US Stocks Fall as Treasury Selloff Rattles Markets; Earnings Roundup

Market Close and Treasury Selloff

• 📉 Stocks experienced significant selling pressure into the close, with the S&P 500 moving between gains and losses multiple times throughout the day.
• ⚠️ The VIX showed volatility, indicating investor worry about what comes next in the market.
• 📊 The S&P 500 closed lower for the third consecutive day, marking its longest losing streak since April.
• 🏛️ A recent Treasury selloff, amplified by a Moody's downgrade, has shaken global markets due to concerns over the US's surging debt load and the potential impact of tax bills on the deficit.

Key Index Performance

• 📈 The S&P 500 closed down less than 0.1%, while the Nasdaq 100 added 0.2%.
• 😐 The Dow Jones Industrial Average was little changed on the day.
• 📉 The Russell 2000 also finished lower by less than 0.1%.
• 💰 Bonds and the dollar rose, with the yield on 10-year Treasuries falling six basis points to 4.54%.

Corporate Earnings Highlights

• 💡 Intuit (maker of TurboTax) reported strong third-quarter adjusted EPS, handily beating estimates and raising its full-year guidance.
• 🛍️ Ross Stores reported first-quarter results with EPS and sales beating expectations, but the stock fell in after-hours trading due to uncertainty around tariffs and the withdrawal of annual guidance.
• 💻 Autodesk announced adjusted EPS and revenue beats, with a positive forecast for fiscal year 2026 billings and EPS.
• ☁️ Workday saw its shares fluctuate in after-hours trading despite beating first-quarter adjusted earnings estimates and raising its fiscal year adjusted operating margin outlook.
• 🥾 Deckers (owner of UGG and Teva) reported fourth-quarter net sales and EPS slightly above analyst expectations but withdrew its full-year guidance for fiscal year 2026 due to macroeconomic uncertainty.

Sector Performance and Notable Movers

• 🚀 Palantir was a top gainer, finishing the day up 1.3% and up nearly 5% at its highs, boosted by an increased contract ceiling from the US Department of Defense.
• 🚗 Advance Auto Parts significantly outperformed, up 57%, reporting comp sales that fell less than expected and reaffirming annual guidance.
• 👚 Urban Outfitters saw a big move to the upside, up 23%, with analysts noting strength in its namesake UO brand and positive margin expansion.
• ☀️ Solar stocks experienced a significant downturn, with the Invesco Solar ETF falling 7.5% as US House Republicans' new tax and spending bill accelerates the end of clean energy incentives.
• ⚽ Manchester United shares fell 8.6% after a poor performance.