Key Takeaways
- U.S. equities declined at midday following a soft services industry report and President Donald Trump's comments on new tariffs.
- Nvidia and other semiconductor makers saw their shares fall when Trump said tariffs on the chip industry were coming soon.
- Axon Enterprise, DuPont, and Palantir Technologies all beat profit and sales forecasts and raised their guidance.
U.S. equities fell at midday following a weak report on the services industry and concerns about new tariffs. The S&P 500, and Nasdaq dropped about 0.5% and the Dow Jones Industrial Average slipped 0.3%.
Gartner (IT) was the worst-performing stock in the S&P 500 when the research and advisory firm slashed its guidance on declining revenue at its largest research unit.
Shares of Vertex Pharmaceuticals (VRTX) slumped after the drugmaker announced a Phase 2 trial of its experimental pain medicine missed a key goal, and that it would no longer continue its development.
Shares of Nvidia (NVDA) and other chipmakers slid when President Donald Trump said in an interview he would be announcing new semiconductor tariffs soon.
Axon Enterprise (AXON) shares took off when the Taser maker exceeded earnings and revenue estimates and boosted its outlook on strong demand for its security products.
DuPont (DD) also raised its guidance as it lowered its estimate for how much tariffs would impact full-year earnings. In addition, the chemical and materials maker reported better-than-expected results, and shares gained.
Software analytics firm Palantir Technologies (PLTR) beat profit and sales estimates and lifted its outlook as it benefited from artificial intelligence product demand and more government contracts.
Oil futures slid. Gold prices rose. The yield on the 10-year Treasury note was little changed. The U.S. dollar was up on the yen, but lost ground to the euro and pound. Major cryptocurrencies traded down.
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