Shares of NVIDIA Corp. fell 2.77% as the stock market experienced a poor trading session, with the S&P 500 Index dropping 0.28% and the Dow Jones Industrial Average falling 0.51%.
Shares of Walt Disney fell 3.9% to their lowest level in almost nine years as investors anticipate further price drops and scrutinize the company's turnaround plan after the announcement of price hikes, more ads, and cost cuts to boost the business.
GameStop beats Wall Street estimates for quarterly revenue and posts a smaller-than-expected loss, driven by strong demand for videogames, collectibles, and consoles, with sales of software and collectibles contributing to about 49% of total revenue in the second quarter.
GameStop's sales increased in the second quarter, causing its stock to surge, while American Eagle Outfitters met revenue estimates but saw a decline in stock, C3.ai forecasted a larger operating loss, ChargePoint reported a revenue miss and announced job cuts, Verint Systems missed on earnings and revenue, and Dutch Bros experienced a stock decline after announcing a public offering.
U.S. stocks fell on Tuesday, with tech stocks dragging down indexes after Apple unveiled its latest iPhone and the Justice Department's antitrust case against Google went to trial in Washington. The Nasdaq sank 1%, while the S&P 500 fell 0.6% and the Dow Jones Industrial Average closed 0.1% lower.
Shares of Microsoft Corp. fell 2.50% as the stock market experienced a dismal trading session, ending its two-day winning streak.
Shares of Alphabet Inc. Cl A fell 0.51% as the stock market experienced a dismal trading session, although it outperformed some of its competitors.
GameStop appoints billionaire activist investor Ryan Cohen as CEO, leading to a nearly 10% increase in company shares, while Cohen will receive no compensation for his role.
Micron shares fall on weaker earnings forecast, GameStop appoints new CEO, CarMax's earnings decline due to weakening demand for used cars, Workday lowers long-term subscription growth target, Peloton and Lululemon announce strategic partnership, DigitalBridge's stock rises after business transformation, Concentrix's earnings miss expectations.
Chip stock Nvidia is down over 2% in trading due to investor concerns about its expanding involvement in cloud services and increasing competition from tech giants like Amazon, Alphabet, and Microsoft, who are developing their own chips to challenge Nvidia's dominance in artificial intelligence.
Shares of Discover Financial Services rose after reaching an agreement with the FDIC to improve compliance practices and customer service protocols, while GameStop shares fell despite the announcement of a new CEO, and NextEra Energy and NextEra Energy Partners faced significant declines following a downgrade and a trim in growth goals.
Stocks fell as Treasury yields rose and investors reacted to a speech by Federal Reserve Chair Jerome Powell, with the Dow Jones Industrial Average down 0.75%, the S&P 500 falling 0.9%, and the Nasdaq Composite leading the losses with a nearly 1% drop; in other news, Netflix shares surged more than 16% after the company reported a surge in subscriber numbers and announced plans to raise prices in the US, while Tesla shares fell almost 10% after the company's earnings missed estimates.
Stocks faced heavy losses as investors reacted to mixed earnings reports from tech giants Microsoft and Alphabet, while rising Treasury yields added to the pressure on tech stocks. The S&P 500 and Nasdaq closed at their lowest levels since May, with the Nasdaq suffering its worst day in eight months. Alphabet shares fell over 9% despite beating earnings and revenue expectations, while Microsoft stock rose 2% on positive results. Other tech giants, including Amazon and Meta, also saw significant losses.
