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The markets are extending their losses this morning, with all three of the major stock market averages trading lower out of the gate. Bond yields are rising, with the 30-year Treasury yield crossing 5%. The Dow Jones Industrial Average is sinking by over 300 points, while the tech-heavy Nasdaq Composite and S&P 500 are losing about 0.55% apiece.
Google parent company Alphabet (Nasdaq: GOOGL) is a bright spot, rising 1.8% today. The company, which is currently holding its I/O developer event in California, unveiled Android XR glasses, real-time translation in Google Meets and tipped its hand to a paid subscription for AI users. Nvidia (Nasdaq: NVDA) CEO Jensen Huang cheered the Trump administration’s move to revise curbs on AI chip exports to China.
Discount retailer Target (NYSE: TGT) reported weaker-than-expected quarterly results, including a 2.8% drop in sales. Things could get worse before they get better, as the retailer lowered its full-year outlook, attributing it to consumer uncertainty surrounding tariffs. Target is bracing for a sales decline in the low single-digit range for its current fiscal year. The stock (NYSE: TGT) is spiraling by 6.8% today.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 385.33 (-0.90%)
Nasdaq Composite: Down 107.70 (-0.56%)
S&P 500: Down 35.69 (-0.60%)
Market Movers
Target wasn’t the only retailer to report its quarterly results. TJX Companies (NYSE: TJX), parent of discount brand retailer TJ Maxx, managed to surpass Wall Street sales estimates but chose to leave its full-year guidance intact. TJX has benefited from economic uncertainty as consumers reassess their spending habits and turn to lower-priced brand items.
Palo Alto Networks (Nasdaq: PANW) is losing 6.9% today after reporting its Q3 results. Nevertheless, Morningstar analysts believe the company is capturing a bigger piece of the market share pie.
Super Micro Computer (Nasdaq: SMCI) is advancing 2.7% on the day. The company is exploring a potential U.S. expansion push.
Fair Isaac Corp (NYSE: FICO) is down 11% today after a federal housing official questioned its pricing model. This is a big week for the housing industry, with existing and new home sales data due out later this week.
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