S&P 500 posts third straight losing day as Meta, Microsoft fail to lift market: Live updates

Stocks closed little connected Thursday, with the S&P 500 posting its 3rd consecutive losing session.

The wide marketplace scale slipped 0.37% to adjacent astatine 6,339.39, portion the Nasdaq Composite mislaid 0.03% to 21,122.45. The Dow Jones Industrial Average pulled backmost 330.30 points, oregon 0.74%, to decorativeness the league astatine 44,130.98.

— Brian Evans

Utility stocks are connected way to notch a monthly triumph streak that hasn't been seen successful much than 15 years.

The S&P 500 assemblage has climbed much than 4% truthful acold successful July. If that holds done Thursday's closing bell, it would people the group's seventh consecutive affirmative period — a magnitude that hasn't been seen since 2009.

AES has led the assemblage higher successful July, surging much than 24%. Entergy and American Electric Power were besides among the apical performers, with each climbing much than 8%.

PG&E was the worst performer successful the assemblage this month, losing astir 1%.

— Alex Harring, Nick Wells

Pharmaceutical stocks are falling aft President Donald Trump sent letters to 17 drugmakers, asking them to little prices wrong 60 days. Merck shares fell astir 4%, portion Pfizer and Eli Lilly shed astir 2% each.

Novo Nordisk shares are down astir 5%, but the banal arsenic already nether unit earlier this latest quality broke, aft HSBC downgraded it to clasp from buy. This latest descent means shares person mislaid astir 44% since the twelvemonth began, and astir 64% implicit the past 12 months.

The euphoria astir obesity drugs has intelligibly faded. HSBC expert Rajesh Kumar said the class is behaving similar a mature market, and "slower maturation should connote little multiples."

Kumar said the statement estimation for GLP-1 marketplace size is betwixt $100 cardinal and $200 billion.

However, "One indispensable inquire if that marketplace size is simply a tenable estimation ...," Kumar said, citing persisting contention from compounding pharmacies, contempt the illegality, and constricted entree owed to security constraints.

"If the marketplace penetration is successful azygous digit, wherefore is maturation for Wegovy being impacted by compounders and competition?" helium said.

—Christina Cheddar Berk

Figma opened trading astatine $85 per stock connected NYSE Thursday afternoon. The opening level for the plan bundle company's shares was much than treble its IPO terms of $33.

Trading was halted concisely aft the open. The banal jumped supra $100 successful the minutes aft the debut.

— Yun Li

As exertion stocks similar Meta Platforms and Microsoft rip higher connected beardown earnings, present could beryllium a bully clip for investors to oculus undervalued aspects of the market, according to Harris Financial Group managing spouse Jamie Cox.

"Many of the companies successful the Mag 7 person victor instrumentality each economics, and radical are consenting to wage up for it," Cox said. "I think, however,  investors are pushing the envelope connected tech and overlooking much durable themes successful the market—such a information and defense. ,"

"This is an fantabulous accidental to reallocate to the everything other commercialized portion markets are consenting to wage you to bash so," helium added.

— Brian Evans

• Generac — The generator institution gained 5% aft Bank of America raised its terms people connected the stock, highlighting the company's entry into information centers.
• Baxter International — Shares fell 10% aft the wellness attraction institution reported weaker-than-expected results for the 2nd quarter. Baxter earned 59 cents per stock connected gross of $2.81 billion. Analysts polled by FactSet had forecast a nett of 60 cents per stock connected gross of $2.82 billion. On apical of that, Baxter lowered its full-year net guidance.
• Integra LifeSciences — The aesculapian exertion institution popped 7% pursuing its bushed connected the apical and bottommost lines for the 2nd quarter. Revenue was $415.6 million, supra the $395 cardinal expected from analysts polled by FactSet.  Adjusted net came successful astatine 45 cents a share, 1 cent per stock higher than the statement estimate.
• C.H. Robinson — The proscription banal jumped 9% aft the institution posted second-quarter adjusted net of $1.29 per share, beating the FactSet estimation of $1.16 per share. On Thursday, Baird upgraded the banal to an outperform standing from neutral.

For the afloat list, go here.

— Fred Imbert

The beardown request for Figma IPO volition unfastened the doorway for a slew of listings,  Lynn Martin, president of New York Stock Exchange said.

"This volition unfastened the floodgates," Martin said Thursday. "Even conscionable successful the period of July, we've raised astir $5 cardinal of superior for companies who had IPOs astatine the NYSE. It feels similar the marketplace is yet back."

Martin said the banal marketplace backmost astatine grounds highs arsenic good arsenic the clarity of tariffs helped marketplace sentiment.

"We are moving with a assortment of companies to go nationalist aboriginal this period and August. Also, September and October pipeline's looking robust," she said.

— Yun Li

The S&P 500 and Nasdaq Composite hit caller grounds highs pursuing the beardown results from Meta Platforms and Microsoft, but the Dow Jones Industrial Average was notably absent from the party.

The 30-stock Dow is the lone large benchmark yet to scope caller all-time highs this year, portion its tech-heavy peers person managed to thrust an AI-fueled rally implicit the past respective months to caller records. The blue-chip scale was past lower, down 0.3% successful midday trading.

The blue-chip index, which has a higher attraction of worth stocks than maturation stocks, tends to outperform during marketplace downturns specified arsenic successful 2022. In years erstwhile the marketplace rallies connected tech, specified arsenic successful 2023 and 2024, the S&P 500 and Nasdaq thin to bash better.

Dow Jones Industrial Average, 1-day performance

During Thursday's session, 27 stocks successful the S&P 500 traded astatine caller 52-week highs.

Names that deed this milestone included:

• Meta Platforms trading astatine all-time precocious levels backmost to its IPO successful May 2012
• DoorDash trading astatine levels not seen since November 2021
• eBay trading astatine all-time precocious levels backmost to its IPO successful September 1998
• Ulta trading astatine levels not seen since April 2024
• GE Vernova trading astatine all-time highs backmost to its spin-off from GE successful April 2024
• Advanced Micro Devices trading astatine levels not seen since July 2024
• Broadcom LTD trading astatine all-time precocious levels backmost done Avago past and its IPO successful August 2009
• Microsoft trading astatine all-time precocious levels backmost to its IPO successful March 1986
• NVIDIA trading astatine all-time precocious levels backmost to its IPO successful January 1999
• Oracle trading astatine all-time precocious levels backmost to its IPO connected March 12 1986
• Constellation Energy trading astatine all-time precocious levels backmost to its spin-off from Exelon successful January 2022

On the different hand, 25 stocks successful the scale traded astatine caller 52-week lows, including:

• Charter Communications trading astatine lows not seen since June 2024
• Chipotle Mexican Grill trading astatine lows not seen since November 2023
• Lululemon trading astatine lows not seen since April 2020
• General Mills trading astatine lows not seen since March 2020
• Procter & Gamble trading astatine lows not seen since January 2024
• Align Technology trading astatine lows not seen since March 2020
• Accenture trading astatine lows not seen since May 2023

— Christopher Hayes, Lisa Kailai Han

HSBC sees AI capex-fueled maturation up for Meta.

Analyst Nicolas Cote-Colisson upgraded his terms people by $290 to $900, which implies astir 29.5% imaginable upside for the tech giant. He besides upgraded the banal to buy.

Artificial quality is creating opportunities for Meta that tin enactment double-digit gross maturation successful the coming years, peculiarly by bringing successful much search-related traffic, advertisement dollars and tools for advertisers to scope clients, Cote-Colisson wrote successful a Thursday enactment to clients.

"We spot Meta successful a beardown presumption to outpace integer advertisement marketplace growth," the expert said. "Meta already captures 31.6% of the planetary integer advertisement marketplace successful 25e and tin get much incremental gross than its just share, we think. AI capabilities amended targeting and prime of content. Time spent connected the antithetic platforms keeps increasing. In addition, idiosyncratic number is inactive expanding, reinforcing the web effect (where gross increases faster than users)."

Meta shares rallied much than 12% successful Thursday greeting trading, aft the institution connected Wednesday reported a important second-quarter net and gross beat.

— Pia Singh

Morgan Stanley moved to the sidelines connected Align Technology aft the dental merchandise maker's net miss.

Analyst Erin Wright downgraded the banal to adjacent value from overweight. Wright besides slashed her terms people to $154 from $249, an eye-popping 38% reduction.

"Our anterior OW thesis was based connected ALGN's enactment successful a precocious maturation category, but maturation has been challenged for years, w/ constricted clarity connected way from here," Wright wrote successful a enactment to clients connected Thursday. "ALGN's latest net shortfall and guidance chopped ... calls into question enactment of show to LT maturation recovery."

Wright's downgrade comes arsenic the Invisalign parent's banal slides much than 30% connected Thursday, connected way for its worst league since 2007. Align earned $2.49 per stock connected $1.01 cardinal successful gross for the 2nd quarter, portion analysts polled by FactSet anticipated $2.57 per stock and $1.06 billion, respectively.

Align Technology, 1-day

Stocks opened higher connected Thursday, with exertion stocks carrying the brunt of the gains for the large indexes.

The S&P 500 added 0.65%, portion the Nasdaq Composite gained 1.1%. The Dow Jones Industrial Average climbed 62 points, oregon 0.1%.

— Brian Evans

Inflation successful June was a interaction hotter than expected and inactive supra target, according to the Federal Reserve's preferred forecasting measure.

The idiosyncratic depletion expenditures terms scale showed a 12-month seasonally adjusted complaint of 2.6% connected the header measurement and 2.8% connected halfway excluding nutrient and energy, according to the Commerce Department. Both were 0.1 percent constituent higher than the Dow Jones statement forecast. However, the monthly increases of 0.3% were successful line.

The Fed targets ostentation astatine 2%,

Personal income accrued 0.3%, compared to the 0.2% estimate, portion spending besides roseate 0.3%, against the outlook for 0.4%.

—Jeff Cox

President Donald Trump attacked Federal Reserve Chair Jerome Powell again aft the cardinal slope held involvement rates steady this week.

"Jerome 'Too Late' Powell has done it again!!! He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to person the occupation of Fed Chair," Trump said connected Truth Social.

"He is costing our Country TRILLIONS OF DOLLARS, successful summation to 1 of the astir incompetent, oregon corrupt, renovations of a building(s) successful the past of construction! Put different way, "Too Late" is simply a TOTAL LOSER, and our Country is paying the price!," the president said.

Two Fed governors opposed holding rates dependable connected Wednesday.

Trump visited the Fed past week wherever helium and Powell sparred implicit the costs of renovating the building.

— Spencer Kimball

Moderna said connected Thursday that it plans to cut astir 10% of its planetary workforce by the extremity of 2025, amid slowing income for Covid-19 shots and broader uncertainty successful the vaccine market.

"Every effort was made to debar affecting jobs," Moderna CEO Stephane Bancel said successful a memo discussing the layoffs. "But today, reshaping our operating operation and aligning our outgo operation to the realities of our concern are indispensable to stay focused and financially disciplined, portion continuing to put successful our subject connected the way to 2027."

— Brian Evans

MSFT 5-day chart

Asia-Pacific markets mostly ended little Thursday.

Hong Kong's Hang Seng Index fell 1.51% successful its past hr portion mainland China's CSI 300 index declined 1.82% to 4,075.59.

Meanwhile, South Korea's Kospi index mislaid 0.28% to adjacent astatine 3,245.44, portion the small-cap Kosdaq moved up 0.2% to 805.24.

Australia's S&P/ASX 200 benchmark fell 0.16% to extremity the time astatine 8,742.80.

Over successful India, the 50-stock benchmark Nifty 50 was up 0.18%, portion the BSE Sensex scale was level arsenic of 1.05 p.m. Indian Standard Time (3.35 a.m. ET).

— Amala Balakrishner

The marketplace could beryllium losing immoderate of its optimism pursuing the Federal Reserve's involvement complaint decision, according to TradeStation planetary caput of marketplace strategy David Russell. 

"The marketplace could beryllium losing its glass-half-full bias arsenic the realities of tariffs and seasonality footwear in. Investors person mostly looked past informing signs similar the past CPI report, which showed the interaction of commercialized duties," Russell said. "Those pressures mightiness summation going forward, particularly if the White House pursues secondary sanctions connected Russia's lipid buyers similar China."

— Brian Evans

Shares of Alignment Healthcare popped successful after-hours trading aft the health-care institution posted second-quarter beats and coagulated guidance.

Medicare subordinate Alignment Healthcare reported net of 7 cents a share, portion FactSet statement estimates sought a nonaccomplishment of 7 cents a share. Revenue landed astatine $1.02 billion, compared to the Street's estimation for $960.5 million.

Alignment Healthcare successful the past day

For the 3rd quarter, Alignment sees gross coming successful astatine $970 cardinal to $985 million, portion the FactSet statement called for $956.8 million.

–Bertha Coombs, Darla Mercado

MSFT 5D chart

The after-hours summation lifted Microsoft's marketplace capitalization to astir $4.1 trillion. If this rally continues connected Thursday, Microsoft volition officially join chipmaker Nvidia successful the exclusive $4 trillion marketplace headdress club. Nvidia deed the benchmark level earlier this month.

Apple is 3rd connected the leaderboard, with a full marketplace capitalization of astir $3.2 trillion.

— Ari Levy, Jordan Novet, Lisa Kailai Han

These are the stocks moving the astir successful extended-hours trading:

• Microsoft — Shares climbed 8% aft the tech titan reported fiscal fourth-quarter earnings of $3.65 per share, exceeding the $3.37 per stock analysts polled by LSEG had penciled in.
• Meta Platforms — Shares of the Facebook genitor jumped 11%. Meta issued a rosy outlook for the 3rd quarter, calling for gross of $47.5 cardinal to $50.5 cardinal versus analysts' telephone for $46.16 billion.
• Ford Motor — The shaper of F-series pickup trucks fell 3% post-market Wednesday aft saying an outlook for 2025 earnings before involvement and taxes included astir a $2 cardinal net "tariff-related headwind," reflecting a $3 cardinal gross adverse EBIT impact, offset by $1 cardinal successful "recovery actions."

Read the afloat database of stocks moving here.

— Lisa Kailai Han