Stock market today: Dow rises, S&P 500, Nasdaq slide as tech stocks slip again amid rate-cut uncertainty
Yahooa day ago
US stocks mostly slid on Wednesday, continuing a bruising stretch for tech stocks as investors weighed the latest retail earnings and assessed Federal Reserve minutes for clues on interest-rate cuts.
The Dow Jones Industrial Average (^DJI) closed slightly higher, while the S&P 500 (^GSPC) slipped 0.2%. The tech-heavy Nasdaq Composite (^IXIC) led the losses, declining about 0.7%. The Nasdaq had been down nearly 2% earlier in the session before recovering. After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 1% in afternoon trade after slipping as much as 9% earlier in the day.
The tech-led sell-off has put markets on edge, as investors rotate out of riskier stocks into previously lagging sectors amid concerns about the AI boom's staying power.
Meanwhile, Wednesday's release of minutes from the Fed's July meeting showed the two policymakers who voted against the decision to leave rates unchanged appeared largely alone in that opinion. Investors are eager for a sense of where policymakers stand on interest rate cuts after economic data this month revealed they face a tricky dilemma between a weakening labor market and stubborn inflation.
Attention is also on the latest batch of big retail earnings, with Target's (TGT) results the highlight on Wednesday. Target eked out a profit beat and held to its guidance, but pressures from tariffs and a squeezed consumer added up to another downbeat quarter — and will pose challenges for newly announced CEO Michael Fiddelke. Its shares sank 6%.
Next up are Walmart (WMT) earnings on Thursday, watched for further signs of how companies and consumers are handing President Trump's tariffs.
Read more: The latest on Trump's tariffs
The main event for Wall Street lands on Friday, when Federal Reserve Chair Jerome Powell will deliver remarks at the Jackson Hole symposium in Wyoming.
Tech, chip stock sell-off continues as AI bubble fears mount
Yahoo Finance's Laura Bratton reports:
Tech stocks fell for a second day on Wednesday as investors sold off a slew of tech names amid concerns over the sustainability of the AI boom and a recent market rotation away from some of this year's biggest winners.
Among the Magnificent Seven Big Tech stocks, Nvidia (NVDA) was down about 0.3%, and Alphabet (GOOGL, GOOG) stock fell more than 1%. Amazon (AMZN) and Apple (AAPL), shares fell over 1%.
Chip stocks Advanced Micro Devices (AMD) and Broadcom (AVGO) both fell less than 1%; Micron (MU) shares plummeted nearly 4%.
Read more here.
Retail traders double down on Palantir despite recent stock slide
Palantir (PLTR) shares dropped another 1% on Wednesday following a sharp 9% slide on Tuesday. But retail investors saw the drop as a buying opportunity.
According to data provided to Yahoo Finance from Vanda Research, small investors poured over $59 million into Palantir during Tuesday's sell-off, marking the biggest single-day retail inflow in a week. That came on top of another $40 million in inflows the day before.
The surge in retail demand highlights a classic 'buy the dip' mentality that has dominated markets since the April bottom. In the days leading up to the sell-off, retail flows had been steady but more modest, averaging in the $20 to $30 million range, according to Vanda. The jump in activity suggests everyday traders were not scared off by the stock's sudden slide. Instead, they leaned in.
But even with retail piling in, the stock still fell hard. That divergence underscores a familiar market reality: while retail can be a powerful force, institutional selling pressure often sets the tone.
"Retail has gotten to be such a huge percentage of the market in terms of day-to-day trading," Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance on Wednesday. "But if a series of institutions decide to reallocate their portfolio holdings, you're standing in the way of a much larger piece of momentum."
"Collectively, a whole lot of small traders can push back, but if [institutions] are relentless about the selling, that's going to move the market lower.'
Sosnick called Palantir's 9% plunge a 'shocking move down,' but also pointed out that the stock's meteoric rise has left it trading at "about as expensive of a stock as we've seen."
James Hardie stock collapses 35% as US housing slump hits building materials
Yahoo Finance's Ines Ferre reports:
James Hardie (JHX) stock tumbled 35% on Wednesday as the maker of high-end home siding pointed to a weak US housing market and homeowners reluctant to spend on big projects.
The stock, listed in the US and Australia, saw its biggest one-day drop since 1973, according to Bloomberg data. The company's profit declined 28% year over year during its fiscal first quarter. Net sales tumbled 9% over the same period.
"Uncertainty is a common thread throughout conversations with customer and contractor partners," CEO Aaron Erter said during the company's earnings call.
James Hardie pointed to "softer demand," citing a slowdown in single-family construction activity, especially in the southern part of the US.
Read more here.
Fed minutes show majority of officials more concerned about inflation than employment
Minutes from the Federal Reserve's July meeting showed the "majority" of officials were more concerned about the upside risk to inflation than downside risks to the Fed's mandate for maximum employment.
"Regarding upside risks to inflation, participants pointed to the uncertain effects of tariffs and the possibility of inflation expectations becoming unanchored," the minutes read. "In addition to tariff-induced risks, potential downside risks to employment mentioned by participants included a possible tightening of financial conditions due to a rise in risk premiums, a more substantial deterioration in the housing market, and the risk that the increased use of AI in the workplace may lower employment."
Read more about the Fed minutes here.
Eight sectors are outperforming the S&P 500 on Wednesday
Citi head of US equity trading strategy Stuart Kaiser noted on Tuesday that the recent pain the stock market has "remained localized."
And that's holding true on Wednesday too despite a roughly 1% decline in the Nasdaq Composite. The pain is mostly in technology and other related areas of the market with eight of 11 sectors in the S&P 500 (^GSPC)outperforming the benchmark index.
While the size of tech in the index is pulling down the overall S&P 500 there are actually still 265 stocks in positive territory with a little over two hours left in the trading session.
For now the rotation in the market isn't shaking a bullish stance from Kaiser who remains positive on US equities with a "quality preference."
Below is a look at the sector action thus far in Wednesday's trade.
Google unveils latest Pixel phones, including foldable Pixel 10 Pro Fold
Yahoo Finance's Dan Howley reports:
Google (GOOG, GOOGL) announced its latest line of Pixel smartphones on Wednesday as part of its Made By Google event in New York City on Wednesday.
The Pixel 10 lineup includes four phones: the Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold. The company also showed off its newest smartwatch, the Pixel Watch 4.
The devices get Google's latest Gemini AI capabilities, including the company's new Magic Cue for its smartphones and enhanced smart replies for the watch.
Starting at $799, the entry-level Pixel 10 now comes with three rear cameras, up from two. That includes a 5x telephoto camera. Inside, the 6.3-inch phone gets Google's latest Tensor G5 processor, 12GB of RAM, and upwards of 256GB of storage.
The Pixel 10 Pro starts at $999 and gets a sharper 6.3-inch display and more-advanced triple-camera setup. And while the phone packs the same Tensor G5 processor as the standard Pixel 10, the Pro sports 16GB of RAM rather than 12GB and offers up to 512GB of storage.
Read more here.
Hertz stock jumps on deal to sell its used cars on Amazon
Yahoo Finance's Pras Subramanian reports:
Rental car firm Hertz (HTZ) struck a deal with Amazon Autos (AMZN) on Wednesday to sell some of its used car inventory. The company said this will make it easier for customers to purchase cars from its fleet.
Starting today, customers can search Amazon Autos to browse, finance, and purchase from thousands of used Hertz fleet vehicles from brands like Ford, Toyota, Chevrolet, Nissan, and others. Hertz Car Sales, the rental car firm's used car sales arm, will be the first fleet dealer on Amazon Autos.
Hertz said sales will begin in the Dallas, Houston, Los Angeles, and Seattle metro areas, with plans to expand to Hertz Car Sales' 45 locations nationwide. After customers complete their purchase online, they can pick up the vehicles at Hertz locations in those cities.
Read more here.
KeyBanc warns China headwinds could prompt an Nvidia earnings miss
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Big Tech is getting hammered again
Tuesday's market action was all about isolated selling in some of the market's biggest winners.
Wednesday's early session has brought more of the same, as Big Tech is clearly leading the selling action once more.
After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 7% in early trade. Meanwhile, AI chip leaders Nvidia (NVDA) and Broadcom (AVGO) each dropped more than 3%.
Trump says Fed governor Cook 'must resign' as pressure campaign on central bank continues
President Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign as the public pressure on the central bank continues to build.
"Cook must resign, now!!!" Trump wrote on his social media platform Truth Social Wednesday morning with a link to a Bloomberg report on a letter sent by Bill Pulte. The Federal Housing Finance Agency head has reportedly urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages.
Pulte wrote in a letter dated Aug. 15 that Cook 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.'
The President's call for Cook to resign comes as pressure on the Fed continues amid ongoing changes on the Fed's Board of Governors.
Read more here.
Nasdaq leads indexes lower again at the open
US stocks were mixed on Wednesday after a bruising day for tech stocks, as investors weighed the latest retail earnings and waited for Federal Reserve minutes to provide clues to interest rate cuts.
The Dow Jones Industrial Average (^DJI) was up about 0.1%, while the S&P 500 (^GSPC) slipped about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.4%, after weakness in the likes of Palantir (PLTR) and Nvidia (NVDA) dragged on the broader market on Tuesday.
Post-earnings market movers: Target and La-Z-Boy stocks dive, Lowe's rises
Here's a look at how Wall Street is reacting to a burst of earnings reports ahead of the opening bell on Wednesday:
Target (TGT) stock dived more than 10%, facing its worst sell-off since early April. The retailer cleared a low bar of earnings expectations, but comparable sales continued to fall during the quarter.
Lowe's (LOW) stock rose 2.5%. The home improvement retailer reported a return to same-store sales growth, echoing positive results from Home Depot (HD) on Tuesday. Home Depot stock fell 1.3% before the bell.
Estée Lauder (EL) shares fell 5%. The beauty company's annual profit forecast disappointed and executives said they expect a $100 million headwind from tariffs.
Baidu (BIDU) shares edged 0.2% lower. The Chinese search engine company reported a drop in second quarter revenue as strong growth in cloud services was offset by weakness in its core advertising business.
Toll Brothers (TOL) stock added 0.45%. The homebuilder reported an earnings and revenue beat on Tuesday afternoon, though new orders were less than analysts' expected.
La-Z-Boy (LZB) stock tanked 20% after the company missed estimates amid soft demand. Sales for its Joybird furniture brand declined 14%.
Read more live coverage of corporate earnings here
Hertz to sell used cars on Amazon, stock jumps
Hertz (HTZ) stock rose over 10% after the car rental company announced it is teaming up with Amazon (AMZN) to sell pre-owned vehicles.
Customers will be able to browse Hertz used car sales on Amazon, purchase vehicles online, and then pick them up at select Hertz locations. It will initially be offered in Dallas, Houston, Los Angeles, and Seattle, with plans to expand to 45 locations nationwide.
Hertz sells pre-owned cars in addition to renting them out. The company is in the midst of a turnaround, and shares have outperformed this year with a 42% year-to-date rise.
Read more here.
Intel's advantages from a Trump deal could be worth as much as the money
What would it take for Intel (INTC) to turn its business around? Yahoo Finance's Hamza Shaban digs into that question in today's Morning Brief.
Read more here.
This summer's hottest trend on Wall Street: 'Private for longer'
Continuation funds have become hugely popular among America's biggest private fund managers this year.
Yahoo Finance's David Hollerith breaks down why, and exactly how they work:
Read more here.
Palantir stock on track to extend losing streak
Palantir stock (PLTR) looks like it may extend its losing streak to six trading days after reaching an all-time high.
Shares fell 3% in premarket trading on Wednesday after a 9% decline on Tuesday. Since hitting $186.97 per share on Aug. 12, the stock is now trading around $153, putting it 18% off its record closing high.
Investors rotating out of large-cap tech names and a bearish report from short seller Citron Research have weighed on the stock.
Read more here.
Target stock sinks after earnings eke out a beat, but sales keep falling
Target's (TGT) results on Wednesday morning weren't as shockingly bad as for the first quarter, but the retailer is still struggling to find its place in the new economic norm of more discerning shoppers.
Shares in the US retail giant sank 10% in premarket trading as the announcement of a new CEO still left investors wanting more.
Yahoo Finance's Brian Sozzi reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: FOMC Minutes (July 30-31 meeting); MBA weekly mortgage applications
Earnings: Target (TGT), Baidu (BIDU), Lowe's (LOW), TJX Companies (TJX), Estée Lauder (EL)
Here are some of the biggest stories you may have missed overnight and early this morning:
Target earnings miss the mark as sales keep falling
Target will have a new CEO for the first time since 2014
Intel's Trump deal perks may rival the money
Buffett effect still holds as UnitedHealth soars through August
This summer's hottest trend on Wall Street: 'Private for longer'
US housing warning sparks worst James Hardie selloff since 1973
US treasury chief says status quo with China 'working pretty well'
Sales of foreign-branded phones in China down 31.3% in June: Data
China exports of key rare-earth EV magnets hit 6-month high
Target will have a new CEO... and he will not have it easy
Target (TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history.
The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO.
"I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters.
Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat."
To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat.
If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. The only comparable story I can think of is Walmart (WMT) CEO Doug McMillon going from truck loader at the retailer to CEO.
But Fiddelke will unlikely have a honeymoon period, seeing as he has been there at Target during its past 24 months of struggles (which includes a weak second quarter). People I have talked to wanted an outsider as Target's next CEO, fresh eyes to come in and fix what is wrong (not unlike when Cornell was brought in back in 2014 — his career was mostly spent at Walmart and PepsiCo (PEP)). Fiddelke will be seen as a continuation of a strategy that hasn't been working.
I asked him on the call how candid he plans to be in the early going on the strategy review, which is what all new leaders do. He sounded like he was ready to divert from Cornell's playbook and shake things up. He will have to do just that, and quickly, to win over a likely skeptical Wall Street.
US tech stocks hit by concerns over future of AI boom
Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports:
Read more here (premium)
Tech, chip stock sell-off continues as AI bubble fears mount
Yahoo Finance's Laura Bratton reports:
Tech stocks fell for a second day on Wednesday as investors sold off a slew of tech names amid concerns over the sustainability of the AI boom and a recent market rotation away from some of this year's biggest winners.
Among the Magnificent Seven Big Tech stocks, Nvidia (NVDA) was down about 0.3%, and Alphabet (GOOGL, GOOG) stock fell more than 1%. Amazon (AMZN) and Apple (AAPL), shares fell over 1%.
Chip stocks Advanced Micro Devices (AMD) and Broadcom (AVGO) both fell less than 1%; Micron (MU) shares plummeted nearly 4%.
Read more here.
Yahoo Finance's Laura Bratton reports:
Tech stocks fell for a second day on Wednesday as investors sold off a slew of tech names amid concerns over the sustainability of the AI boom and a recent market rotation away from some of this year's biggest winners.
Among the Magnificent Seven Big Tech stocks, Nvidia (NVDA) was down about 0.3%, and Alphabet (GOOGL, GOOG) stock fell more than 1%. Amazon (AMZN) and Apple (AAPL), shares fell over 1%.
Chip stocks Advanced Micro Devices (AMD) and Broadcom (AVGO) both fell less than 1%; Micron (MU) shares plummeted nearly 4%.
Read more here.
Retail traders double down on Palantir despite recent stock slide
Palantir (PLTR) shares dropped another 1% on Wednesday following a sharp 9% slide on Tuesday. But retail investors saw the drop as a buying opportunity.
According to data provided to Yahoo Finance from Vanda Research, small investors poured over $59 million into Palantir during Tuesday's sell-off, marking the biggest single-day retail inflow in a week. That came on top of another $40 million in inflows the day before.
The surge in retail demand highlights a classic 'buy the dip' mentality that has dominated markets since the April bottom. In the days leading up to the sell-off, retail flows had been steady but more modest, averaging in the $20 to $30 million range, according to Vanda. The jump in activity suggests everyday traders were not scared off by the stock's sudden slide. Instead, they leaned in.
But even with retail piling in, the stock still fell hard. That divergence underscores a familiar market reality: while retail can be a powerful force, institutional selling pressure often sets the tone.
"Retail has gotten to be such a huge percentage of the market in terms of day-to-day trading," Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance on Wednesday. "But if a series of institutions decide to reallocate their portfolio holdings, you're standing in the way of a much larger piece of momentum."
"Collectively, a whole lot of small traders can push back, but if [institutions] are relentless about the selling, that's going to move the market lower.'
Sosnick called Palantir's 9% plunge a 'shocking move down,' but also pointed out that the stock's meteoric rise has left it trading at "about as expensive of a stock as we've seen."
Palantir (PLTR) shares dropped another 1% on Wednesday following a sharp 9% slide on Tuesday. But retail investors saw the drop as a buying opportunity.
According to data provided to Yahoo Finance from Vanda Research, small investors poured over $59 million into Palantir during Tuesday's sell-off, marking the biggest single-day retail inflow in a week. That came on top of another $40 million in inflows the day before.
The surge in retail demand highlights a classic 'buy the dip' mentality that has dominated markets since the April bottom. In the days leading up to the sell-off, retail flows had been steady but more modest, averaging in the $20 to $30 million range, according to Vanda. The jump in activity suggests everyday traders were not scared off by the stock's sudden slide. Instead, they leaned in.
But even with retail piling in, the stock still fell hard. That divergence underscores a familiar market reality: while retail can be a powerful force, institutional selling pressure often sets the tone.
"Retail has gotten to be such a huge percentage of the market in terms of day-to-day trading," Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance on Wednesday. "But if a series of institutions decide to reallocate their portfolio holdings, you're standing in the way of a much larger piece of momentum."
"Collectively, a whole lot of small traders can push back, but if [institutions] are relentless about the selling, that's going to move the market lower.'
Sosnick called Palantir's 9% plunge a 'shocking move down,' but also pointed out that the stock's meteoric rise has left it trading at "about as expensive of a stock as we've seen."
James Hardie stock collapses 35% as US housing slump hits building materials
Yahoo Finance's Ines Ferre reports:
James Hardie (JHX) stock tumbled 35% on Wednesday as the maker of high-end home siding pointed to a weak US housing market and homeowners reluctant to spend on big projects.
The stock, listed in the US and Australia, saw its biggest one-day drop since 1973, according to Bloomberg data. The company's profit declined 28% year over year during its fiscal first quarter. Net sales tumbled 9% over the same period.
"Uncertainty is a common thread throughout conversations with customer and contractor partners," CEO Aaron Erter said during the company's earnings call.
James Hardie pointed to "softer demand," citing a slowdown in single-family construction activity, especially in the southern part of the US.
Read more here.
Yahoo Finance's Ines Ferre reports:
James Hardie (JHX) stock tumbled 35% on Wednesday as the maker of high-end home siding pointed to a weak US housing market and homeowners reluctant to spend on big projects.
The stock, listed in the US and Australia, saw its biggest one-day drop since 1973, according to Bloomberg data. The company's profit declined 28% year over year during its fiscal first quarter. Net sales tumbled 9% over the same period.
"Uncertainty is a common thread throughout conversations with customer and contractor partners," CEO Aaron Erter said during the company's earnings call.
James Hardie pointed to "softer demand," citing a slowdown in single-family construction activity, especially in the southern part of the US.
Read more here.
Fed minutes show majority of officials more concerned about inflation than employment
Minutes from the Federal Reserve's July meeting showed the "majority" of officials were more concerned about the upside risk to inflation than downside risks to the Fed's mandate for maximum employment.
"Regarding upside risks to inflation, participants pointed to the uncertain effects of tariffs and the possibility of inflation expectations becoming unanchored," the minutes read. "In addition to tariff-induced risks, potential downside risks to employment mentioned by participants included a possible tightening of financial conditions due to a rise in risk premiums, a more substantial deterioration in the housing market, and the risk that the increased use of AI in the workplace may lower employment."
Read more about the Fed minutes here.
Minutes from the Federal Reserve's July meeting showed the "majority" of officials were more concerned about the upside risk to inflation than downside risks to the Fed's mandate for maximum employment.
"Regarding upside risks to inflation, participants pointed to the uncertain effects of tariffs and the possibility of inflation expectations becoming unanchored," the minutes read. "In addition to tariff-induced risks, potential downside risks to employment mentioned by participants included a possible tightening of financial conditions due to a rise in risk premiums, a more substantial deterioration in the housing market, and the risk that the increased use of AI in the workplace may lower employment."
Read more about the Fed minutes here.
Eight sectors are outperforming the S&P 500 on Wednesday
Citi head of US equity trading strategy Stuart Kaiser noted on Tuesday that the recent pain the stock market has "remained localized."
And that's holding true on Wednesday too despite a roughly 1% decline in the Nasdaq Composite. The pain is mostly in technology and other related areas of the market with eight of 11 sectors in the S&P 500 (^GSPC)outperforming the benchmark index.
While the size of tech in the index is pulling down the overall S&P 500 there are actually still 265 stocks in positive territory with a little over two hours left in the trading session.
For now the rotation in the market isn't shaking a bullish stance from Kaiser who remains positive on US equities with a "quality preference."
Below is a look at the sector action thus far in Wednesday's trade.
Citi head of US equity trading strategy Stuart Kaiser noted on Tuesday that the recent pain the stock market has "remained localized."
And that's holding true on Wednesday too despite a roughly 1% decline in the Nasdaq Composite. The pain is mostly in technology and other related areas of the market with eight of 11 sectors in the S&P 500 (^GSPC)outperforming the benchmark index.
While the size of tech in the index is pulling down the overall S&P 500 there are actually still 265 stocks in positive territory with a little over two hours left in the trading session.
For now the rotation in the market isn't shaking a bullish stance from Kaiser who remains positive on US equities with a "quality preference."
Below is a look at the sector action thus far in Wednesday's trade.
Google unveils latest Pixel phones, including foldable Pixel 10 Pro Fold
Yahoo Finance's Dan Howley reports:
Google (GOOG, GOOGL) announced its latest line of Pixel smartphones on Wednesday as part of its Made By Google event in New York City on Wednesday.
The Pixel 10 lineup includes four phones: the Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold. The company also showed off its newest smartwatch, the Pixel Watch 4.
The devices get Google's latest Gemini AI capabilities, including the company's new Magic Cue for its smartphones and enhanced smart replies for the watch.
Starting at $799, the entry-level Pixel 10 now comes with three rear cameras, up from two. That includes a 5x telephoto camera. Inside, the 6.3-inch phone gets Google's latest Tensor G5 processor, 12GB of RAM, and upwards of 256GB of storage.
The Pixel 10 Pro starts at $999 and gets a sharper 6.3-inch display and more-advanced triple-camera setup. And while the phone packs the same Tensor G5 processor as the standard Pixel 10, the Pro sports 16GB of RAM rather than 12GB and offers up to 512GB of storage.
Read more here.
Yahoo Finance's Dan Howley reports:
Google (GOOG, GOOGL) announced its latest line of Pixel smartphones on Wednesday as part of its Made By Google event in New York City on Wednesday.
The Pixel 10 lineup includes four phones: the Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold. The company also showed off its newest smartwatch, the Pixel Watch 4.
The devices get Google's latest Gemini AI capabilities, including the company's new Magic Cue for its smartphones and enhanced smart replies for the watch.
Starting at $799, the entry-level Pixel 10 now comes with three rear cameras, up from two. That includes a 5x telephoto camera. Inside, the 6.3-inch phone gets Google's latest Tensor G5 processor, 12GB of RAM, and upwards of 256GB of storage.
The Pixel 10 Pro starts at $999 and gets a sharper 6.3-inch display and more-advanced triple-camera setup. And while the phone packs the same Tensor G5 processor as the standard Pixel 10, the Pro sports 16GB of RAM rather than 12GB and offers up to 512GB of storage.
Read more here.
Hertz stock jumps on deal to sell its used cars on Amazon
Yahoo Finance's Pras Subramanian reports:
Rental car firm Hertz (HTZ) struck a deal with Amazon Autos (AMZN) on Wednesday to sell some of its used car inventory. The company said this will make it easier for customers to purchase cars from its fleet.
Starting today, customers can search Amazon Autos to browse, finance, and purchase from thousands of used Hertz fleet vehicles from brands like Ford, Toyota, Chevrolet, Nissan, and others. Hertz Car Sales, the rental car firm's used car sales arm, will be the first fleet dealer on Amazon Autos.
Hertz said sales will begin in the Dallas, Houston, Los Angeles, and Seattle metro areas, with plans to expand to Hertz Car Sales' 45 locations nationwide. After customers complete their purchase online, they can pick up the vehicles at Hertz locations in those cities.
Read more here.
Yahoo Finance's Pras Subramanian reports:
Rental car firm Hertz (HTZ) struck a deal with Amazon Autos (AMZN) on Wednesday to sell some of its used car inventory. The company said this will make it easier for customers to purchase cars from its fleet.
Starting today, customers can search Amazon Autos to browse, finance, and purchase from thousands of used Hertz fleet vehicles from brands like Ford, Toyota, Chevrolet, Nissan, and others. Hertz Car Sales, the rental car firm's used car sales arm, will be the first fleet dealer on Amazon Autos.
Hertz said sales will begin in the Dallas, Houston, Los Angeles, and Seattle metro areas, with plans to expand to Hertz Car Sales' 45 locations nationwide. After customers complete their purchase online, they can pick up the vehicles at Hertz locations in those cities.
Read more here.
KeyBanc warns China headwinds could prompt an Nvidia earnings miss
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Big Tech is getting hammered again
Tuesday's market action was all about isolated selling in some of the market's biggest winners.
Wednesday's early session has brought more of the same, as Big Tech is clearly leading the selling action once more.
After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 7% in early trade. Meanwhile, AI chip leaders Nvidia (NVDA) and Broadcom (AVGO) each dropped more than 3%.
Tuesday's market action was all about isolated selling in some of the market's biggest winners.
Wednesday's early session has brought more of the same, as Big Tech is clearly leading the selling action once more.
After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 7% in early trade. Meanwhile, AI chip leaders Nvidia (NVDA) and Broadcom (AVGO) each dropped more than 3%.
Trump says Fed governor Cook 'must resign' as pressure campaign on central bank continues
President Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign as the public pressure on the central bank continues to build.
"Cook must resign, now!!!" Trump wrote on his social media platform Truth Social Wednesday morning with a link to a Bloomberg report on a letter sent by Bill Pulte. The Federal Housing Finance Agency head has reportedly urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages.
Pulte wrote in a letter dated Aug. 15 that Cook 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.'
The President's call for Cook to resign comes as pressure on the Fed continues amid ongoing changes on the Fed's Board of Governors.
Read more here.
President Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign as the public pressure on the central bank continues to build.
"Cook must resign, now!!!" Trump wrote on his social media platform Truth Social Wednesday morning with a link to a Bloomberg report on a letter sent by Bill Pulte. The Federal Housing Finance Agency head has reportedly urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages.
Pulte wrote in a letter dated Aug. 15 that Cook 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.'
The President's call for Cook to resign comes as pressure on the Fed continues amid ongoing changes on the Fed's Board of Governors.
Read more here.
Nasdaq leads indexes lower again at the open
US stocks were mixed on Wednesday after a bruising day for tech stocks, as investors weighed the latest retail earnings and waited for Federal Reserve minutes to provide clues to interest rate cuts.
The Dow Jones Industrial Average (^DJI) was up about 0.1%, while the S&P 500 (^GSPC) slipped about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.4%, after weakness in the likes of Palantir (PLTR) and Nvidia (NVDA) dragged on the broader market on Tuesday.
US stocks were mixed on Wednesday after a bruising day for tech stocks, as investors weighed the latest retail earnings and waited for Federal Reserve minutes to provide clues to interest rate cuts.
The Dow Jones Industrial Average (^DJI) was up about 0.1%, while the S&P 500 (^GSPC) slipped about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.4%, after weakness in the likes of Palantir (PLTR) and Nvidia (NVDA) dragged on the broader market on Tuesday.
Post-earnings market movers: Target and La-Z-Boy stocks dive, Lowe's rises
Here's a look at how Wall Street is reacting to a burst of earnings reports ahead of the opening bell on Wednesday:
Target (TGT) stock dived more than 10%, facing its worst sell-off since early April. The retailer cleared a low bar of earnings expectations, but comparable sales continued to fall during the quarter.
Lowe's (LOW) stock rose 2.5%. The home improvement retailer reported a return to same-store sales growth, echoing positive results from Home Depot (HD) on Tuesday. Home Depot stock fell 1.3% before the bell.
Estée Lauder (EL) shares fell 5%. The beauty company's annual profit forecast disappointed and executives said they expect a $100 million headwind from tariffs.
Baidu (BIDU) shares edged 0.2% lower. The Chinese search engine company reported a drop in second quarter revenue as strong growth in cloud services was offset by weakness in its core advertising business.
Toll Brothers (TOL) stock added 0.45%. The homebuilder reported an earnings and revenue beat on Tuesday afternoon, though new orders were less than analysts' expected.
La-Z-Boy (LZB) stock tanked 20% after the company missed estimates amid soft demand. Sales for its Joybird furniture brand declined 14%.
Read more live coverage of corporate earnings here
Here's a look at how Wall Street is reacting to a burst of earnings reports ahead of the opening bell on Wednesday:
Target (TGT) stock dived more than 10%, facing its worst sell-off since early April. The retailer cleared a low bar of earnings expectations, but comparable sales continued to fall during the quarter.
Lowe's (LOW) stock rose 2.5%. The home improvement retailer reported a return to same-store sales growth, echoing positive results from Home Depot (HD) on Tuesday. Home Depot stock fell 1.3% before the bell.
Estée Lauder (EL) shares fell 5%. The beauty company's annual profit forecast disappointed and executives said they expect a $100 million headwind from tariffs.
Baidu (BIDU) shares edged 0.2% lower. The Chinese search engine company reported a drop in second quarter revenue as strong growth in cloud services was offset by weakness in its core advertising business.
Toll Brothers (TOL) stock added 0.45%. The homebuilder reported an earnings and revenue beat on Tuesday afternoon, though new orders were less than analysts' expected.
La-Z-Boy (LZB) stock tanked 20% after the company missed estimates amid soft demand. Sales for its Joybird furniture brand declined 14%.
Read more live coverage of corporate earnings here
Hertz to sell used cars on Amazon, stock jumps
Hertz (HTZ) stock rose over 10% after the car rental company announced it is teaming up with Amazon (AMZN) to sell pre-owned vehicles.
Customers will be able to browse Hertz used car sales on Amazon, purchase vehicles online, and then pick them up at select Hertz locations. It will initially be offered in Dallas, Houston, Los Angeles, and Seattle, with plans to expand to 45 locations nationwide.
Hertz sells pre-owned cars in addition to renting them out. The company is in the midst of a turnaround, and shares have outperformed this year with a 42% year-to-date rise.
Read more here.
Hertz (HTZ) stock rose over 10% after the car rental company announced it is teaming up with Amazon (AMZN) to sell pre-owned vehicles.
Customers will be able to browse Hertz used car sales on Amazon, purchase vehicles online, and then pick them up at select Hertz locations. It will initially be offered in Dallas, Houston, Los Angeles, and Seattle, with plans to expand to 45 locations nationwide.
Hertz sells pre-owned cars in addition to renting them out. The company is in the midst of a turnaround, and shares have outperformed this year with a 42% year-to-date rise.
Read more here.
Intel's advantages from a Trump deal could be worth as much as the money
What would it take for Intel (INTC) to turn its business around? Yahoo Finance's Hamza Shaban digs into that question in today's Morning Brief.
Read more here.
What would it take for Intel (INTC) to turn its business around? Yahoo Finance's Hamza Shaban digs into that question in today's Morning Brief.
Read more here.
This summer's hottest trend on Wall Street: 'Private for longer'
Continuation funds have become hugely popular among America's biggest private fund managers this year.
Yahoo Finance's David Hollerith breaks down why, and exactly how they work:
Read more here.
Continuation funds have become hugely popular among America's biggest private fund managers this year.
Yahoo Finance's David Hollerith breaks down why, and exactly how they work:
Read more here.
Palantir stock on track to extend losing streak
Palantir stock (PLTR) looks like it may extend its losing streak to six trading days after reaching an all-time high.
Shares fell 3% in premarket trading on Wednesday after a 9% decline on Tuesday. Since hitting $186.97 per share on Aug. 12, the stock is now trading around $153, putting it 18% off its record closing high.
Investors rotating out of large-cap tech names and a bearish report from short seller Citron Research have weighed on the stock.
Read more here.
Palantir stock (PLTR) looks like it may extend its losing streak to six trading days after reaching an all-time high.
Shares fell 3% in premarket trading on Wednesday after a 9% decline on Tuesday. Since hitting $186.97 per share on Aug. 12, the stock is now trading around $153, putting it 18% off its record closing high.
Investors rotating out of large-cap tech names and a bearish report from short seller Citron Research have weighed on the stock.
Read more here.
Target stock sinks after earnings eke out a beat, but sales keep falling
Target's (TGT) results on Wednesday morning weren't as shockingly bad as for the first quarter, but the retailer is still struggling to find its place in the new economic norm of more discerning shoppers.
Shares in the US retail giant sank 10% in premarket trading as the announcement of a new CEO still left investors wanting more.
Yahoo Finance's Brian Sozzi reports:
Read more here.
Target's (TGT) results on Wednesday morning weren't as shockingly bad as for the first quarter, but the retailer is still struggling to find its place in the new economic norm of more discerning shoppers.
Shares in the US retail giant sank 10% in premarket trading as the announcement of a new CEO still left investors wanting more.
Yahoo Finance's Brian Sozzi reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: FOMC Minutes (July 30-31 meeting); MBA weekly mortgage applications
Earnings: Target (TGT), Baidu (BIDU), Lowe's (LOW), TJX Companies (TJX), Estée Lauder (EL)
Here are some of the biggest stories you may have missed overnight and early this morning:
Target earnings miss the mark as sales keep falling
Target will have a new CEO for the first time since 2014
Intel's Trump deal perks may rival the money
Buffett effect still holds as UnitedHealth soars through August
This summer's hottest trend on Wall Street: 'Private for longer'
US housing warning sparks worst James Hardie selloff since 1973
US treasury chief says status quo with China 'working pretty well'
Sales of foreign-branded phones in China down 31.3% in June: Data
China exports of key rare-earth EV magnets hit 6-month high
Economic data: FOMC Minutes (July 30-31 meeting); MBA weekly mortgage applications
Earnings: Target (TGT), Baidu (BIDU), Lowe's (LOW), TJX Companies (TJX), Estée Lauder (EL)
Here are some of the biggest stories you may have missed overnight and early this morning:
Target earnings miss the mark as sales keep falling
Target will have a new CEO for the first time since 2014
Intel's Trump deal perks may rival the money
Buffett effect still holds as UnitedHealth soars through August
This summer's hottest trend on Wall Street: 'Private for longer'
US housing warning sparks worst James Hardie selloff since 1973
US treasury chief says status quo with China 'working pretty well'
Sales of foreign-branded phones in China down 31.3% in June: Data
China exports of key rare-earth EV magnets hit 6-month high
Target will have a new CEO... and he will not have it easy
Target (TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history.
The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO.
"I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters.
Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat."
To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat.
If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. The only comparable story I can think of is Walmart (WMT) CEO Doug McMillon going from truck loader at the retailer to CEO.
But Fiddelke will unlikely have a honeymoon period, seeing as he has been there at Target during its past 24 months of struggles (which includes a weak second quarter). People I have talked to wanted an outsider as Target's next CEO, fresh eyes to come in and fix what is wrong (not unlike when Cornell was brought in back in 2014 — his career was mostly spent at Walmart and PepsiCo (PEP)). Fiddelke will be seen as a continuation of a strategy that hasn't been working.
I asked him on the call how candid he plans to be in the early going on the strategy review, which is what all new leaders do. He sounded like he was ready to divert from Cornell's playbook and shake things up. He will have to do just that, and quickly, to win over a likely skeptical Wall Street.
Target (TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history.
The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO.
"I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters.
Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat."
To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat.
If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. The only comparable story I can think of is Walmart (WMT) CEO Doug McMillon going from truck loader at the retailer to CEO.
But Fiddelke will unlikely have a honeymoon period, seeing as he has been there at Target during its past 24 months of struggles (which includes a weak second quarter). People I have talked to wanted an outsider as Target's next CEO, fresh eyes to come in and fix what is wrong (not unlike when Cornell was brought in back in 2014 — his career was mostly spent at Walmart and PepsiCo (PEP)). Fiddelke will be seen as a continuation of a strategy that hasn't been working.
I asked him on the call how candid he plans to be in the early going on the strategy review, which is what all new leaders do. He sounded like he was ready to divert from Cornell's playbook and shake things up. He will have to do just that, and quickly, to win over a likely skeptical Wall Street.
US tech stocks hit by concerns over future of AI boom
Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports:
Read more here (premium)
Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports:
Read more here (premium)
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The Dow Jones Industrial Average (^DJI) closed slightly higher, while the S&P 500 (^GSPC) slipped 0.2%. The tech-heavy Nasdaq Composite (^IXIC) led the losses, declining about 0.7%. The Nasdaq had been down nearly 2% earlier in the session before recovering. After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 1% in afternoon trade after slipping as much as 9% earlier in the day.
The tech-led sell-off has put markets on edge, as investors rotate out of riskier stocks into previously lagging sectors amid concerns about the AI boom's staying power.
Meanwhile, Wednesday's release of minutes from the Fed's July meeting showed the two policymakers who voted against the decision to leave rates unchanged appeared largely alone in that opinion. Investors are eager for a sense of where policymakers stand on interest rate cuts after economic data this month revealed they face a tricky dilemma between a weakening labor market and stubborn inflation.
Attention is also on the latest batch of big retail earnings, with Target's (TGT) results the highlight on Wednesday. Target eked out a profit beat and held to its guidance, but pressures from tariffs and a squeezed consumer added up to another downbeat quarter — and will pose challenges for newly announced CEO Michael Fiddelke. Its shares sank 6%.
Next up are Walmart (WMT) earnings on Thursday, watched for further signs of how companies and consumers are handing President Trump's tariffs.
Read more: The latest on Trump's tariffs
The main event for Wall Street lands on Friday, when Federal Reserve Chair Jerome Powell will deliver remarks at the Jackson Hole symposium in Wyoming.
Tech, chip stock sell-off continues as AI bubble fears mount
Yahoo Finance's Laura Bratton reports:
Tech stocks fell for a second day on Wednesday as investors sold off a slew of tech names amid concerns over the sustainability of the AI boom and a recent market rotation away from some of this year's biggest winners.
Among the Magnificent Seven Big Tech stocks, Nvidia (NVDA) was down about 0.3%, and Alphabet (GOOGL, GOOG) stock fell more than 1%. Amazon (AMZN) and Apple (AAPL), shares fell over 1%.
Chip stocks Advanced Micro Devices (AMD) and Broadcom (AVGO) both fell less than 1%; Micron (MU) shares plummeted nearly 4%.
Read more here.
Retail traders double down on Palantir despite recent stock slide
Palantir (PLTR) shares dropped another 1% on Wednesday following a sharp 9% slide on Tuesday. But retail investors saw the drop as a buying opportunity.
According to data provided to Yahoo Finance from Vanda Research, small investors poured over $59 million into Palantir during Tuesday's sell-off, marking the biggest single-day retail inflow in a week. That came on top of another $40 million in inflows the day before.
The surge in retail demand highlights a classic 'buy the dip' mentality that has dominated markets since the April bottom. In the days leading up to the sell-off, retail flows had been steady but more modest, averaging in the $20 to $30 million range, according to Vanda. The jump in activity suggests everyday traders were not scared off by the stock's sudden slide. Instead, they leaned in.
But even with retail piling in, the stock still fell hard. That divergence underscores a familiar market reality: while retail can be a powerful force, institutional selling pressure often sets the tone.
"Retail has gotten to be such a huge percentage of the market in terms of day-to-day trading," Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance on Wednesday. "But if a series of institutions decide to reallocate their portfolio holdings, you're standing in the way of a much larger piece of momentum."
"Collectively, a whole lot of small traders can push back, but if [institutions] are relentless about the selling, that's going to move the market lower.'
Sosnick called Palantir's 9% plunge a 'shocking move down,' but also pointed out that the stock's meteoric rise has left it trading at "about as expensive of a stock as we've seen."
James Hardie stock collapses 35% as US housing slump hits building materials
Yahoo Finance's Ines Ferre reports:
James Hardie (JHX) stock tumbled 35% on Wednesday as the maker of high-end home siding pointed to a weak US housing market and homeowners reluctant to spend on big projects.
The stock, listed in the US and Australia, saw its biggest one-day drop since 1973, according to Bloomberg data. The company's profit declined 28% year over year during its fiscal first quarter. Net sales tumbled 9% over the same period.
"Uncertainty is a common thread throughout conversations with customer and contractor partners," CEO Aaron Erter said during the company's earnings call.
James Hardie pointed to "softer demand," citing a slowdown in single-family construction activity, especially in the southern part of the US.
Read more here.
Fed minutes show majority of officials more concerned about inflation than employment
Minutes from the Federal Reserve's July meeting showed the "majority" of officials were more concerned about the upside risk to inflation than downside risks to the Fed's mandate for maximum employment.
"Regarding upside risks to inflation, participants pointed to the uncertain effects of tariffs and the possibility of inflation expectations becoming unanchored," the minutes read. "In addition to tariff-induced risks, potential downside risks to employment mentioned by participants included a possible tightening of financial conditions due to a rise in risk premiums, a more substantial deterioration in the housing market, and the risk that the increased use of AI in the workplace may lower employment."
Read more about the Fed minutes here.
Eight sectors are outperforming the S&P 500 on Wednesday
Citi head of US equity trading strategy Stuart Kaiser noted on Tuesday that the recent pain the stock market has "remained localized."
And that's holding true on Wednesday too despite a roughly 1% decline in the Nasdaq Composite. The pain is mostly in technology and other related areas of the market with eight of 11 sectors in the S&P 500 (^GSPC)outperforming the benchmark index.
While the size of tech in the index is pulling down the overall S&P 500 there are actually still 265 stocks in positive territory with a little over two hours left in the trading session.
For now the rotation in the market isn't shaking a bullish stance from Kaiser who remains positive on US equities with a "quality preference."
Below is a look at the sector action thus far in Wednesday's trade.
Google unveils latest Pixel phones, including foldable Pixel 10 Pro Fold
Yahoo Finance's Dan Howley reports:
Google (GOOG, GOOGL) announced its latest line of Pixel smartphones on Wednesday as part of its Made By Google event in New York City on Wednesday.
The Pixel 10 lineup includes four phones: the Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold. The company also showed off its newest smartwatch, the Pixel Watch 4.
The devices get Google's latest Gemini AI capabilities, including the company's new Magic Cue for its smartphones and enhanced smart replies for the watch.
Starting at $799, the entry-level Pixel 10 now comes with three rear cameras, up from two. That includes a 5x telephoto camera. Inside, the 6.3-inch phone gets Google's latest Tensor G5 processor, 12GB of RAM, and upwards of 256GB of storage.
The Pixel 10 Pro starts at $999 and gets a sharper 6.3-inch display and more-advanced triple-camera setup. And while the phone packs the same Tensor G5 processor as the standard Pixel 10, the Pro sports 16GB of RAM rather than 12GB and offers up to 512GB of storage.
Read more here.
Hertz stock jumps on deal to sell its used cars on Amazon
Yahoo Finance's Pras Subramanian reports:
Rental car firm Hertz (HTZ) struck a deal with Amazon Autos (AMZN) on Wednesday to sell some of its used car inventory. The company said this will make it easier for customers to purchase cars from its fleet.
Starting today, customers can search Amazon Autos to browse, finance, and purchase from thousands of used Hertz fleet vehicles from brands like Ford, Toyota, Chevrolet, Nissan, and others. Hertz Car Sales, the rental car firm's used car sales arm, will be the first fleet dealer on Amazon Autos.
Hertz said sales will begin in the Dallas, Houston, Los Angeles, and Seattle metro areas, with plans to expand to Hertz Car Sales' 45 locations nationwide. After customers complete their purchase online, they can pick up the vehicles at Hertz locations in those cities.
Read more here.
KeyBanc warns China headwinds could prompt an Nvidia earnings miss
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Big Tech is getting hammered again
Tuesday's market action was all about isolated selling in some of the market's biggest winners.
Wednesday's early session has brought more of the same, as Big Tech is clearly leading the selling action once more.
After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 7% in early trade. Meanwhile, AI chip leaders Nvidia (NVDA) and Broadcom (AVGO) each dropped more than 3%.
Trump says Fed governor Cook 'must resign' as pressure campaign on central bank continues
President Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign as the public pressure on the central bank continues to build.
"Cook must resign, now!!!" Trump wrote on his social media platform Truth Social Wednesday morning with a link to a Bloomberg report on a letter sent by Bill Pulte. The Federal Housing Finance Agency head has reportedly urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages.
Pulte wrote in a letter dated Aug. 15 that Cook 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.'
The President's call for Cook to resign comes as pressure on the Fed continues amid ongoing changes on the Fed's Board of Governors.
Read more here.
Nasdaq leads indexes lower again at the open
US stocks were mixed on Wednesday after a bruising day for tech stocks, as investors weighed the latest retail earnings and waited for Federal Reserve minutes to provide clues to interest rate cuts.
The Dow Jones Industrial Average (^DJI) was up about 0.1%, while the S&P 500 (^GSPC) slipped about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.4%, after weakness in the likes of Palantir (PLTR) and Nvidia (NVDA) dragged on the broader market on Tuesday.
Post-earnings market movers: Target and La-Z-Boy stocks dive, Lowe's rises
Here's a look at how Wall Street is reacting to a burst of earnings reports ahead of the opening bell on Wednesday:
Target (TGT) stock dived more than 10%, facing its worst sell-off since early April. The retailer cleared a low bar of earnings expectations, but comparable sales continued to fall during the quarter.
Lowe's (LOW) stock rose 2.5%. The home improvement retailer reported a return to same-store sales growth, echoing positive results from Home Depot (HD) on Tuesday. Home Depot stock fell 1.3% before the bell.
Estée Lauder (EL) shares fell 5%. The beauty company's annual profit forecast disappointed and executives said they expect a $100 million headwind from tariffs.
Baidu (BIDU) shares edged 0.2% lower. The Chinese search engine company reported a drop in second quarter revenue as strong growth in cloud services was offset by weakness in its core advertising business.
Toll Brothers (TOL) stock added 0.45%. The homebuilder reported an earnings and revenue beat on Tuesday afternoon, though new orders were less than analysts' expected.
La-Z-Boy (LZB) stock tanked 20% after the company missed estimates amid soft demand. Sales for its Joybird furniture brand declined 14%.
Read more live coverage of corporate earnings here
Hertz to sell used cars on Amazon, stock jumps
Hertz (HTZ) stock rose over 10% after the car rental company announced it is teaming up with Amazon (AMZN) to sell pre-owned vehicles.
Customers will be able to browse Hertz used car sales on Amazon, purchase vehicles online, and then pick them up at select Hertz locations. It will initially be offered in Dallas, Houston, Los Angeles, and Seattle, with plans to expand to 45 locations nationwide.
Hertz sells pre-owned cars in addition to renting them out. The company is in the midst of a turnaround, and shares have outperformed this year with a 42% year-to-date rise.
Read more here.
Intel's advantages from a Trump deal could be worth as much as the money
What would it take for Intel (INTC) to turn its business around? Yahoo Finance's Hamza Shaban digs into that question in today's Morning Brief.
Read more here.
This summer's hottest trend on Wall Street: 'Private for longer'
Continuation funds have become hugely popular among America's biggest private fund managers this year.
Yahoo Finance's David Hollerith breaks down why, and exactly how they work:
Read more here.
Palantir stock on track to extend losing streak
Palantir stock (PLTR) looks like it may extend its losing streak to six trading days after reaching an all-time high.
Shares fell 3% in premarket trading on Wednesday after a 9% decline on Tuesday. Since hitting $186.97 per share on Aug. 12, the stock is now trading around $153, putting it 18% off its record closing high.
Investors rotating out of large-cap tech names and a bearish report from short seller Citron Research have weighed on the stock.
Read more here.
Target stock sinks after earnings eke out a beat, but sales keep falling
Target's (TGT) results on Wednesday morning weren't as shockingly bad as for the first quarter, but the retailer is still struggling to find its place in the new economic norm of more discerning shoppers.
Shares in the US retail giant sank 10% in premarket trading as the announcement of a new CEO still left investors wanting more.
Yahoo Finance's Brian Sozzi reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: FOMC Minutes (July 30-31 meeting); MBA weekly mortgage applications
Earnings: Target (TGT), Baidu (BIDU), Lowe's (LOW), TJX Companies (TJX), Estée Lauder (EL)
Here are some of the biggest stories you may have missed overnight and early this morning:
Target earnings miss the mark as sales keep falling
Target will have a new CEO for the first time since 2014
Intel's Trump deal perks may rival the money
Buffett effect still holds as UnitedHealth soars through August
This summer's hottest trend on Wall Street: 'Private for longer'
US housing warning sparks worst James Hardie selloff since 1973
US treasury chief says status quo with China 'working pretty well'
Sales of foreign-branded phones in China down 31.3% in June: Data
China exports of key rare-earth EV magnets hit 6-month high
Target will have a new CEO... and he will not have it easy
Target (TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history.
The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO.
"I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters.
Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat."
To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat.
If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. The only comparable story I can think of is Walmart (WMT) CEO Doug McMillon going from truck loader at the retailer to CEO.
But Fiddelke will unlikely have a honeymoon period, seeing as he has been there at Target during its past 24 months of struggles (which includes a weak second quarter). People I have talked to wanted an outsider as Target's next CEO, fresh eyes to come in and fix what is wrong (not unlike when Cornell was brought in back in 2014 — his career was mostly spent at Walmart and PepsiCo (PEP)). Fiddelke will be seen as a continuation of a strategy that hasn't been working.
I asked him on the call how candid he plans to be in the early going on the strategy review, which is what all new leaders do. He sounded like he was ready to divert from Cornell's playbook and shake things up. He will have to do just that, and quickly, to win over a likely skeptical Wall Street.
US tech stocks hit by concerns over future of AI boom
Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports:
Read more here (premium)
Tech, chip stock sell-off continues as AI bubble fears mount
Yahoo Finance's Laura Bratton reports:
Tech stocks fell for a second day on Wednesday as investors sold off a slew of tech names amid concerns over the sustainability of the AI boom and a recent market rotation away from some of this year's biggest winners.
Among the Magnificent Seven Big Tech stocks, Nvidia (NVDA) was down about 0.3%, and Alphabet (GOOGL, GOOG) stock fell more than 1%. Amazon (AMZN) and Apple (AAPL), shares fell over 1%.
Chip stocks Advanced Micro Devices (AMD) and Broadcom (AVGO) both fell less than 1%; Micron (MU) shares plummeted nearly 4%.
Read more here.
Yahoo Finance's Laura Bratton reports:
Tech stocks fell for a second day on Wednesday as investors sold off a slew of tech names amid concerns over the sustainability of the AI boom and a recent market rotation away from some of this year's biggest winners.
Among the Magnificent Seven Big Tech stocks, Nvidia (NVDA) was down about 0.3%, and Alphabet (GOOGL, GOOG) stock fell more than 1%. Amazon (AMZN) and Apple (AAPL), shares fell over 1%.
Chip stocks Advanced Micro Devices (AMD) and Broadcom (AVGO) both fell less than 1%; Micron (MU) shares plummeted nearly 4%.
Read more here.
Retail traders double down on Palantir despite recent stock slide
Palantir (PLTR) shares dropped another 1% on Wednesday following a sharp 9% slide on Tuesday. But retail investors saw the drop as a buying opportunity.
According to data provided to Yahoo Finance from Vanda Research, small investors poured over $59 million into Palantir during Tuesday's sell-off, marking the biggest single-day retail inflow in a week. That came on top of another $40 million in inflows the day before.
The surge in retail demand highlights a classic 'buy the dip' mentality that has dominated markets since the April bottom. In the days leading up to the sell-off, retail flows had been steady but more modest, averaging in the $20 to $30 million range, according to Vanda. The jump in activity suggests everyday traders were not scared off by the stock's sudden slide. Instead, they leaned in.
But even with retail piling in, the stock still fell hard. That divergence underscores a familiar market reality: while retail can be a powerful force, institutional selling pressure often sets the tone.
"Retail has gotten to be such a huge percentage of the market in terms of day-to-day trading," Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance on Wednesday. "But if a series of institutions decide to reallocate their portfolio holdings, you're standing in the way of a much larger piece of momentum."
"Collectively, a whole lot of small traders can push back, but if [institutions] are relentless about the selling, that's going to move the market lower.'
Sosnick called Palantir's 9% plunge a 'shocking move down,' but also pointed out that the stock's meteoric rise has left it trading at "about as expensive of a stock as we've seen."
Palantir (PLTR) shares dropped another 1% on Wednesday following a sharp 9% slide on Tuesday. But retail investors saw the drop as a buying opportunity.
According to data provided to Yahoo Finance from Vanda Research, small investors poured over $59 million into Palantir during Tuesday's sell-off, marking the biggest single-day retail inflow in a week. That came on top of another $40 million in inflows the day before.
The surge in retail demand highlights a classic 'buy the dip' mentality that has dominated markets since the April bottom. In the days leading up to the sell-off, retail flows had been steady but more modest, averaging in the $20 to $30 million range, according to Vanda. The jump in activity suggests everyday traders were not scared off by the stock's sudden slide. Instead, they leaned in.
But even with retail piling in, the stock still fell hard. That divergence underscores a familiar market reality: while retail can be a powerful force, institutional selling pressure often sets the tone.
"Retail has gotten to be such a huge percentage of the market in terms of day-to-day trading," Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance on Wednesday. "But if a series of institutions decide to reallocate their portfolio holdings, you're standing in the way of a much larger piece of momentum."
"Collectively, a whole lot of small traders can push back, but if [institutions] are relentless about the selling, that's going to move the market lower.'
Sosnick called Palantir's 9% plunge a 'shocking move down,' but also pointed out that the stock's meteoric rise has left it trading at "about as expensive of a stock as we've seen."
James Hardie stock collapses 35% as US housing slump hits building materials
Yahoo Finance's Ines Ferre reports:
James Hardie (JHX) stock tumbled 35% on Wednesday as the maker of high-end home siding pointed to a weak US housing market and homeowners reluctant to spend on big projects.
The stock, listed in the US and Australia, saw its biggest one-day drop since 1973, according to Bloomberg data. The company's profit declined 28% year over year during its fiscal first quarter. Net sales tumbled 9% over the same period.
"Uncertainty is a common thread throughout conversations with customer and contractor partners," CEO Aaron Erter said during the company's earnings call.
James Hardie pointed to "softer demand," citing a slowdown in single-family construction activity, especially in the southern part of the US.
Read more here.
Yahoo Finance's Ines Ferre reports:
James Hardie (JHX) stock tumbled 35% on Wednesday as the maker of high-end home siding pointed to a weak US housing market and homeowners reluctant to spend on big projects.
The stock, listed in the US and Australia, saw its biggest one-day drop since 1973, according to Bloomberg data. The company's profit declined 28% year over year during its fiscal first quarter. Net sales tumbled 9% over the same period.
"Uncertainty is a common thread throughout conversations with customer and contractor partners," CEO Aaron Erter said during the company's earnings call.
James Hardie pointed to "softer demand," citing a slowdown in single-family construction activity, especially in the southern part of the US.
Read more here.
Fed minutes show majority of officials more concerned about inflation than employment
Minutes from the Federal Reserve's July meeting showed the "majority" of officials were more concerned about the upside risk to inflation than downside risks to the Fed's mandate for maximum employment.
"Regarding upside risks to inflation, participants pointed to the uncertain effects of tariffs and the possibility of inflation expectations becoming unanchored," the minutes read. "In addition to tariff-induced risks, potential downside risks to employment mentioned by participants included a possible tightening of financial conditions due to a rise in risk premiums, a more substantial deterioration in the housing market, and the risk that the increased use of AI in the workplace may lower employment."
Read more about the Fed minutes here.
Minutes from the Federal Reserve's July meeting showed the "majority" of officials were more concerned about the upside risk to inflation than downside risks to the Fed's mandate for maximum employment.
"Regarding upside risks to inflation, participants pointed to the uncertain effects of tariffs and the possibility of inflation expectations becoming unanchored," the minutes read. "In addition to tariff-induced risks, potential downside risks to employment mentioned by participants included a possible tightening of financial conditions due to a rise in risk premiums, a more substantial deterioration in the housing market, and the risk that the increased use of AI in the workplace may lower employment."
Read more about the Fed minutes here.
Eight sectors are outperforming the S&P 500 on Wednesday
Citi head of US equity trading strategy Stuart Kaiser noted on Tuesday that the recent pain the stock market has "remained localized."
And that's holding true on Wednesday too despite a roughly 1% decline in the Nasdaq Composite. The pain is mostly in technology and other related areas of the market with eight of 11 sectors in the S&P 500 (^GSPC)outperforming the benchmark index.
While the size of tech in the index is pulling down the overall S&P 500 there are actually still 265 stocks in positive territory with a little over two hours left in the trading session.
For now the rotation in the market isn't shaking a bullish stance from Kaiser who remains positive on US equities with a "quality preference."
Below is a look at the sector action thus far in Wednesday's trade.
Citi head of US equity trading strategy Stuart Kaiser noted on Tuesday that the recent pain the stock market has "remained localized."
And that's holding true on Wednesday too despite a roughly 1% decline in the Nasdaq Composite. The pain is mostly in technology and other related areas of the market with eight of 11 sectors in the S&P 500 (^GSPC)outperforming the benchmark index.
While the size of tech in the index is pulling down the overall S&P 500 there are actually still 265 stocks in positive territory with a little over two hours left in the trading session.
For now the rotation in the market isn't shaking a bullish stance from Kaiser who remains positive on US equities with a "quality preference."
Below is a look at the sector action thus far in Wednesday's trade.
Google unveils latest Pixel phones, including foldable Pixel 10 Pro Fold
Yahoo Finance's Dan Howley reports:
Google (GOOG, GOOGL) announced its latest line of Pixel smartphones on Wednesday as part of its Made By Google event in New York City on Wednesday.
The Pixel 10 lineup includes four phones: the Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold. The company also showed off its newest smartwatch, the Pixel Watch 4.
The devices get Google's latest Gemini AI capabilities, including the company's new Magic Cue for its smartphones and enhanced smart replies for the watch.
Starting at $799, the entry-level Pixel 10 now comes with three rear cameras, up from two. That includes a 5x telephoto camera. Inside, the 6.3-inch phone gets Google's latest Tensor G5 processor, 12GB of RAM, and upwards of 256GB of storage.
The Pixel 10 Pro starts at $999 and gets a sharper 6.3-inch display and more-advanced triple-camera setup. And while the phone packs the same Tensor G5 processor as the standard Pixel 10, the Pro sports 16GB of RAM rather than 12GB and offers up to 512GB of storage.
Read more here.
Yahoo Finance's Dan Howley reports:
Google (GOOG, GOOGL) announced its latest line of Pixel smartphones on Wednesday as part of its Made By Google event in New York City on Wednesday.
The Pixel 10 lineup includes four phones: the Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold. The company also showed off its newest smartwatch, the Pixel Watch 4.
The devices get Google's latest Gemini AI capabilities, including the company's new Magic Cue for its smartphones and enhanced smart replies for the watch.
Starting at $799, the entry-level Pixel 10 now comes with three rear cameras, up from two. That includes a 5x telephoto camera. Inside, the 6.3-inch phone gets Google's latest Tensor G5 processor, 12GB of RAM, and upwards of 256GB of storage.
The Pixel 10 Pro starts at $999 and gets a sharper 6.3-inch display and more-advanced triple-camera setup. And while the phone packs the same Tensor G5 processor as the standard Pixel 10, the Pro sports 16GB of RAM rather than 12GB and offers up to 512GB of storage.
Read more here.
Hertz stock jumps on deal to sell its used cars on Amazon
Yahoo Finance's Pras Subramanian reports:
Rental car firm Hertz (HTZ) struck a deal with Amazon Autos (AMZN) on Wednesday to sell some of its used car inventory. The company said this will make it easier for customers to purchase cars from its fleet.
Starting today, customers can search Amazon Autos to browse, finance, and purchase from thousands of used Hertz fleet vehicles from brands like Ford, Toyota, Chevrolet, Nissan, and others. Hertz Car Sales, the rental car firm's used car sales arm, will be the first fleet dealer on Amazon Autos.
Hertz said sales will begin in the Dallas, Houston, Los Angeles, and Seattle metro areas, with plans to expand to Hertz Car Sales' 45 locations nationwide. After customers complete their purchase online, they can pick up the vehicles at Hertz locations in those cities.
Read more here.
Yahoo Finance's Pras Subramanian reports:
Rental car firm Hertz (HTZ) struck a deal with Amazon Autos (AMZN) on Wednesday to sell some of its used car inventory. The company said this will make it easier for customers to purchase cars from its fleet.
Starting today, customers can search Amazon Autos to browse, finance, and purchase from thousands of used Hertz fleet vehicles from brands like Ford, Toyota, Chevrolet, Nissan, and others. Hertz Car Sales, the rental car firm's used car sales arm, will be the first fleet dealer on Amazon Autos.
Hertz said sales will begin in the Dallas, Houston, Los Angeles, and Seattle metro areas, with plans to expand to Hertz Car Sales' 45 locations nationwide. After customers complete their purchase online, they can pick up the vehicles at Hertz locations in those cities.
Read more here.
KeyBanc warns China headwinds could prompt an Nvidia earnings miss
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Big Tech is getting hammered again
Tuesday's market action was all about isolated selling in some of the market's biggest winners.
Wednesday's early session has brought more of the same, as Big Tech is clearly leading the selling action once more.
After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 7% in early trade. Meanwhile, AI chip leaders Nvidia (NVDA) and Broadcom (AVGO) each dropped more than 3%.
Tuesday's market action was all about isolated selling in some of the market's biggest winners.
Wednesday's early session has brought more of the same, as Big Tech is clearly leading the selling action once more.
After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 7% in early trade. Meanwhile, AI chip leaders Nvidia (NVDA) and Broadcom (AVGO) each dropped more than 3%.
Trump says Fed governor Cook 'must resign' as pressure campaign on central bank continues
President Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign as the public pressure on the central bank continues to build.
"Cook must resign, now!!!" Trump wrote on his social media platform Truth Social Wednesday morning with a link to a Bloomberg report on a letter sent by Bill Pulte. The Federal Housing Finance Agency head has reportedly urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages.
Pulte wrote in a letter dated Aug. 15 that Cook 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.'
The President's call for Cook to resign comes as pressure on the Fed continues amid ongoing changes on the Fed's Board of Governors.
Read more here.
President Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign as the public pressure on the central bank continues to build.
"Cook must resign, now!!!" Trump wrote on his social media platform Truth Social Wednesday morning with a link to a Bloomberg report on a letter sent by Bill Pulte. The Federal Housing Finance Agency head has reportedly urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages.
Pulte wrote in a letter dated Aug. 15 that Cook 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.'
The President's call for Cook to resign comes as pressure on the Fed continues amid ongoing changes on the Fed's Board of Governors.
Read more here.
Nasdaq leads indexes lower again at the open
US stocks were mixed on Wednesday after a bruising day for tech stocks, as investors weighed the latest retail earnings and waited for Federal Reserve minutes to provide clues to interest rate cuts.
The Dow Jones Industrial Average (^DJI) was up about 0.1%, while the S&P 500 (^GSPC) slipped about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.4%, after weakness in the likes of Palantir (PLTR) and Nvidia (NVDA) dragged on the broader market on Tuesday.
US stocks were mixed on Wednesday after a bruising day for tech stocks, as investors weighed the latest retail earnings and waited for Federal Reserve minutes to provide clues to interest rate cuts.
The Dow Jones Industrial Average (^DJI) was up about 0.1%, while the S&P 500 (^GSPC) slipped about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.4%, after weakness in the likes of Palantir (PLTR) and Nvidia (NVDA) dragged on the broader market on Tuesday.
Post-earnings market movers: Target and La-Z-Boy stocks dive, Lowe's rises
Here's a look at how Wall Street is reacting to a burst of earnings reports ahead of the opening bell on Wednesday:
Target (TGT) stock dived more than 10%, facing its worst sell-off since early April. The retailer cleared a low bar of earnings expectations, but comparable sales continued to fall during the quarter.
Lowe's (LOW) stock rose 2.5%. The home improvement retailer reported a return to same-store sales growth, echoing positive results from Home Depot (HD) on Tuesday. Home Depot stock fell 1.3% before the bell.
Estée Lauder (EL) shares fell 5%. The beauty company's annual profit forecast disappointed and executives said they expect a $100 million headwind from tariffs.
Baidu (BIDU) shares edged 0.2% lower. The Chinese search engine company reported a drop in second quarter revenue as strong growth in cloud services was offset by weakness in its core advertising business.
Toll Brothers (TOL) stock added 0.45%. The homebuilder reported an earnings and revenue beat on Tuesday afternoon, though new orders were less than analysts' expected.
La-Z-Boy (LZB) stock tanked 20% after the company missed estimates amid soft demand. Sales for its Joybird furniture brand declined 14%.
Read more live coverage of corporate earnings here
Here's a look at how Wall Street is reacting to a burst of earnings reports ahead of the opening bell on Wednesday:
Target (TGT) stock dived more than 10%, facing its worst sell-off since early April. The retailer cleared a low bar of earnings expectations, but comparable sales continued to fall during the quarter.
Lowe's (LOW) stock rose 2.5%. The home improvement retailer reported a return to same-store sales growth, echoing positive results from Home Depot (HD) on Tuesday. Home Depot stock fell 1.3% before the bell.
Estée Lauder (EL) shares fell 5%. The beauty company's annual profit forecast disappointed and executives said they expect a $100 million headwind from tariffs.
Baidu (BIDU) shares edged 0.2% lower. The Chinese search engine company reported a drop in second quarter revenue as strong growth in cloud services was offset by weakness in its core advertising business.
Toll Brothers (TOL) stock added 0.45%. The homebuilder reported an earnings and revenue beat on Tuesday afternoon, though new orders were less than analysts' expected.
La-Z-Boy (LZB) stock tanked 20% after the company missed estimates amid soft demand. Sales for its Joybird furniture brand declined 14%.
Read more live coverage of corporate earnings here
Hertz to sell used cars on Amazon, stock jumps
Hertz (HTZ) stock rose over 10% after the car rental company announced it is teaming up with Amazon (AMZN) to sell pre-owned vehicles.
Customers will be able to browse Hertz used car sales on Amazon, purchase vehicles online, and then pick them up at select Hertz locations. It will initially be offered in Dallas, Houston, Los Angeles, and Seattle, with plans to expand to 45 locations nationwide.
Hertz sells pre-owned cars in addition to renting them out. The company is in the midst of a turnaround, and shares have outperformed this year with a 42% year-to-date rise.
Read more here.
Hertz (HTZ) stock rose over 10% after the car rental company announced it is teaming up with Amazon (AMZN) to sell pre-owned vehicles.
Customers will be able to browse Hertz used car sales on Amazon, purchase vehicles online, and then pick them up at select Hertz locations. It will initially be offered in Dallas, Houston, Los Angeles, and Seattle, with plans to expand to 45 locations nationwide.
Hertz sells pre-owned cars in addition to renting them out. The company is in the midst of a turnaround, and shares have outperformed this year with a 42% year-to-date rise.
Read more here.
Intel's advantages from a Trump deal could be worth as much as the money
What would it take for Intel (INTC) to turn its business around? Yahoo Finance's Hamza Shaban digs into that question in today's Morning Brief.
Read more here.
What would it take for Intel (INTC) to turn its business around? Yahoo Finance's Hamza Shaban digs into that question in today's Morning Brief.
Read more here.
This summer's hottest trend on Wall Street: 'Private for longer'
Continuation funds have become hugely popular among America's biggest private fund managers this year.
Yahoo Finance's David Hollerith breaks down why, and exactly how they work:
Read more here.
Continuation funds have become hugely popular among America's biggest private fund managers this year.
Yahoo Finance's David Hollerith breaks down why, and exactly how they work:
Read more here.
Palantir stock on track to extend losing streak
Palantir stock (PLTR) looks like it may extend its losing streak to six trading days after reaching an all-time high.
Shares fell 3% in premarket trading on Wednesday after a 9% decline on Tuesday. Since hitting $186.97 per share on Aug. 12, the stock is now trading around $153, putting it 18% off its record closing high.
Investors rotating out of large-cap tech names and a bearish report from short seller Citron Research have weighed on the stock.
Read more here.
Palantir stock (PLTR) looks like it may extend its losing streak to six trading days after reaching an all-time high.
Shares fell 3% in premarket trading on Wednesday after a 9% decline on Tuesday. Since hitting $186.97 per share on Aug. 12, the stock is now trading around $153, putting it 18% off its record closing high.
Investors rotating out of large-cap tech names and a bearish report from short seller Citron Research have weighed on the stock.
Read more here.
Target stock sinks after earnings eke out a beat, but sales keep falling
Target's (TGT) results on Wednesday morning weren't as shockingly bad as for the first quarter, but the retailer is still struggling to find its place in the new economic norm of more discerning shoppers.
Shares in the US retail giant sank 10% in premarket trading as the announcement of a new CEO still left investors wanting more.
Yahoo Finance's Brian Sozzi reports:
Read more here.
Target's (TGT) results on Wednesday morning weren't as shockingly bad as for the first quarter, but the retailer is still struggling to find its place in the new economic norm of more discerning shoppers.
Shares in the US retail giant sank 10% in premarket trading as the announcement of a new CEO still left investors wanting more.
Yahoo Finance's Brian Sozzi reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: FOMC Minutes (July 30-31 meeting); MBA weekly mortgage applications
Earnings: Target (TGT), Baidu (BIDU), Lowe's (LOW), TJX Companies (TJX), Estée Lauder (EL)
Here are some of the biggest stories you may have missed overnight and early this morning:
Target earnings miss the mark as sales keep falling
Target will have a new CEO for the first time since 2014
Intel's Trump deal perks may rival the money
Buffett effect still holds as UnitedHealth soars through August
This summer's hottest trend on Wall Street: 'Private for longer'
US housing warning sparks worst James Hardie selloff since 1973
US treasury chief says status quo with China 'working pretty well'
Sales of foreign-branded phones in China down 31.3% in June: Data
China exports of key rare-earth EV magnets hit 6-month high
Economic data: FOMC Minutes (July 30-31 meeting); MBA weekly mortgage applications
Earnings: Target (TGT), Baidu (BIDU), Lowe's (LOW), TJX Companies (TJX), Estée Lauder (EL)
Here are some of the biggest stories you may have missed overnight and early this morning:
Target earnings miss the mark as sales keep falling
Target will have a new CEO for the first time since 2014
Intel's Trump deal perks may rival the money
Buffett effect still holds as UnitedHealth soars through August
This summer's hottest trend on Wall Street: 'Private for longer'
US housing warning sparks worst James Hardie selloff since 1973
US treasury chief says status quo with China 'working pretty well'
Sales of foreign-branded phones in China down 31.3% in June: Data
China exports of key rare-earth EV magnets hit 6-month high
Target will have a new CEO... and he will not have it easy
Target (TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history.
The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO.
"I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters.
Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat."
To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat.
If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. The only comparable story I can think of is Walmart (WMT) CEO Doug McMillon going from truck loader at the retailer to CEO.
But Fiddelke will unlikely have a honeymoon period, seeing as he has been there at Target during its past 24 months of struggles (which includes a weak second quarter). People I have talked to wanted an outsider as Target's next CEO, fresh eyes to come in and fix what is wrong (not unlike when Cornell was brought in back in 2014 — his career was mostly spent at Walmart and PepsiCo (PEP)). Fiddelke will be seen as a continuation of a strategy that hasn't been working.
I asked him on the call how candid he plans to be in the early going on the strategy review, which is what all new leaders do. He sounded like he was ready to divert from Cornell's playbook and shake things up. He will have to do just that, and quickly, to win over a likely skeptical Wall Street.
Target (TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history.
The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO.
"I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters.
Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat."
To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat.
If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. The only comparable story I can think of is Walmart (WMT) CEO Doug McMillon going from truck loader at the retailer to CEO.
But Fiddelke will unlikely have a honeymoon period, seeing as he has been there at Target during its past 24 months of struggles (which includes a weak second quarter). People I have talked to wanted an outsider as Target's next CEO, fresh eyes to come in and fix what is wrong (not unlike when Cornell was brought in back in 2014 — his career was mostly spent at Walmart and PepsiCo (PEP)). Fiddelke will be seen as a continuation of a strategy that hasn't been working.
I asked him on the call how candid he plans to be in the early going on the strategy review, which is what all new leaders do. He sounded like he was ready to divert from Cornell's playbook and shake things up. He will have to do just that, and quickly, to win over a likely skeptical Wall Street.
US tech stocks hit by concerns over future of AI boom
Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports:
Read more here (premium)
Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports:
Read more here (premium)
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Australia's Zip soars on strong earnings, outlook, US listing plan
(Reuters) -Shares of Australia's Zip surged over 25% on Friday to hit their highest level in more than three years after the buy-now-pay-later (BNPL) company reported higher annual earnings and announced plans for a secondary U.S. listing. The company's cash earnings before taxes, depreciation and amortization (EBTDA) more than doubled to A$170.3 million ($109.38 million) in the year ended June 30, higher than a Visible Alpha consensus estimate of A$160 million. The earnings growth came on the back of strong performance of its U.S. business, which delivered a 41.6% growth in total transaction volume (TTV), driven mainly by spend on non-discretionary items. The company's net bad debts were 1.5% of TTV, down from 1.7% last year. Zip said it expects more than 35% growth in its U.S. TTV in fiscal year 2026. According to Citi analysts, that, along with an assumption of 6% revenue growth in Australia, implies cash EBTDA of A$230 million this fiscal, ahead of consensus estimate of A$215.8 million. The company also said it was considering a listing on Nasdaq, while maintaining its primary listing in Australia. "It is expected that a dual listing will support Zip's significant growth opportunity in the U.S. (which now represents over 80% of divisional cash earnings)," Zip said in a statement, adding that it had seen an increase in interest from U.S. investors. Zip shares jumped as much as 25.6% to A$3.920 by 0102 GMT, reaching their highest point since early January 2022. The stock was also the best performer on the ASX 200 benchmark index, which was down 0.3%. Zip shares have gained more than six-fold in value since the end of 2023, when reduced consumer spending, rising interest rates, and heightened regulatory scrutiny sapped confidence in BNPL stocks. ($1 = 1.5569 Australian dollars) 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
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Pisen to Open First Retail Store in the U.S. this Wednesday, August 27, in Los Angeles
Pisen's first retail store in the U.S. opens this Wednesday, August 27, in Los Angeles. LOS ANGELES, Aug. 21, 2025 (GLOBE NEWSWIRE) -- Pisen, a trusted provider of power solutions and mobile accessories, today announced the opening of its first U.S. brick-and-mortar store in Los Angeles on Wednesday, August 27. Located at 630 S Los Angeles St, the new retail store marks an exciting milestone for the brand as it expands its physical presence stateside, with a second store set to open in New York just two days later, on Friday. The Journey that Brought Pisen to LA Pisen's story began in 2004, in one of the planet's harshest environments: the Antarctic. When China's "7+2" Antarctic Expedition Team needed a battery pack that could survive the extreme cold, Pisen rose to the challenge. What emerged was more than just a battery. It was a breakthrough redefined portable power. In 2017, Pisen reimagined mobile repair with 3C Easy. By 2019, Pisen introduced the PISEN MORE ecosystem, with the aim of establishing an interconnected network of products and services. In 2020, Pisen entered the new energy market, introducing products such as portable power stations, electric vehicle chargers, and C&I energy storage systems. From that first battery pack to now, Pisen has grown to power hundreds of millions of smart devices in all corners of the globe. Yet throughout the journey, what has remained the same is the original vision of crafting tech that keeps people powered and connected wherever they are. Today, with a footprint in more than 70 countries and regions, Pisen's products are engineered to perform everywhere. From bustling cities to remote adventures, they are there to keep people connected and ideas charged. And now, that exciting journey lands in Los Angeles, a city that thrives on connection, creativity, and constant motion. More Than a Retail Space Built to meet the varied needs of Los Angeles' tech-reliant community, the Pisen store is more than a retail space. It's a curated destination for Angelenos who rely on their devices to stay connected, productive, and inspired in this dynamic city. Inside the store, where warm orange hues blend seamlessly with modern wood finishes, customers are invited to explore a comprehensive range of Pisen's signature products and services. From ultra-slim travel chargers that slip easily into any bag to portable power stations ready to power every adventure, there's something for everyone. And it's not just about products. The store features a dedicated mobile repair zone where skilled technicians are ready to help. They provide on-site diagnostics, battery replacements, screen repairs, and whatever tech support customers might need. No issue is too niche, and no question is too simple. Celebrating with the Community To welcome its first Los Angeles customers, Pisen will host a series of events and offer exclusive perks. The day begins with a ribbon-cutting ceremony, featuring remarks from Pisen leadership. This will be followed by a traditional lion dance performance, an energetic tradition that blends cultural heritage with universal joy. Beyond the opening festivities, the store will welcome the community with exclusive in-store cash coupons, redeemable on any of Pisen's must-have charging essentials. Additionally, a lucky draw will offer customers the chance to win some fantastic prizes. Maybe it's a sleek wireless charger ready for your next adventure, or a versatile desktop charging station primed for your daily grind. The Pisen Los Angeles store will welcome its first customers on Wednesday, August 27, at 10:30 am. About Pisen Founded in 2003, Pisen is a leading provider of power solutions, dedicated to designing innovative products that empower human connections, spark curiosity, and light up possibilities. With a focus on quality and accessibility, Pisen's product offerings include power banks, chargers, cables, audio accessories, car accessories, portable power stations, and phone replacement parts. To learn more about Pisen, visit: Source: PISENContact Person: Hanyu ZhaoEmail: media@ +1 (213) 988-7048City: Los Angeles A photo accompanying this announcement is available at 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
