions.
AppLovin (APP) trounced Wall Street's first-quarter targets thanks to strong advertising revenue growth. The app marketing firm's EPS surged 149% as sales sprinted 40% higher to $1.48 billion. Shares gapped higher.
Electronic Arts (EA) smashed estimates for the March fiscal Q4 and guided above views for fiscal 2026, lifting EA stock slightly for the week. The video game publisher said adjusted earnings rose 15% year over year, with net bookings up 8% to $1.8 billion.
Hims & Hers Health (HIMS) leaped 18% Tuesday, reversing an earlier drop, after the telehealth platform issued a lackluster second-quarter sales outlook. Q1 EPS quadrupled but missed views. Sales beat expectations with a 111% spike to $586 million.
Rivian (RIVN) announced Tuesday better-than-expected first-quarter results and a second consecutive quarter with gross profit per vehicle delivered. But it cut 2025 delivery targets significantly, below 2024 levels. Fellow luxury EV startup Lucid (LCID) reported a greater-than-expected Q1 loss while revenue also missed. Both companies said they are less exposed to Trump tariffs than many automakers, but they aren't immune. Both stocks tumbled following results, but Rivian later turned higher.
Adtalem Global Education (ATGE) reported a 28% EPS gain with revenue up 13%, both topping fiscal Q3 views. Enrollment climbed 10%. The education stock rose out of a buy zone.
Arista Networks (ANET) said Q1 earnings rose 30% while revenue jumped more than 27% to $2.005 billion, both beating. The networking gear giant guided up slightly on Q2 revenue, but only held full-year targets. Shares tumbled.
Toast (TOST) reported a 53% adjusted EPS gain in Q1 while revenue grew 24% to $1.34 billion, but both slightly missed views. However, recurring revenue swelled 31% while live customer locations increased 25%, both beating. Shares of the restaurant software maker broke out.
Cloudflare (NET) reported flat Q1 EPS, as expected, while revenue climbed 27% to $479.1 million, beating. It guided Q2 revenue in line. But Cloudflare, which works to speed up and provide security for web applications routed through its intelligent global network, was bullish about business trends. Shares gapped up Friday.
Expedia (EXPE) reported a 90% adjusted EPS gain, beating, but a 3% revenue rise to $2.99 billion slightly missed. The online travel booking company warned that U.S. demand was "weaker than expected," echoing recent commentary from Airbnb (ABNB). Expedia plunged.
Datadog (DDOG) reported a 5% EPS gain with revenue up 25% to $762 million. Both beat views, as did Q2 and full-year revenue guidance.
Insulet (PODD) topped first-quarter forecasts and raised its outlook for the year. Q1 EPS rose 23% with sales up 29% to $569 million. Shares spiked higher.
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