The stock market is trading lower even after higher consumer confidence and solid job openings. The S&P 500 is down 0.8%, and the Nasdaq Composite is down 1.6%. The Dow Jones Industrial Average added 0.16%, and the Russell 2000 is up 0.2%.
All Mag 7 stocks are down midday. NVIDIA (NVDA) shares dropped over 6% to $104 midday, another big slump after last Wednesday’s 6.8% decline.
The earnings season has brought ups and downs to stocks, with PayPal up 8%, Merck down 9%, and P&G down 6% today alone.
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S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves on Tuesday are:
- Howmet Aerospace Inc ( (HWM) , +12.4%)
- F5 Inc ( (FFIV) , +11.9%)
- Stanley Black & Decker Inc ( (SWK) , +7.9%)
- Gartner Inc ( (IT) , +6.3%)
- PayPal Holdings Inc ( (PYPL) , +8.4%)
The worst-performing five S&P 500 stocks with the largest midday drop are:
- CrowdStrike Holdings Inc ( (CRWD) , -11.4%)
- Merck & Co Inc ( (MRK) , -9%)
- Corning Inc ( (GLW) , -8.9%)
- Ecolab Inc ( (ECL) , -7.9%)
- Procter & Gamble Co ( (PG) , -6.0%)
Stocks also worth noting with significant moves include:
- NVIDIA ( (NVDA) , -6.0%)
- Amazon.com ( (AMZN) , -1.7%)
- Apple ( (AAPL) , -0.5%)
- Tesla ( (TSLA) , -4%)
- Meta Platforms ( (META) , -1.2%)
PayPal jumps after beating Q2 earnings estimates
Shares of PayPal Holdings are up 8% midday after the company released its second-quarter earnings, which beat estimates.
Related: Cathie Wood snags 100,000 shares of fintech stock after slump
The fintech giant reported second-quarter revenue of $7.89 billion, growth of 8% year over year to beat the $7.82 billion forecast. Adjusted earnings per share was $1.19, with a yearly growth of 36%, beating the consensus estimates of $0.98.
PayPal anticipates mid-single-digit revenue growth for the third quarter and has upgraded its full-year earnings per share outlook to low to mid-teens growth, up from the previous forecast of mid- to high-single-digit growth.
“We’re on the right track. We delivered our best transaction margin dollar growth since 2021, and we are making steady progress on our strategic transformation while investing in innovation and operating more efficiently,” said CEO Alex Chriss.
PayPal shares added 3% year-to-date, while the S&P 500 is up over 15%.
P&G sink after revenue miss
Procter & Gamble (P&G) shares lost 6% in morning trading after the company announced fourth quarter and fiscal year 2024 results.
Related: What the FDA isn't catching: tampons' hidden threat to your health
For the three months ended June 30, the company reported adjusted earnings per share of $1.40, beating the expected $1.37. However, quarterly revenue of $20.53 billion, flat from a year earlier, fell short of the expected $20.74 billion.
Disappointing demand weighed on the company’s quarterly results. Lower sales of the super-premium SK-II brand and less demand in China have offset the growth from increased pricing in the Skin and Personal Care segment. The Baby, Feminine and Family Care segment also declined 1% in organic sales due to volume decline and increased pricing.
The household product manufacturer reported fiscal year 2024 revenue of $84 billion, an increase of two percent versus the prior year. The Company also reported a fiscal 2025 outlook, with growth in diluted EPS of 10% to 12% and organic sales growth of 3% to 5%.
P&G shares are up 7.3% year to date.
Merck down despite beating earnings expectations
Merck & Co. shares drop 9% midday despite earnings exceeding Wall Street's expectations.
Related: Buckle up: Stocks face huge test from Fed and earnings storm
The pharmaceutical company announced second-quarter revenue of $16.1 billion, a 7% increase year over year and beating the consensus estimate of $15.84 billion. Adjusted earnings were $2.28 a share, up from $2.07 in Q1 and also exceeding the estimate of $2.16.
The reason behind investors' pessimism was a downbeat outlook.
The company lowered its 2024 profit outlook, projecting adjusted earnings per share of $7.94 to $8.04, compared to the previous guidance of $8.53 to $8.65. The downward revision is caused by the impact of its recent acquisition of EyeBio, a biotech firm specializing in ophthalmology.
Related: Veteran fund manager sees world of pain coming for stocks
