Dow Falls 620.72 Points, Nasdaq Drops 239.92 Points
The major averages closed broadly lower as investors digested stronger-than-expected employment data from ADP ahead of Friday's official nonfarm payrolls report. In central bank news, the Federal Reserve said in its Beige Book that economic activity inccreased at a "slight to moderate pace," adding that employment showed little to no change across eleven Fed Districts. Meanwhile, oil prices rose once again amid continued tensions in the Middle East.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Elon Musk's SpaceXis targeting a $75B IPO with a $135 per share price,Alphabetis upsizing itsto $84.75B and reported that its Gemini app has 900M monthly users as of MayPalo Alto Networksprovided areport for Q3GameStopreported a year-over-year increase in earnings and revenue andMacy'sprovided areport for Q12. WALL STREET CALLS:Yum! Brandsto Overweight at Morgan StanleyConcurrently, Morgan StanleyChipotleto Equal WeightOppenheimerAT&Tto Perform, sees broadband subscribers at riskBernsteinCampbell's, Conagra Brands, General Mills, and Kraft Heinzto UnderperformRaymond Jamescoverage of FedEx Freightwith an Outperform rating3. AROUND THE WEB:Disneyhas sold a significant portion of Super Bowl LXI ad inventory at around $8M per 30-second spot after initially seeking higher pricing, following advertiser pushback, Variety reportsMetalost its appeal against the EU's designation of Messenger as a "gatekeeper" under the Digital Markets Act, meaning it will remain subject to stricter regulatory obligations, Reuters saysStripe, Visa, and MasterCardare nearing the launch of a stablecoin platform, with Coinbasealso exploring participation, CoinDesk reportsNestleis buying out the founders of yfood Labs for an undisclosed sum, Bloomberg saysThe antitrust division of the New York Attorney General's office is investigating Compass'footprint in the New York market, The Real Deal reports4. MOVERS:Navitasgained afterits 800 V-to-6 V DC-DC power delivery board is being shown at Nvidia'sshowcaseMaxLinearincreased after announcing a collaboration withCognytefell in New York afterand providing guidance for FY27Mineralyswas lower after announcing it willdue to Tanabe Pharma Corporation related to lorundrostatIntuitive Machinesdeclined afterof common stock5. EARNINGS/GUIDANCE:Thor Industriesand cut its guidance for FY26Medtronic, with EPS in-line with consensusOllie's Bargain Outlet, with CEO Eric van der Valk "very pleased" with the first quarter resultsSprinklrand provided its outlook for Q2 and FY27Scotts Miracle-Grobacked itsINDEXES:The Dow fell 620.72, or 1.21%, to 50,687.07, the Nasdaq lost 239.92, or 0.89%, to 26,853.98, and the S&P 500 declined 56.10, or 0.74%, to 7,553.68.
