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NEWS
Stocks Slip Ahead Of Quadruple Witching

Bulls came charging out of the gate but hit a wall near yesterday’s highs, and bears retook control. Semiconductors and other tech stocks struggled, with a few pockets of green found in defensive areas like healthcare and utilities. Tomorrow’s quadruple witching options expiration is expected to bring more volatility, with investors hoping that Trump's tariffs and other geopolitical risks will pop up. 👀 

Today's issue covers a mixed bag of major earnings, why Amazon could hold the key for the broad market, and more from a wild day on Wall Street. 📰

Here’s the S&P 500 heatmap. 4 of 11 sectors closed green, with utilities (+0.41%) leading and technology (-0.71%) lagging.

And here are the closing prices: 

EARNINGS
FedEx, Nike, Micron, & More Earnings 📦️ 

Semiconductor giant Micron’s second-quarter earnings and revenue topped expectations, with revenue rising 38% YoY and data center revenue tripling. Its third-quarter earnings and revenue estimates also topped estimates. 🔺 

Nike’s earnings and revenue topped estimates, but it warned that sales would drop by a double-digit percentage in the current quarter. It cited new tariffs, sliding consumer confidence, and a slower-than-expected turnaround. 👟 

It also anticipates its gross margin will fall between 4% and 5% as it ramps up efforts to liquidate excess inventory. The guidance was worse than analysts anticipated and overshadowed a beat of this quarter’s very low expectations. Stocktwits sentiment is ‘extremely bearish’ as investors believe the turnaround will take longer than expected.

Logistics giant FedEx reported earnings that missed analyst estimates, but revenue topped expectations. Coming into this quarter, sales had fallen YoY in eight of the past nine quarters, so growth of 2% this quarter was enough to break the streak.

Still, management signaled that full-year sales would be flat to down YoY, implying a fourth-quarter decline of about 5%. Business-to-business trends were below expectations, with severe weather, delayed China data sets, and escalating macro/policy uncertainty weighing on activity. 😵‍💫 

While Micron’s results helped buoy the tech sector’s mood, Quantum’s earnings (or lack thereof) sent that industry falling after hours as investors rethink the hype. 🫤 

The bigger story for now is that Nike and FedEx are still raising the alarm bells for investors. These are global, consumer-linked companies, and their guidance is still not great. DoubleLine’s Jeff Gundlack is among several investors warning that the market will be volatile and suggesting an over 50% chance of a recession.

Time will tell if a recession comes. But for now, the risk and uncertainty keep investors from getting aggressive amid the recent market dip. Our next story outlines why Amazon will be a material factor in determining the next market move.

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Immersed already redefined work in AR/VR—now it’s building the future of computing itself. Invest in a market-disrupting company and join them as a shareholder before they go public.

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here. Past performance is not indicative of future results. Email may contain forward-looking statements. See US Offering for details. Informational purposes only.