Key Points
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The stock market is red today, though things have been looking up.
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The Federal Reserve’s FOMC meeting is underway, and it is expected to conclude tomorrow.
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In the meantime, many stocks have made big moves. PLTR is the most surprising one today.
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The stock market opened sharply in the red this morning due to recession fears and tariffs biting several companies. It also didn’t help that no major trade deals have happened, and earnings from some big companies failed to excite Wall Street.
Earnings have still been better than expected due to most tech companies beating earnings estimates and pushing up the broader market. The S&P 500 had a 9-day winning streak that ended this week. Investors are now waiting for more clarity from the Federal Reserve and the broader market is in cooldown mode.
Here’s a market update as of 11:30 A.M (ET) today.
- The S&P 500 is down 25.81 points, or 0.46%.
- The Nasdaq Composite is down 106.95 points, or 0.59%.
- The Dow Jones Industrial Average is down 161.4 points, or 0.39%.
What’s Going on With Palantir?
- Palantir (NASDAQ: PLTR) stock is down 12.4%, and that’s despite the company beating earnings estimates. PLTR stock currently trades at 474 times earnings, so this is mostly a valuation problem. This is by far the most expensive big-cap tech stock Wall Street has seen since the Dot Com era.
- Nvidia (NASDAQ: NVDA) is also down 0.9% due to the company facing more chip restrictions. A bill was passed to track Nvidia’s chips and prevent “smuggling” into China.
- Tesla (NASDAQ: TSLA) is down 2%. Again, this is likely a valuation problem, though there has been some recent bad news from the UK and Germany, where new car sales are at a two-year low.
Other non-AI stocks have also made big moves. Eli Lilly (NYSE: LLY) is down 3%. DoorDash (NASDAQ: DASH) is down 7.15%. TransDigm Group (NYSE: TDG) is down 4.9% after revenue fell short of estimates.
Notable Losers Today
- Bellring Brands (NYSE: BRBR) is down 15.9% despite beating revenue growth estimates. However, the revenue guidance midpoint came in 0.7% below analyst estimates.
- Omnicell (NASDAQ: OMCL) is down 14.4%. It also beat analyst expectations but it lowered its full-year guidance for non-GAAP EBITDA and non-GAAP EPS for 2025.
- Krystal Biotech (NASDAQ: KRYS) is down 13.7% after Q1 revenue came in below expectations.
- Genius Sports (NYSE: GENI) is down 12.9% after Q1 revenue missed.
- Coterra Energy (NYSE: CTRA) is down 7.7% as the company is reducing oil-directed activity due to macroeconomic uncertainty.
Notable Gainers Today
- EVgo (NASDAQ: EVGO) is up 39.4% after strong sales and guidance. It also beat earnings by $0.02, and revenue came in at $75.3 million vs. the $71.4 million estimate.
- Regencell Bioscience Holdings (NASDAQ: RGC) is up 38% today. It is continuing on a speculative year-to-date rally of 2,557%.
- Diversified Healthcare Trust (NASDAQ: DHC) is up 36.7% after beating Q1 earnings by $0.21.
- Upwork (NASDAQ: UPWK) is up 21.5% after Q1 earnings beat estimates. It also revised its guidance. Revenue of $192.7 million beat analyst estimates by 2.91%.
- Pony AI (NASDAQ: PONY) is up 18% after a major Robotaxi deal with Uber (NYSE: UBER).
Hims & Hers Health (NYSE: HIMS) is up 12% due to Q1 sales more than doubling. Constellation Energy (NASDAQ: CEG), Tidewater (NYSE: TDW), and Celanese (NYSE: CE) are all also up.
The image featured at the top of this post is ©samxmeg / E+ via Getty Images.