Stocks slump as Wall Street braces for inflation spike
The Dow Jones Industrial Average closed with a loss of 201 points, falling 0.5 percent Monday.
The S&P 500 index and Nasdaq composite each fell 0.3 percent.
The dip comes one day before the Bureau of Labor Statistics (BLS) is set to release the latest reading of the consumer price index (CPI), which is expected to show inflation rising in July.
Economists expect prices to have risen by 0.2 percent in July — 0.3 percent without food and energy included — to hit a core annual inflation rate of 3 percent, according to consensus estimates.
'The data, due tomorrow, probably will show that goods prices rose at an above-trend pace, albeit no faster than in June. Meanwhile, services prices likely increased moderately overall, boosted by a rebound in airline fares, partly offset by a fall in hospital services prices,' wrote Samuel Tombs and Oliver Allen of Pantheon Economics in a research note.
After winning the 2024 election with the promise to bring prices down, Trump is facing increasing backlash from voters and concerns from fellow Republicans as his tariffs keep up pressure on inflation.
Wall Street will pay close attention to the report and Trump's reaction to it after the president's explosive response to the July jobs report.
The federal jobs report for July showed the U.S. gaining just 73,000 jobs last month and included stunning revisions to the initially reported employment gains for May and June.
The net result showed the U.S. gaining barely more than 100,000 jobs over the past three months, roughly a third of what economists say is necessary to prevent unemployment from rising.
Trump responded by accusing the BLS — a nonpartisan agency of statisticians — of manipulating the jobs data to benefit Democrats, but he provided no evidence to support his claim.
The president also fired former BLS Commissioner Erika McEntarfer, sparking an outcry from her Democratic and Republican predecessors, along with scores of economists.
Despite Trump's claims to the contrary, revisions to employment and inflation data are normal aspects of how the BLS maintains the most accurate data on the economy. The White House has also failed to show any evidence of political manipulation of data at the BLS, and economists say it would be nearly impossible to skew the jobs report in that manner.
'These numbers are put together by teams of literally hundreds of people following detailed procedures that are in manuals. There's no conceivable way that the head of the BLS could have manipulated this number,' said former Treasury Secretary Larry Summers.
Any doubts about the credibility of U.S. jobs or inflation data could pose serious consequences for the country's reputation and financial dominance.
'This is much more dangerous than the pressure on the Fed,' Cato Institute research fellow Jai Kedia told The Hill. 'The labor and inflation statistics are the bedrock of every other federal institution that's trying to work on the economy.'
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These include President Trump's executive orders supportive of the nuclear industry, a wave of demand for artificial intelligence and data centers, and several deals Oklo inked during the year. stock sells off as losses accelerate (BBAI) stock tumbled 20% after the company reported a wide earnings and revenue miss and lowered its revenue guidance. Here's what the AI software firm reported compared to estimates, according to S&P Global Market Intelligence: BigBear, which provides software to the US government, noted that Department of Government Efficiency (DOGE) cuts weighed on the business. 'While we are very optimistic with ... growth opportunities, we have also seen disruptions in federal contracts from efficiency efforts this quarter, most notably in programs that support the U.S. Army, as they seek to consolidate and modernize their data architecture and in turn, we have adjusted our full-year guidance this quarter to reflect these disruptions,' CEO Kevin McAleenan said in the earnings release. Listen to earnings call live on the stock page. (BBAI) stock tumbled 20% after the company reported a wide earnings and revenue miss and lowered its revenue guidance. Here's what the AI software firm reported compared to estimates, according to S&P Global Market Intelligence: BigBear, which provides software to the US government, noted that Department of Government Efficiency (DOGE) cuts weighed on the business. 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Primary hydrogen player Plug Power (PLUG) continues to grow its top line, but a larger-than-expected loss disappointed in the second quarter. Plug Power reported a $0.20 loss per share, a wider loss than the $0.15 per share Wall Street expected, according to S&P Global Market Intelligence. The company posted $174 million in revenue, a 21% increase year over year, above estimates for $157 million, and on the high end of its previous forecast for between $140 million and $180 million in Q2 revenue. The company's gross margin remained negative at -31%, though it marked an improvement from the -92% margin in the same quarter a year ago. Plug Power said it expects to achieve breakeven in its gross margin run rate in Q4 2025. Plug also held $140 million in unrestricted cash and cash equivalents at the end of the quarter. The stock fell more than 5% in after-hours trading. Year to date, the stock is down 25%, though investors grew more bullish on the stock in July following the passage of the One Big Beautiful Bill Act, which Plug Power called "a major policy win." The tax and spending law extended the hydrogen production tax credit, providing a 30% credit on fuel cell purchases and more certainty to the industry. Listen to the earnings call live here. stock falls 24% on sales miss, CEO health struggles Inc. (AI) stock tumbled as much as 30% after the software company reported a steep sales miss that it attributed to its founder's health issues. Bloomberg reports: Read more here. Inc. (AI) stock tumbled as much as 30% after the software company reported a steep sales miss that it attributed to its founder's health issues. Bloomberg reports: Read more here. Micron raises forecast, stock pops Micron Technology (MU) stock rose around 4% in early trading on Monday after the semiconductor company raised its forecast for fourth-quarter revenue and adjusted profit, citing surging demand for its memory chips used in artificial intelligence infrastructure. Micron is expected to reported fiscal fourth quarter earnings on Sept. 24. Read more here. Micron Technology (MU) stock rose around 4% in early trading on Monday after the semiconductor company raised its forecast for fourth-quarter revenue and adjusted profit, citing surging demand for its memory chips used in artificial intelligence infrastructure. Micron is expected to reported fiscal fourth quarter earnings on Sept. 24. Read more here. AMC tops revenue estimates as blockbuster titles boost theater attendance AMC (AMC) stock jumped 8.8% in premarket trading after the movie theater chain reported attendance in the second quarter grew nearly 26% as blockbusters drew in moviegoers. The company also reported a narrower-than-expected loss per share of $0.01, compared to estimates of a loss of $0.06 per share. Reuters reports: Read more here. AMC (AMC) stock jumped 8.8% in premarket trading after the movie theater chain reported attendance in the second quarter grew nearly 26% as blockbusters drew in moviegoers. The company also reported a narrower-than-expected loss per share of $0.01, compared to estimates of a loss of $0.06 per share. Reuters reports: Read more here. stock tanks following earnings (MNDY) stock fell as much as 20% after the project management software company missed earnings estimates. In the second quarter, reported earnings of $0.03 per share and revenue of $299 million. While revenue beat analyst expectations of $293 million, GAAP profits fell short, as Wall Street was looking for $0.20 per share, per S&P Global Market Intelligence. Investors have been looking for signs that economic uncertainty is pushing companies to pull back their spending on technology and software. The Israeli-based company's operating loss fell to $11.6 million from $1.8 million a year ago, and the operating margin fell to negative 4% from 1% last year. kept its full-year forecast roughly the same. It expects total revenue to grow about 26% to a range of $1.224 billion to $1.229 billion in 2025. 'This quarter demonstrated our relentless focus on driving highly efficient growth at scale, and I'm energized by the momentum in our business and the opportunities we see ahead,' CFO Eliran Glazer said in the earnings release. 'As we navigate the shifting landscape, we remain focused on the factors we can control — executing on our innovation roadmap, bolstering our go-to-market efforts to serve customers of all sizes, driving best-in-class operational efficiencies, and delivering products people love.' (MNDY) stock fell as much as 20% after the project management software company missed earnings estimates. In the second quarter, reported earnings of $0.03 per share and revenue of $299 million. While revenue beat analyst expectations of $293 million, GAAP profits fell short, as Wall Street was looking for $0.20 per share, per S&P Global Market Intelligence. Investors have been looking for signs that economic uncertainty is pushing companies to pull back their spending on technology and software. The Israeli-based company's operating loss fell to $11.6 million from $1.8 million a year ago, and the operating margin fell to negative 4% from 1% last year. kept its full-year forecast roughly the same. It expects total revenue to grow about 26% to a range of $1.224 billion to $1.229 billion in 2025. 'This quarter demonstrated our relentless focus on driving highly efficient growth at scale, and I'm energized by the momentum in our business and the opportunities we see ahead,' CFO Eliran Glazer said in the earnings release. 'As we navigate the shifting landscape, we remain focused on the factors we can control — executing on our innovation roadmap, bolstering our go-to-market efforts to serve customers of all sizes, driving best-in-class operational efficiencies, and delivering products people love.' Earnings have been mostly solid According to FactSet's tally, 90% of S&P 500 companies have reported second quarter earnings so far, meaning the end of earnings season is in sight (though certainly not complete until Nvidia's (NVDA) report on Aug. 27). It's been a good earnings season: More than 8 in 10 companies have reported both a positive earnings per share surprise and a positive revenue surprise. Some other key updates from FactSet's senior earnings analyst John Butters: Read more here. According to FactSet's tally, 90% of S&P 500 companies have reported second quarter earnings so far, meaning the end of earnings season is in sight (though certainly not complete until Nvidia's (NVDA) report on Aug. 27). It's been a good earnings season: More than 8 in 10 companies have reported both a positive earnings per share surprise and a positive revenue surprise. Some other key updates from FactSet's senior earnings analyst John Butters: Read more here. Wendy's gloomy 2025 outlook sends shares lower Wendy's beat Wall Street's estimates on the top and bottom lines on Friday; however, the company issued a weaker full-year financial outlook, sending shares about 1% lower in premarket trading. This year, the company sees adjusted earnings per share in a range of $0.82 to $0.89, lower than its previous forecast of $0.92 to $0.98. Global systemwide sales are also now projected to come in lower than previously expected for a decline of 3% to 5%, compared to the previous outlook of flat sales to a 2% decline. In the second quarter, sales decreased 1.8% to $3.7 billion, led by a 3.3% decline in the US market. The fast food chain reported revenue of $560.9 million, topping estimates of $558 million. Earnings per share were $0.29, also a beat against estimates of $0.25 per share. On Wednesday, McDonald's (MCD) reported a return to sales growth after economic uncertainty and inflation weighed on consumers and eroded the restaurant chain's value perception. Listen to the earnings call live here. Wendy's beat Wall Street's estimates on the top and bottom lines on Friday; however, the company issued a weaker full-year financial outlook, sending shares about 1% lower in premarket trading. This year, the company sees adjusted earnings per share in a range of $0.82 to $0.89, lower than its previous forecast of $0.92 to $0.98. Global systemwide sales are also now projected to come in lower than previously expected for a decline of 3% to 5%, compared to the previous outlook of flat sales to a 2% decline. In the second quarter, sales decreased 1.8% to $3.7 billion, led by a 3.3% decline in the US market. The fast food chain reported revenue of $560.9 million, topping estimates of $558 million. Earnings per share were $0.29, also a beat against estimates of $0.25 per share. On Wednesday, McDonald's (MCD) reported a return to sales growth after economic uncertainty and inflation weighed on consumers and eroded the restaurant chain's value perception. Listen to the earnings call live here. Trade Desk tumbles after CEO warns of tariff impact on large brand advertisers Trade Desk (TTD) stock fell by a third during premarket trading on Friday — putting it on track to wipe roughly $12 billion from its market cap — after CEO Jeff Green warned that tariff uncertainty began to weigh on some leading global advertisers. Reuters reports: The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. Trade Desk (TTD) stock fell by a third during premarket trading on Friday — putting it on track to wipe roughly $12 billion from its market cap — after CEO Jeff Green warned that tariff uncertainty began to weigh on some leading global advertisers. Reuters reports: The Trade Desk's second quarter earnings of $0.18 per share were in line with analyst estimates. Revenue of $694 million beat analyst estimates of $686 million, according to S&P Global Market Intelligence. The company expects third quarter revenue of at least $717 million, roughly in line with estimates. Read more here. SoundHound stock soars on record revenue fueled by AI, automation demand SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth. The stock rocketed 24% higher in premarket trading on Friday. SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth. The stock rocketed 24% higher in premarket trading on Friday. SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals. The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million. SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million. "The investments we are making are already showing high returns," SoundHound CFO Nitesh Sharan said on the company's earnings call. Sharan noted that the company sees a path to profitability "in the near-term horizon. Listen to the earnings call here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped by 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped by 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Expedia raises gross bookings, revenue growth forecast amid US travel demand recovery Expedia Group (EXPE) stock leaped 15% higher in after-hours trading as Wall Street looked favorably on signs of a travel demand recovery, a raised gross bookings forecast, and double-digit profit growth. Reuters reports: Read more here. Expedia Group (EXPE) stock leaped 15% higher in after-hours trading as Wall Street looked favorably on signs of a travel demand recovery, a raised gross bookings forecast, and double-digit profit growth. Reuters reports: Read more here. Live Nation results show fans still spending on concerts, live events Live Nation Entertainment (LYV) stock rose modestly after hours following second quarter results from the discretionary spending economic bellwether. The release showed that fans are still willing to spend on concerts and live events. Reuters reports: Read more here. Live Nation Entertainment (LYV) stock rose modestly after hours following second quarter results from the discretionary spending economic bellwether. The release showed that fans are still willing to spend on concerts and live events. Reuters reports: Read more here. Gamblers' losses boost sportsbooks' fortunes in Q2 FanDuel-owner Flutter (FLUT) raised its forecast for full-year profit growth on Thursday after a winning streak for US gamblers ended, benefiting the world's largest online betting company. A better-than-expected second quarter yielded core profits of $400 million, a 54% rise. Revenue came in at $4.19 billion, above estimates and up from $3.61 billion a year ago. Flutter increased its annual profit forecast to $3.3 billion from $3.18 billion, projecting 40% year-over-year growth. The company is looking into the regulatory landscape for prediction markets and considering an entry into that market, which allows users to bet on the outcomes of future events. Earlier on Thursday, DraftKings (DKNG) also attributed healthy revenue growth to favorable outcomes. Revenue increased 36% to $1.5 billion, while profits were $0.30 per share, double what Wall Street was expecting at $0.15 per share. Flutter stock rose fractionally after hours. DraftKings shares were also muted, falling 0.35% on the day and another 0.2% after hours. Read more here. FanDuel-owner Flutter (FLUT) raised its forecast for full-year profit growth on Thursday after a winning streak for US gamblers ended, benefiting the world's largest online betting company. A better-than-expected second quarter yielded core profits of $400 million, a 54% rise. Revenue came in at $4.19 billion, above estimates and up from $3.61 billion a year ago. Flutter increased its annual profit forecast to $3.3 billion from $3.18 billion, projecting 40% year-over-year growth. The company is looking into the regulatory landscape for prediction markets and considering an entry into that market, which allows users to bet on the outcomes of future events. Earlier on Thursday, DraftKings (DKNG) also attributed healthy revenue growth to favorable outcomes. Revenue increased 36% to $1.5 billion, while profits were $0.30 per share, double what Wall Street was expecting at $0.15 per share. Flutter stock rose fractionally after hours. DraftKings shares were also muted, falling 0.35% on the day and another 0.2% after hours. Read more here. Gilead posts flat quarterly profit, raises full-year outlook Reuters reports: Read more here. Reuters reports: Read more here. Pinterest beats revenue estimates but misses on earnings Shares of Pinterest (PINS) dropped over 10% after hours after missing earnings expectations. Revenue grew 17% year over year to $998 million, and earnings per share were $0.33. Wall Street was looking for revenue of $975 million and earnings per share of $0.35. Global monthly active users on the site increased 11% annually to reach 578 million. The results follow earnings from Meta (META), Amazon (AMZN), and Snap (SNAP). On one hand, Snap recorded its slowest quarter of revenue growth in a year. On the other, Amazon's online ad sales jumped 23% year over year, and Meta's advertising revenue rose 22%. 'I'm proud of our Q2 results — delivering 17% revenue growth and another quarter of record users. We're also excited that Gen Z has grown to over half of our user base,' said Bill Ready, CEO of Pinterest. 'Three years into our business transformation, I've never been more confident in Pinterest's ability to deliver for our users and advertisers. We've found our best product market fit ever by becoming a personalized shopping destination for users and an AI-powered performance platform for advertisers. With this focus, we believe we're well-positioned to further capture market share.' Read more here. Shares of Pinterest (PINS) dropped over 10% after hours after missing earnings expectations. Revenue grew 17% year over year to $998 million, and earnings per share were $0.33. Wall Street was looking for revenue of $975 million and earnings per share of $0.35. Global monthly active users on the site increased 11% annually to reach 578 million. The results follow earnings from Meta (META), Amazon (AMZN), and Snap (SNAP). On one hand, Snap recorded its slowest quarter of revenue growth in a year. On the other, Amazon's online ad sales jumped 23% year over year, and Meta's advertising revenue rose 22%. 'I'm proud of our Q2 results — delivering 17% revenue growth and another quarter of record users. We're also excited that Gen Z has grown to over half of our user base,' said Bill Ready, CEO of Pinterest. 'Three years into our business transformation, I've never been more confident in Pinterest's ability to deliver for our users and advertisers. We've found our best product market fit ever by becoming a personalized shopping destination for users and an AI-powered performance platform for advertisers. With this focus, we believe we're well-positioned to further capture market share.' Read more here.
