The market is losing ground after US jobless claims rose to the highest level since August 2023.
The S&P 500 is down 1.8% and the Nasdaq Composite is down 2.8%. The Dow Jones Industrial Average is down 1.7% and the Russell 2000 is down 3.7%.
Mag 7 shares are showing mixed results. Meta rose 4.4% after beating earnings expectations and having a good outlook. Microsoft fell 1.2%. Tesla, Nvidia, Alphabet, Apple and amazon are trading lower.
Investors are also awaiting results from Apple and amazon after Wall Street closes today.
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Top S&P 500 stocks on the move today
Five S&P 500 stocks that are seeing big moves in the midday trading session are:
- CH Robinson Worldwide Inc (CHRW) +13.1%
- FMC Corporation (FMC) +11.9%
- Air Products and Chemicals Inc. (APD) +9.9%
- Iron Mountain Inc. (MRI) +7.3%
- Aflac Inc (American League) 6.6%
Related: Analysts revise facebook parent's stock price targets after earnings
The five worst-performing and biggest decliners in the S&P 500 as of midday are:
- Moderna Inc (mRNA) -21.2%
- MGM Resorts International (MGM) -13.3%
- Western Digital Corporation (District of British Columbia) -11.1%
- Lam Research Corporation (LRCX) -9.7%
- AMETEK Inc (AME) -9.4%
Other stocks worth noting with significant moves include:
- Tesla (TSLA) -4.5%
- Nvidia (NVDA) -4.9%
- Apple (APL-American Lead Association) -1.4%
- Intel (INTC) -4.5%
Qualcomm shares plunge after flat outlook
Qualcomm shares rose 8% yesterday but lost 10% around midday after the company posted an upbeat financial result but provided a weak outlook.
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The chipmaker announced its third-quarter fiscal 2024 earnings, with earnings per share of $2.33 on revenue of $9.39 billion, beating the $2.25 per share estimate and $9.21 billion in revenue.
The QCT segment generated revenue of $8.1 billion, driven primarily by IoT and the automotive industry. However, according to CEO Cristiano Amon, smartphone growth is expected to only remain “flat” or increase by a single-digit percentage this year.
ARM falls despite surpassing results
Like Qualcomm, Arm Holdings (ARM) Shares fell even as the chipmaker reported earnings that beat forecasts.
Related: stock market Today: Shares Fall on Growth Concerns; Apple and amazon in Focus
Arm shares fell 16% in midday trading after the company reported fiscal first-quarter revenue of $939 million, up 39% year over year and beating the consensus forecast of $912 million.
Diluted earnings per share were 21 cents, compared with 10 cents in the same quarter last year, beating the 16 cents expected.
The company maintained its full-year forecast of $1.45 to $1.65 in adjusted earnings per share on $3.8 billion to $4.1 billion in revenue.
As Arm shifts its focus to higher-value markets such as ai accelerators, the company said it will no longer disclose the number of Arm-based chips reported as shipped.
“The number of chips reported as shipped is less representative of our performance as the growth in royalty revenue is concentrated in a smaller number of chips,” CEO Rene Haas wrote in a letter.
Moderna shares plunge after weak full-year outlook
Moderna's stock price lost more than 20% in midday trading, the biggest drop since November 2021.
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On Thursday, the biotechnology company reported a loss per share of $3.33, compared with the expected loss of $3.39, and reported revenue of $241 million, beating the $132 million anticipated.
The company also revised down its full-year sales forecast due to lower advance sales in Europe, increased competition for respiratory vaccines in the US and the possibility of postponing international revenue until 2025.
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