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Stocks waver as all eyes are on Big Tech earnings

The S&P 500 finished flat as investors awaited tonight’s postmarket earnings from Meta, Microsoft, and Tesla.

Tasha Matsumoto, Luke Kawa

Stocks wavered as investors awaited tonight’s postmarket earnings from Meta, Microsoft, and Tesla. The S&P 500 finished flat after briefly crossing the 7,000 milestone for the first time ever. Tech helped power the Nasdaq 100 higher, while the Russell 2000 dropped.

The Federal Reserve held its policy rate at a range of 3.5% to 3.75% at its January meeting. The decision to stand pat was effectively universally expected by both prediction markets and economists, as monetary policymakers inserted language into their December statement implying that they would not be in a hurry to reduce rates again and the unemployment rate fell by more than anticipated in December, dipping to 4.4%.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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