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Stock market today: S&P 500, Nasdaq rise as earnings flood in and focus turns to the Fed
US stocks moved higher on Tuesday, eyeing a bid for more records as investors combed through a fresh rush of corporate earnings and waited for key economic data in a big week on Wall Street. The S&P 500 (^GSPC) rose 0.2% on the heels of narrowly notching a sixth all-time closing high in a row, while the tech-heavy Nasdaq Composite (^IXIC) led the way higher with a 0.4% gain. The Dow Jones Industrial Average (^DJI) was roughly flat. The mood is modestly upbeat as a blockbuster week for markets gets into full swing, as the Federal Reserve kicks off its two-day policy meeting on Tuesday. Meanwhile, the JOLTS job openings update for June due later ushers in a string of labor data crucial to interest-rate bets, culminating in Friday's nonfarm payrolls report. For now, earnings take center stage after Boeing's (BA) quarterly results topped expectations, lifting shares in the world's largest planemaker. But second quarter reports from Spotify (SPOT), Merck (MRK), and UnitedHealth (UNH) disappointed Wall Street. Read more: Full earnings coverage in our live blog After the bell, Starbucks (SBUX) earnings will be watched for signs of turnaround progress. Tuesday's earnings help set the tone for this week's highly anticipated reports from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). Also looming large is President Trump's deadline Friday for trading partners to strike deals or face blanket tariff rates. Hopes for an extension to the US-China trade truce are buoying the likes of AI chipmaker Nvidia's (NVDA) stock. Read more: The latest on Trump's tariffs Commerce Department data out Tuesday showed the US goods trade deficit hit a 2-year low in June, as imports tumbled and businesses looked to get ahead of tariffs. Also on the economic docket are the Conference Board's July reading on consumer confidence and a S&P CoreLogic print on home prices. Consumer confidence ticks higher in July but job concerns persist Consumer confidence saw an uptick in July with many Americans adjusting their expectations following the rebound from the tariff lows triggered by President Trump's Liberation Day announcements. However, confidence still lags behind the elevated levels observed last year, according to new data released Tuesday morning. The Conference Board's Consumer Confidence Index for July rose to 97.2, surpassing both June's revised figure of 95.2 and the 96.0 reading anticipated by economists. "In July, pessimism about the future receded somewhat, leading to a slight improvement in overall confidence," Stephanie Guichard, senior economist of global indicators at The Conference Board, said in the release. The "Present Situation Index," which measures consumers' assessment of current business and labor market conditions, fell 1.5 points to 131.5 in July. The "Expectations Index," which tracks consumers' short-term outlook for income, business, and labor market conditions, rose to 74.4 in February from 69.9 last month. Historically, a reading below 80 in that category signals a recession in the coming year. Notably, Americans' appraisal of current job availability weakened for the seventh consecutive month, reaching its lowest point since March 2021. In July, 18.9% of consumers reported that jobs were hard to get, up from 14.5% in January. According to Guichard, consumers' write-in responses also highlighted that tariffs remained a significant concern, with many associating them with fears of rising prices. References to high prices and inflation also increased in July, even as consumers' average 12-month inflation expectations eased slightly to 5.8%, down from 5.9% in June and a peak of 7% in April. Job openings slide in June, as hiring rate hits 7-month low Job openings declined in June while hiring also decreased, according to government data released Tuesday. The report comes as investors closely watch for any signs of slowing in the labor market amid a debate over when the Federal Reserve could cut interest rates again. New data from the Bureau of Labor Statistics showed 7.44 million jobs open at the end of June, a decrease from the 7.71 million seen the month prior. May's report had showed the highest number of job openings since November 2024. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.2 million hires were made during the month, down from the 5.47 million made during May. The hiring rate ticked lower to 3.3% from the 3.4% seen the month prior and stood at its lowest level since November 2024. In one sign that workers remain cautious about labor market conditions, the quits rate, a sign of confidence among workers, hovered at 2%. Both the hiring and quits rates are hovering near decade lows, reflecting what economists have described as a labor market in "stasis." Royal Caribbean lifts annual profit forecast on steady cruise demand Royal Caribbean's (RCL) stock fell 8% on Tuesday after the cruise line forecast its current-quarter profit below estimates. The company raised its annual forecast and is banking on resilient demand for its luxury destinations. Reuters reports: Read more here. P&G dips as it warns of $1 billion tariff hit Procter & Gamble (PG) stock dipped about 1%, reversing a slight premarket gain, as the company took a cautious approach with its financial outlook while it navigates uncertain consumer sentiment and Trump's tariffs. Yahoo Finance's Brian Sozzi reports: Read the full story here. Tech leads stocks higher at the open The tech-heavy Nasdaq Composite (^IXIC) led US stocks higher at the open on Tuesday morning with a 0.5% gain. Meanwhile, the S&P 500 (^GSPC) rose 0.2% on the heels of notching a sixth all-time closing high in a row on Monday. The Dow Jones Industrial Average (^DJI) opened roughly flat. Investors are digesting a wave of earnings reports and US trade data showing a sharp narrowing in the deficit (as tariffs loom). Meanwhile, they are looking ahead to the JOLTS job openings update for June at 10 a.m. ET. for labor market insight. Major drugmakers mixed amid earnings Of the notable drugmakers reporting earnings Tuesday, AstraZeneca rose almost 2% and Merck fell nearly 4% before the market open. British drugmaker AstraZeneca reported second quarter revenue ahead of expectations Tuesday, with its cancer drugs helping fuel sales for the period. Meanwhile, fellow pharma giant Merck reported earnings below Wall Street's projections, according to Bloomberg consensus data, and revenue from its HPV vaccine Gardasil was also less than expected amid continued headwinds in China. Investors are also bracing for patents for its drug Keytruda (which accounted for roughly half of its second quarter revenue) to expire in 2028. Also on Tuesday, Danish drugmaker Novo Nordisk (NVO) plummeted roughly 20%. The firm cut its 2025 revenue and profit outlook, pointing to lower than expected sales growth of its obesity drug Wegovy in the US, ahead of its second quarter earnings results slated for Aug. 6. Trump's DOJ puts companies on notice: Don't evade tariffs The Justice Department is putting American companies on notice that they could be prosecuted if they chose to evade President Trump's tariffs, even as the legality of the president's "Liberation Day" duties remain unsettled in US courts. Yahoo Finance's Alexis Keenan reports: Read more here. Nvidia leads Mag 7 higher on sign of 'enormous pent-up demand' from China Nvidia (NVDA) led the Big Tech "Magnificent Seven" stocks higher on Tuesday before the market open, climbing 1.4%. The gain came after Reuters reported that the AI chipmaker had ordered 300,000 H20 chips from its contract manufacturer TSMC. "This supports our theory that there is enormous pent-up demand for NVDA chips from China right now," Hedgeye Risk Management analyst Felix Wang wrote in a note to clients. Meanwhile, Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week. Apple (AAPL), Google (GOOG), and Tesla (TSLA) traded down less than 1%. Good morning. Here's what's happening today. Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July) Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V) Here are some of the biggest stories you may have missed overnight and early this morning: The market is finally getting what it wants 35 charts explain markets and the economy right now UnitedHealth stock falls after reporting mixed Q2 earnings Sarepta stock soars as FDA reverses course on gene therapy pause Spotify stock slides after Q2 earnings and revenue miss Trump's DOJ puts companies on notice on tariffs US, EU rush to clinch final details and lock in trade deal Apple to Shutter a Retail Store in China for the First Time Ever Stellantis faces $1.7B hit from US tariffs this year Trending tickers: UPS, Whilepool and Royal Caribbean Here are some top stocks trending on Yahoo Finance in premarket trading: UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new "de minimis" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies. Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior. Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator's high-end private island destinations and premium sailings. The market is finally getting what it wants Wall Street's busiest week of the summer is turning out to be an inflection point. Yahoo Finance's Hamza Shaban explains why in today's Morning Brief: Read more here. Spotify stock sinks after Q2 earnings miss Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. UnitedHealth stock slips after mixed Q2 results Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Sarepta stock rockets higher after FDA greenlight Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Nvidia orders 300,000 H20 chips from TSMC to satiate Chinese demand Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Oil maintains gains with tariffs and OPEC+ supply in sight Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. Consumer confidence ticks higher in July but job concerns persist Consumer confidence saw an uptick in July with many Americans adjusting their expectations following the rebound from the tariff lows triggered by President Trump's Liberation Day announcements. However, confidence still lags behind the elevated levels observed last year, according to new data released Tuesday morning. The Conference Board's Consumer Confidence Index for July rose to 97.2, surpassing both June's revised figure of 95.2 and the 96.0 reading anticipated by economists. "In July, pessimism about the future receded somewhat, leading to a slight improvement in overall confidence," Stephanie Guichard, senior economist of global indicators at The Conference Board, said in the release. The "Present Situation Index," which measures consumers' assessment of current business and labor market conditions, fell 1.5 points to 131.5 in July. The "Expectations Index," which tracks consumers' short-term outlook for income, business, and labor market conditions, rose to 74.4 in February from 69.9 last month. Historically, a reading below 80 in that category signals a recession in the coming year. Notably, Americans' appraisal of current job availability weakened for the seventh consecutive month, reaching its lowest point since March 2021. In July, 18.9% of consumers reported that jobs were hard to get, up from 14.5% in January. According to Guichard, consumers' write-in responses also highlighted that tariffs remained a significant concern, with many associating them with fears of rising prices. References to high prices and inflation also increased in July, even as consumers' average 12-month inflation expectations eased slightly to 5.8%, down from 5.9% in June and a peak of 7% in April. Consumer confidence saw an uptick in July with many Americans adjusting their expectations following the rebound from the tariff lows triggered by President Trump's Liberation Day announcements. However, confidence still lags behind the elevated levels observed last year, according to new data released Tuesday morning. The Conference Board's Consumer Confidence Index for July rose to 97.2, surpassing both June's revised figure of 95.2 and the 96.0 reading anticipated by economists. "In July, pessimism about the future receded somewhat, leading to a slight improvement in overall confidence," Stephanie Guichard, senior economist of global indicators at The Conference Board, said in the release. The "Present Situation Index," which measures consumers' assessment of current business and labor market conditions, fell 1.5 points to 131.5 in July. The "Expectations Index," which tracks consumers' short-term outlook for income, business, and labor market conditions, rose to 74.4 in February from 69.9 last month. Historically, a reading below 80 in that category signals a recession in the coming year. Notably, Americans' appraisal of current job availability weakened for the seventh consecutive month, reaching its lowest point since March 2021. In July, 18.9% of consumers reported that jobs were hard to get, up from 14.5% in January. According to Guichard, consumers' write-in responses also highlighted that tariffs remained a significant concern, with many associating them with fears of rising prices. References to high prices and inflation also increased in July, even as consumers' average 12-month inflation expectations eased slightly to 5.8%, down from 5.9% in June and a peak of 7% in April. Job openings slide in June, as hiring rate hits 7-month low Job openings declined in June while hiring also decreased, according to government data released Tuesday. The report comes as investors closely watch for any signs of slowing in the labor market amid a debate over when the Federal Reserve could cut interest rates again. New data from the Bureau of Labor Statistics showed 7.44 million jobs open at the end of June, a decrease from the 7.71 million seen the month prior. May's report had showed the highest number of job openings since November 2024. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.2 million hires were made during the month, down from the 5.47 million made during May. The hiring rate ticked lower to 3.3% from the 3.4% seen the month prior and stood at its lowest level since November 2024. In one sign that workers remain cautious about labor market conditions, the quits rate, a sign of confidence among workers, hovered at 2%. Both the hiring and quits rates are hovering near decade lows, reflecting what economists have described as a labor market in "stasis." Job openings declined in June while hiring also decreased, according to government data released Tuesday. The report comes as investors closely watch for any signs of slowing in the labor market amid a debate over when the Federal Reserve could cut interest rates again. New data from the Bureau of Labor Statistics showed 7.44 million jobs open at the end of June, a decrease from the 7.71 million seen the month prior. May's report had showed the highest number of job openings since November 2024. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.2 million hires were made during the month, down from the 5.47 million made during May. The hiring rate ticked lower to 3.3% from the 3.4% seen the month prior and stood at its lowest level since November 2024. In one sign that workers remain cautious about labor market conditions, the quits rate, a sign of confidence among workers, hovered at 2%. Both the hiring and quits rates are hovering near decade lows, reflecting what economists have described as a labor market in "stasis." Royal Caribbean lifts annual profit forecast on steady cruise demand Royal Caribbean's (RCL) stock fell 8% on Tuesday after the cruise line forecast its current-quarter profit below estimates. The company raised its annual forecast and is banking on resilient demand for its luxury destinations. Reuters reports: Read more here. Royal Caribbean's (RCL) stock fell 8% on Tuesday after the cruise line forecast its current-quarter profit below estimates. The company raised its annual forecast and is banking on resilient demand for its luxury destinations. Reuters reports: Read more here. P&G dips as it warns of $1 billion tariff hit Procter & Gamble (PG) stock dipped about 1%, reversing a slight premarket gain, as the company took a cautious approach with its financial outlook while it navigates uncertain consumer sentiment and Trump's tariffs. Yahoo Finance's Brian Sozzi reports: Read the full story here. Procter & Gamble (PG) stock dipped about 1%, reversing a slight premarket gain, as the company took a cautious approach with its financial outlook while it navigates uncertain consumer sentiment and Trump's tariffs. Yahoo Finance's Brian Sozzi reports: Read the full story here. Tech leads stocks higher at the open The tech-heavy Nasdaq Composite (^IXIC) led US stocks higher at the open on Tuesday morning with a 0.5% gain. Meanwhile, the S&P 500 (^GSPC) rose 0.2% on the heels of notching a sixth all-time closing high in a row on Monday. The Dow Jones Industrial Average (^DJI) opened roughly flat. Investors are digesting a wave of earnings reports and US trade data showing a sharp narrowing in the deficit (as tariffs loom). Meanwhile, they are looking ahead to the JOLTS job openings update for June at 10 a.m. ET. for labor market insight. The tech-heavy Nasdaq Composite (^IXIC) led US stocks higher at the open on Tuesday morning with a 0.5% gain. Meanwhile, the S&P 500 (^GSPC) rose 0.2% on the heels of notching a sixth all-time closing high in a row on Monday. The Dow Jones Industrial Average (^DJI) opened roughly flat. Investors are digesting a wave of earnings reports and US trade data showing a sharp narrowing in the deficit (as tariffs loom). Meanwhile, they are looking ahead to the JOLTS job openings update for June at 10 a.m. ET. for labor market insight. Major drugmakers mixed amid earnings Of the notable drugmakers reporting earnings Tuesday, AstraZeneca rose almost 2% and Merck fell nearly 4% before the market open. British drugmaker AstraZeneca reported second quarter revenue ahead of expectations Tuesday, with its cancer drugs helping fuel sales for the period. Meanwhile, fellow pharma giant Merck reported earnings below Wall Street's projections, according to Bloomberg consensus data, and revenue from its HPV vaccine Gardasil was also less than expected amid continued headwinds in China. Investors are also bracing for patents for its drug Keytruda (which accounted for roughly half of its second quarter revenue) to expire in 2028. Also on Tuesday, Danish drugmaker Novo Nordisk (NVO) plummeted roughly 20%. The firm cut its 2025 revenue and profit outlook, pointing to lower than expected sales growth of its obesity drug Wegovy in the US, ahead of its second quarter earnings results slated for Aug. 6. Of the notable drugmakers reporting earnings Tuesday, AstraZeneca rose almost 2% and Merck fell nearly 4% before the market open. British drugmaker AstraZeneca reported second quarter revenue ahead of expectations Tuesday, with its cancer drugs helping fuel sales for the period. Meanwhile, fellow pharma giant Merck reported earnings below Wall Street's projections, according to Bloomberg consensus data, and revenue from its HPV vaccine Gardasil was also less than expected amid continued headwinds in China. Investors are also bracing for patents for its drug Keytruda (which accounted for roughly half of its second quarter revenue) to expire in 2028. Also on Tuesday, Danish drugmaker Novo Nordisk (NVO) plummeted roughly 20%. The firm cut its 2025 revenue and profit outlook, pointing to lower than expected sales growth of its obesity drug Wegovy in the US, ahead of its second quarter earnings results slated for Aug. 6. Trump's DOJ puts companies on notice: Don't evade tariffs The Justice Department is putting American companies on notice that they could be prosecuted if they chose to evade President Trump's tariffs, even as the legality of the president's "Liberation Day" duties remain unsettled in US courts. Yahoo Finance's Alexis Keenan reports: Read more here. The Justice Department is putting American companies on notice that they could be prosecuted if they chose to evade President Trump's tariffs, even as the legality of the president's "Liberation Day" duties remain unsettled in US courts. Yahoo Finance's Alexis Keenan reports: Read more here. Nvidia leads Mag 7 higher on sign of 'enormous pent-up demand' from China Nvidia (NVDA) led the Big Tech "Magnificent Seven" stocks higher on Tuesday before the market open, climbing 1.4%. The gain came after Reuters reported that the AI chipmaker had ordered 300,000 H20 chips from its contract manufacturer TSMC. "This supports our theory that there is enormous pent-up demand for NVDA chips from China right now," Hedgeye Risk Management analyst Felix Wang wrote in a note to clients. Meanwhile, Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week. Apple (AAPL), Google (GOOG), and Tesla (TSLA) traded down less than 1%. Nvidia (NVDA) led the Big Tech "Magnificent Seven" stocks higher on Tuesday before the market open, climbing 1.4%. The gain came after Reuters reported that the AI chipmaker had ordered 300,000 H20 chips from its contract manufacturer TSMC. "This supports our theory that there is enormous pent-up demand for NVDA chips from China right now," Hedgeye Risk Management analyst Felix Wang wrote in a note to clients. Meanwhile, Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week. Apple (AAPL), Google (GOOG), and Tesla (TSLA) traded down less than 1%. Good morning. Here's what's happening today. Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July) Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V) Here are some of the biggest stories you may have missed overnight and early this morning: The market is finally getting what it wants 35 charts explain markets and the economy right now UnitedHealth stock falls after reporting mixed Q2 earnings Sarepta stock soars as FDA reverses course on gene therapy pause Spotify stock slides after Q2 earnings and revenue miss Trump's DOJ puts companies on notice on tariffs US, EU rush to clinch final details and lock in trade deal Apple to Shutter a Retail Store in China for the First Time Ever Stellantis faces $1.7B hit from US tariffs this year Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July) Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V) Here are some of the biggest stories you may have missed overnight and early this morning: The market is finally getting what it wants 35 charts explain markets and the economy right now UnitedHealth stock falls after reporting mixed Q2 earnings Sarepta stock soars as FDA reverses course on gene therapy pause Spotify stock slides after Q2 earnings and revenue miss Trump's DOJ puts companies on notice on tariffs US, EU rush to clinch final details and lock in trade deal Apple to Shutter a Retail Store in China for the First Time Ever Stellantis faces $1.7B hit from US tariffs this year Trending tickers: UPS, Whilepool and Royal Caribbean Here are some top stocks trending on Yahoo Finance in premarket trading: UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new "de minimis" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies. Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior. Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator's high-end private island destinations and premium sailings. Here are some top stocks trending on Yahoo Finance in premarket trading: UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new "de minimis" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies. Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior. Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator's high-end private island destinations and premium sailings. The market is finally getting what it wants Wall Street's busiest week of the summer is turning out to be an inflection point. Yahoo Finance's Hamza Shaban explains why in today's Morning Brief: Read more here. Wall Street's busiest week of the summer is turning out to be an inflection point. Yahoo Finance's Hamza Shaban explains why in today's Morning Brief: Read more here. Spotify stock sinks after Q2 earnings miss Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. UnitedHealth stock slips after mixed Q2 results Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Sarepta stock rockets higher after FDA greenlight Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Nvidia orders 300,000 H20 chips from TSMC to satiate Chinese demand Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Oil maintains gains with tariffs and OPEC+ supply in sight Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Tom's Guide
20 minutes ago
- Tom's Guide
Back to school sales LIVE — I've vetted the best deals so you don't have to
Staff picked deals:1. Quick Links2. Editor's Choice deals3. Apparel4. Laptops5. Shoes/Sneakers6. Dorm room 7. Audio8. Backpacks9. LIVE: latest updates July is coming to an end and before you know it, students will start heading back to class. Although back to school sales generally last through September, the next few weeks will be crucial as this is when back to school sales tend to peak. Whether you're shopping for a new laptop or a dorm-friendly mattress, retailers are offering deals on just about anything campus related. Even if you're not a student, back to school sales are an excellent time to take advantage of sales on just about everything. I've been covering back to school sales for 18 years, so you can consider me your back to school shopping assistant. I've vetted the best deals at retailers like Amazon, Walmart, and Best Buy to bring you the best sales on the items the Tom's Guide staff have tested and reviewed. No back to school sale is complete without Apple deals and right now Amazon has some of the biggest discounts on our favorite Apple devices. For example, MacBooks are on sale from $799 at Amazon right now. While some retailers may boast MacBooks from $699, I recommend Amazon's sale because it includes current-gen models that features Apple's latest M4 chip and at least 16GB of RAM. In other words, these machines are built to last. Meanwhile, if it's a wardrobe refresh you're after — Amazon has Adidas apparel on sale from $11. The sale includes backpacks, sneakers, sweatshirts, leggings, and more. These are just a few of the back to school sales I recommend today. Make sure to bookmark this page as we bring you the best sales at every retailer updated live multiple times per day. (For more ways to save, check out our guide to the best Amazon promo codes). I'm the Editor in Chief of deals at Tom's Guide. I've been covering retail holidays for 18 years and refuse to pay full price for anything. While back to school season typically extends through the early fall, the best deals are happening right now. I'm seeing aggressive price cuts on MacBooks, headphones, dorm room-friendly furniture, and apparel. Even if you're not a student, these next few weeks will offer great deals across various categories and retailers and I'm here to help you find the best deals on the items worth buying. ^ Back to top Amazon Haul: deals from $3 @ AmazonAmazon Haul is a new storefront featuring inexpensive deals on fashion, home, lifestyle, and more. The site is featuring aggressive back to school deals on major brands like Columbia, Under Armour, New Balance, and more. Name-brand apparel starts from $3. YETI sale: up to 25% off @ AmazonIf you're a fan of YETI, you know that a sale doesn't come around often enough. That's why now is the perfect opportunity to save big on drinkware and cooler deals starting at just $15. So don't wait — snag a new cooler or water bottle before these discounts disappear! Carhartt sale: deals from $9 @ AmazonIf you're looking to upgrade your wardrobe, Carhartt has tons of rugged and stylish pieces you'll want to rock all season long. The sale includes items for men and women, such as shirts, shorts, socks, and more. Ninja appliances: deals from $49 @ WalmartI'm a huge Ninja appliance fan. In addition to an air fryer, I also own a Ninja coffee maker. Right now, Walmart is offering up to 40% off select Ninja appliances. The sale includes air fryers, blenders, grills and more. Dell sale: laptops/monitors from $99 @ DellThe Dell back to school sale is now underway. As part of the sale, Dell has monitors on sale from $99 and laptops on sale from $279. One of my favorite deals is the XPS 13 on sale for just $749. It packs a 13.4-inch 3K display, Snapdragon X Plus chipset, 16GB of RAM, and a 256GB SSD. MacBook sale: deals from $799 @ AmazonI've been a Mac user all my life and I don't think I've ever seen a sale this amazing. Right now Amazon has MacBooks (M4) on sale from $799. It includes the 13-inch MacBook Air (M4) and the 15-inch MacBook Air (M4) on sale for $799 and $999, respectively. Those are the cheapest prices I've seen for these powerful laptops all year. In our MacBook Air M4 review, we said the Editor's Choice laptop is irresistible thanks to its speedy performance, sharper camera, and lower starting price. Everyone needs a reliable t-shirt, and this one from Carhartt definitely fits the bill. It's made of 100% heavyweight cotton and comes in a range of bright, cheerful colors. There's also a pocket with the Carhartt logo on the left side for a touch of extra style. This tee will be the perfect addition to your wardrobe. The soft shirt is made of rib-knit and it also features a cool script Carhartt logo front and center. There's a few different colors available but the blue color that's pictured features the deepest discount. Need a new hat for the trails? The Arc'teryx Bird Word trucker hat is made with breathable mesh panels and a soft, quick-drying headband that will keep your head feeling airy and dry. It will get the job done on the toughest of routes. Another great item to throw in your suitcase for vacation or back to school, this shirt was made to cool you down on a hot summer's day. You can wear the super versatile shirt when you're golfing, fishing or just hanging out on campus. This super-soft, super-comfortable tank top has a built-in bra for light support during hikes, Pilates, and yoga classes. It's soft and sweat-wicking and comes in several different colorways to suit every style. It's also slightly cropped to allow you to move through different yoga poses. This tank is the optimal choice for all your adventures. It features wicking nylon knit to keep you dry and offers great stretch so you can move comfortably. There are three colors available but only a few sizes are left so be sure to grab the top ASAP. The perfect grab-and-go zip-up, this Columbia jacket is made of soft polyester fleece fabric and will keep you warm when the temperatures drop. It's available in a variety of different colors and it's an outdoor staple for back to school season. You can now pick up a pair of 23-inch Align leggings starting from just $49. Sizes are selling out fast, so act fast to get the ones you want. These are buttery soft, supportive and even have a hidden pocket to store small items. Athleisure apparel isn't just for cozy, low-intensity workouts. Soft clothes like this jersey half-zip are an essential addition to your wardrobe for lazing around on off days. This half-zip's jersey fabric is stretchy and breathable on the outside, and it's equipped with a soft brushed interior for boosted comfort. ^ Back to top This 2-in-1 Chromebook from Lenovo comes in at just $249. It comes with a detachable keyboard and a stylus to sort a variety of work styles. We're also fans of its sharp 2K display. On the inside, it sports a MediaTek Kompanio processor, 4GB RAM and 128GB storage, so you'll want to use it for basic, Web-based tasks only. The MacBook Air M1 offers fantastic performance and value. The M1 CPU never stuttered in our tests and also helped it reach over 14 hours of battery life. It features a 13.3-inch Retina display, Apple M1 CPU, 8GB of RAM, and a 256GB SSD. In our MacBook Air M1 review, we said it offers amazing endurance and shockingly good check: sold out @ Best Buy | sold out @ Amazon This is one of the best Copilot+ PC deals available! This 15.6-inch laptop features an Intel Core 7 CPU for impressive performance and power efficiency, complemented by 16GB of RAM and 512GB of storage. It's all topped off with its gorgeous AMOLED display. The OmniBook 5 is a powerful AI-based laptop that doesn't cost a fortune. It features a gorgeous 16-inch 2K display, Core Ultra 7 255U CPU, 16GB of RAM, and 1TB SSD. Whether you're using it at work or at school, it's a budget friendly mainstream machine that won't disappoint. The new MacBook Air is powered by Apple's latest M4 chipset. The new Mac upgrades the camera from 1080p to 12MP with Center Stage support. The M4 chipset also supports dual external monitors, even when you have the laptop's lid open. It packs a 13.6-inch Liquid Retina display (2560 x 1664), Apple's M4 CPU w/ 10-core GPU, 16GB of RAM, and 256GB SSD. In our MacBook Air M4 review, we said the Editor's Choice laptop is irresistible thanks to its speedy performance, sharper camera, and lower starting price. Prefer a bigger screen? The 15-inch model is also on sale. It packs a 15.3-inch Liquid Retina display (2880 x 1864), Apple's M4 CPU w/ 10-core GPU, 16GB of RAM, and 256GB SSD. Save big on this Core Ultra 5-powered laptop, which packs improved battery efficiency and top-tier AI processing. In addition to its Core Ultra 5-226V CPU, this XPS 13 configuration is also equipped with 16GB of RAM, 512GB of SSD storage and a 13.4-inch FHD+ (1920 x 1200) 120Hz display. In our Dell XPS 13 2024 review, we praised this laptop's amazing 19+ hours of battery life. The M4-based MacBook Pro M4 is pretty close to being the perfect laptop. You get fantastic performance from the M4 chip, useful Apple Intelligence features, a better webcam and obscenely long battery life (18:31). In our MacBook Pro 14-inch M4 review, we said it's the best laptop for power users, now with more AI features. The base model features a 14.2-inch 3024 x 1964 Retina display, Apple M4 CPU, 16GB of RAM, and a 512GB check: $1,599 @ Best Buy | $1,399 @ B&H ^ Back to top Whether you're at the beach, gym or grabbing a coffee, these sandals do the job. They feature a contoured footbed that makes them comfy to walk in, and a hook-and-loop bandage upper dries quickly. Additionally, they complement everything perfectly. These super-comfy wedges give you some extra height to elevate your style! The Getaway flip flops also come in a bunch of fun colors, so you could even get a few pairs to match up with all your favorite outfits. I love every color these Crocs sandals come in, so this deal is tough to resist. They have adjustable straps at the back and platform soles to give you some extra height. You can add Jibbitz charms across the upper, too. Our Adidas Ultraboost 5 review called these "a standout option for those who want a good-looking shoe for general use as well as running." We loved their stylish design, grippy soles and smooth-feeling, comfortable foam stack. The Ghost 16 is one of the most popular shoes you can get from Brooks, thanks to its lightweight cushioning with improved midsole foam compared to its predecessor. This shoe is great for long runs or walks, or for simply throwing on to run errands. In the market for a new training shoe? The Brooks Hyperion is one of the lightest options when it comes to running shoes. It's perfect for speedy training days thanks to ultralight cushioning and an updated design that accelerates your heel-to-toe transition to propel you forward. Be sure to check all the colors, as many sizes are already sold out. If you need a little extra support from your sandals, this pair is the way to go. Featuring three oversized, adjustable buckles and a slingback strap, you'll get an enhanced fit with targeted contouring and cushioning in the footbed. Now priced at $124, this is the lowest prices we've seen on the Asics Gel-Kayano 31. The latest model in Asics' popular stability line keeps much of the design from the Gel-Kayano 30, with subtle updates including a more breathable upper and a new outsole material. The men's version is also discounted to $124. There are a couple of sizes of the Auburn | Frost color of the Cloudsurfer that are down to $110, but you have more choice in sizes with the Iron | Glacier color, which is reduced to $125. The Cloudsurfer is a comfortable daily trainer with a great rocker that rolls you through your footstrike smoothly. The downside to this shoe is that it can sometimes squeak, which didn't bother me but can make you feel a little conspicuous on the run. The Cloudboom Echo 3 is a specialist racing shoe that has a carbon plate and a high stack of springy foam in its midsole. It's fast and fun to run in, though not one that's stable or comfortable enough to use for easy daily training — save this one for your speed session and races. Given that carbon super-shoes usually cost you well over $200, this is great deal for those in need of a new racer. Arc'teryx's Sylan running shoes are engineered for trail running, combining freedom of movement and durability that ensure good performance even on the most rugged terrain. The dual-density midsole is great at absorbing shock while providing responsive rebound. ^ Back to top College Essentials: spend $100, get 20% off @ AmazonThe Amazon "Off to College" store is taking 20% off your order when you spend $100 or more on select dorm room essentials. The sale includes organizers, kettles, mattress toppers, backpacks, and more. Items start from as a little as $6. The Swiffer PowerMop is an easy way to take care of random cleanups. Just insert the included cleaning solution, press the handle's button when you want to spray the solution, and mop away as you normally would. It includes the spray mop, 2 Swiffer Power Mop refills, 1 floor cleaner, and 2 batteries. Every college kid knows that you're probably going to need to boil water for your late-night, instant ramen. That's why this electric kettle is a total necessity for your dorm room. This high-quality kettle made by Cosori features a blue LED indicator light to let you know when your water is ready. It also boils your water in 3-7 minutes — so you can also make your morning coffee, tea and oatmeal in no time. The Keurig K-Mini Single-Serve K-Cup Pod Coffee Maker comes in black, pink, green, blue, and gray. It's under 5 inches wide and can fit a travel mug up to 7 inches tall under its spout, making it great for busy students or professionals who need speedy coffee they can take and brew anywhere. This stylish Ninja coffee maker comes in a gorgeous Glacier Blue colorway and is now on sale for $30 off. Whether you prefer pods or grounds, this device makes tasty brews in 7 sizes (6-oz. to 24-oz) and has a built-in, fold-away milk frother! This Dreo pedestal fan is a feature rich smart fan that runs ultra quiet at 20dB, while still delivering a powerful stream of air to cool rooms in no time at all. It features nine speeds and six modes, and has a built-in 12-hour timer. What's more, you can customize it via the Dreo app, and it's compatible with Alexa and Google Assistant. ^ Back to top Wireless earbuds have come a long way, and now, you can get a solid-sounding pair of buds for under $25. While not all budget earbuds are up to par, the JLab Go Air Pop True Wireless Bluetooth Earbuds are an ace pick. They got a 4-star rating in our Jlab Go Air Pop review for their satisfying sound, 7-hour battery life and IPX4 water resistance rating. Our Soundcore Liberty 4 NC review said these earbuds have "shockingly great sound." They also have effective active noise canceling on board, as well as Spatial Audio support and and EQ customization. We rank them as one of the best cheap wireless earbuds on the market. The AirPods 4 boast a new design, which Apple has refined with "50 million data points" to create the most comfortable AirPods yet. They also feature Apple's H2 chip, which delivers clearer calls with Voice Isolation, and a new, hands-free way to interact with Siri. The AirPods 4 also have USB-C charging and include up to 30 hours of listening time. In our AirPods 4 review, we said the Editor's Choice earbuds bring Apple's wireless earbuds lineup into the modern day with Pro-level features for less. Yes, there's a newer model of these headphones, but we called the original OpenRun Pro the ultimate bone conduction headphones for athletes thanks to their competitive sound, barely-there feel, and amazing 10 hours of battery life. They earned a near-perfect score in our Shokz OpenRun Pro review. The Xtreme 4 is the GOAT of portable speakers. In our JBL Xtreme 4 review, we said the Editor's Choice speaker offers excellent bass, party mode, and a terrific design. Its IP67 rating also helps protect it against water or dust. At 4.6 pounds it's not something you'll want to carry all day, but its performance is unrivaled. ^ Back to top Keep all your essential close by and secure with the help of this belt bag that includes several interior pockets and an outside zipper. Perfect for simply heading out of the house or your next big adventure, you can wear the bag around your waist or as a stylish crossbody bag. With an eye-catching two-tone design, this Adidas bag can carry a 15-inch laptop and offers a whole host of zippable pockets, as well as space for up to two 32 oz water bottles which makes it ideal for the gym, too. The Mantis Backpack is lightweight, durable, and offers a 26-liter capacity. Its water repellent finish repels moisture and it has an inner sleeve for a laptop or hydration bladder (not included). We also like its adjustable sternum strap and removable waistbelt. ^ Back to top
Axios
20 minutes ago
- Axios
Spotify user growth soars, but social charges impact profit
Spotify's user growth blew past investor expectations in its second-quarter earnings report out Tuesday, a sign of just how much a pivotal court ruling against Apple in the U.S. boosted Spotify's business. Why it matters: Spotify has spearheaded pushing global regulators to take a closer look at how Apple's policies impact competition. "Obviously we would love to see what happened in the U.S. be expanded to Europe and other markets as well," CEO Daniel Ek told Axios in an interview Tuesday. Yes, but: The company also reported its first quarterly loss in a year, citing "social charges," or higher taxes in certain countries related to employee compensation awards. Shares of the audio giant fell 10% in early trading in response to weaker third-quarter forecasts due to those social charges. Zoom in: Spotify chief financial officer Christian Luiga said the social charges will fluctuate with the company's stock price, making it hard to predict. Still, Luiga said he supported Spotify's compensation plan. "We think it's a good model to have a share-based program with our employees, and it's been successful over the years," he said. The company's third-quarter profit forecasts are based on the company's share price at the end of the second quarter. Shares of Spotify have surged more than 50% so far this year. Zoom out: Spotify posted its first full year of profitability in 2024, a huge feat for the Swedish company, which was founded nearly two decades ago. Investors have been eager to see how well the tech firm can maintain and grow its margins as it invests more in new products and technology, such as audiobooks and artificial intelligence. Between the lines: One area that the company is hoping will help drive margins are improvements to its ads businesses. "We missed our internal expectations on ads," Ek said, reflecting on the quarter. "We're not too happy about that, so we're taking actions there." On Monday, Spotify parted ways with its ads lead Lee Brown, which sources said was a mutual decision. Brown led Spotify's ads team for nearly six years. While the business has grown to roughly $2 billion in annual revenue, it hasn't grown as fast as Spotify's premium business. Premium subscriber revenue grew 12% year-over-year last quarter, while ad-supported revenue declined 1%. "I still feel great about the strategy, but on the execution side, we should have been able to do better," Ek said. "In the spirit of transparency, that was perhaps the biggest low point of the quarter, relative social charges and currency [exchange rates], which are out of our control." By the numbers: Spotify's premium subscriber base jumped 12% year-over-year last quarter to 276 million globally, ahead of analyst expectations. Its monthly active user base grew 11% year-over-year to 696 million globally, also ahead of analyst expectations. The company attributed that growth to successful marketing campaigns in select developing markets and favorable competitive dynamics in certain markets, like TikTok Music shutting down. Its revenue and operating income came in short of investor expectations, mostly due to social charges and currency exchange headwinds. Because the company is Swedish and reports in euros, currency exchange rates tend to impact its earnings more than U.S. companies. Between the lines: A bright spot for Spotify's financials last quarter was that its gross margin finished at 31.5%, up 227 bps year-over-year, driven mostly by revenue growth outpacing music and audiobook costs. Short-term financial headwinds such as currency exchange rates and social charges have less of an impact on the company's gross margin, Luiga said. Long term, the company has said that it wants its gross profit margins to land between 30%-35% consistently. It's achieved that goal for the past four quarters. What to watch: Spotify spent more on marketing last quarter, but Ek said that investment was worth it because the company is becoming more efficient in how it spends its customer acquisition dollars.
