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Stocks climb as bond yields and oil prices fall

All eyes are on tonight’s Q1 2027 earnings from the world’s largest company.

Stocks climbed broadly as a pullback in Treasury yields lifted sentiment.

Energy was the worst-performing sector as oil prices fell on end-of-war optimism, with President Trump saying that the US and Iran were in the “final stages” of negotiations. Consumer discretionary was today’s best-performing sector, which got a boost as airlines and cruise lines rallied on cheaper fuel costs. Information technology was the second-best performer as semiconductors surged ahead of tonight’s Q1 earnings report from Nvidia.

All of the Magnificent 7 names rose except for Alphabet, which finished flat.

Moving higher:

Nvidia climbed ahead of its Q1 earnings report after market close, lifting the entire semiconductor sector with AMD, Arm, Marvell Technology, and Astera Labs all surging.
Oil-sensitive travel stocks Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, Carnival, and Norwegian Cruise Line all surged as oil prices plunged, cutting one of the biggest input costs for travel operators.
T1 Energy spiked on record call volumes after a Roth analyst called a recent short report a buying opportunity.
AMC popped after a filing showed CEO, Chairman, and President Adam Aron bought 250,000 shares yesterday.
Boeing jumped after China confirmed an agreement to buy 200 jets, a major order that had been in limbo amid trade tensions.
Micron climbed on reports of a looming strike at Samsung that could constrain memory chip supply and benefit competitors.
Cava rallied after beating Q1 estimates and raising full-year guidance after the bell yesterday.
Lowe’s edged up after beating estimates despite what management called a “challenging housing macro” environment.
GameStop climbed after boosting its stake in eBay to over 6% after its takeover offer was rejected.
Roblox got a boost after unveiling its first-ever share repurchase program after the bell yesterday.
Hyperliquid Strategies soared as its ETFs topped inflows while the hype token lit up.

Moving lower:

Despite a Q1 earnings beat, Target sank on expense concerns that overshadowed its raised guidance.
Ubisoft dropped after delaying its profit and cash flow targets by a year as its corporate reboot drags on.
Intuit fell after announcing it will cut 17% of its workforce to streamline operations and pivot toward AI.

Jake Lahut2h

Applied Digital inks new $7.5 billion lease with hyperscaler it first booked in April

Applied Digital saw its price soar after hours on news of a long-term lease agreement with the same “investment-grade” hyperscaler it struck a similar deal with in April.

The additional lease for 15 years in a take-or-pay arrangement is valued at $7.5 billion, and could rise to $18.2 billion if all options are exercised, according to the company's announcement.

This latest contract would bring Applied Digital's total contracted lease revenue to $31 billion, or $73 billion if all options are taken up.

The company also crowed about passing 1 GW of contracted capacity as it lands a customer for its fourth AI factory campus. The customer in question is not named, nor the exact location, just that the campus is “located in a northern state.”

Applied Digital Reaches Significant Milestone, Surpassing 1 GW of Contracted Capacity with U.S. Based High Investment-Grade Hyperscaler Lease at Fourth Campus, Polaris Forge 3

The additional lease for 15 years in a take-or-pay arrangement is valued at $7.5 billion, and could rise to $18.2 billion if all options are exercised, according to the company's announcement.

This latest contract would bring Applied Digital's total contracted lease revenue to $31 billion, or $73 billion if all options are taken up.

Paige Oamek3h

Intuit plummets after reporting slowing revenue growth

Is it a worse day to be an Intuit employee or an Intuit shareholder?

On Wednesday, the financial and business tech company announced third-quarter earnings and sweeping layoffs on the same day. The TurboTax parent company said it would cut 17% of its workers — approximately 3,000 people — to focus on its AI efforts, according to a memo obtained by Reuters.

The stock was down 3.8% during market hours. It dropped further when Intuit released third-quarter results after the bell showing the slowest year-over-year revenue growth since 2024, falling 10% after-hours.

Here are the numbers:

Q3 revenue of $8.56 billion (compared to analyst estimates of $8.54 billion).
Adjusted earnings per share of $12.80 (estimate: $12.54).
Raised full-year guidance for revenue of $21.34 billion to $21.37 billion (estimate: $21.24 billion).

“We delivered strong third-quarter results, driven by our AI-driven expert platform strategy,” said Sasan Goodarzi, chairman and CEO of Intuit. “As a result, we are raising our full-year revenue guidance for fiscal 2026.”

Shares of Intuit are down nearly 40% this year.

Intuit Reports Strong Third-Quarter Results and Raises Full-Year Revenue Guidance

Here are the numbers:

Q3 revenue of $8.56 billion (compared to analyst estimates of $8.54 billion).
Adjusted earnings per share of $12.80 (estimate: $12.54).
Raised full-year guidance for revenue of $21.34 billion to $21.37 billion (estimate: $21.24 billion).

Shares of Intuit are down nearly 40% this year.

Luke Kawa

Nvidia delivers another sales and earnings beat in Q1, with strong Q2 revenue guidance

Shareholder returns are going up too!

Paige Oamek & Luke Kawa4h

T1 Energy spikes on record call volumes after Roth analyst calls short report a buying opportunity

Shares of T1 Energy are electric Wednesday afternoon, soaring more than 20% on record call volumes.

The stock had fallen over 13% at its lows on Tuesday after short-only fund Fuzzy Panda Research published a report calling the solar and battery storage company a “China Hustle” rather than a legitimate AI infrastructure investment, also alleging that the company has booked tax credits it won’t receive.

Retail traders have often used the dip that’s followed the announcement of a short report to load up on a company’s shares (see: POET Technologies in April).

Roth Capital Partners analyst Philip Shen responded to the report by calling T1 “a model for what the Trump administration may want in a domestic manufacturer that is transferring advanced technology and capacity to the US,” suggesting that the sell-off was a buying opportunity.

Earlier this week, T1 got an even more prominent vote of confidence when a 13F filing from Situational Awareness showed the hedge fund run by wunderkind Leopold Aschenbrenner held a 3.6% stake in the company at the end of Q1.

Max Knoblauch7h

Airlines and cruise stocks surge as oil prices plunge

Travel stocks are surging on Wednesday, with West Texas Intermediate crude futures down 5% as of 12 p.m. ET, largely on commodity traders’ hopes of a resolution to the US war with Iran.

The decline comes despite the US Energy Information Administration reporting a record plunge in US crude inventories last week. As the country expands its oil exports to reduce the impact of the war in Iran, inventories have fallen by 7.9 million barrels, according to the EIA, indicating a significant drop in domestic supply wiggle room ahead of the summer driving season. Per Reuters, analysts had expected a drop of 2.9 million.

Bloomberg noted that US oil exports have been crucial in keeping global petroleum prices in check, as supply remains historically constrained due to the effective closure of the Straight of Hormuz. Typically, such a sharper-than-expected drop in inventories would cause oil futures to rise.

Today, however, that is not the case and oil’s pain is travel stocks’ gain, with US airlines and cruise lines surging higher on Wednesday. Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, and JetBlue were all up by at least 6%, while Carnival and Norwegian were up about 7%.

Royal Caribbean pared earlier losses from Mexico’s rejection of a large planned water park, but was still down about 1%.