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Wall Street closed the week in red, with the S&P 500 falling 2.4%, the Nasdaq down 2.2%, and the Dow dropping 2.9%. Markets turned sharply lower after the Federal Reserve held rates steady but signaled no urgency to cut, disappointing traders.
A hotter-than-expected inflation reading further dented rate cut hopes, while a weak jobs report on Friday reversed that sentiment, pushing September rate cut odds back above 80%.
Political tensions flared as Donald Trump accused the Bureau of Labor Statistics of rigging data and threatened to fire its head. Trade worries resurfaced with the reimposition of tariffs on several U.S. partners.
Meanwhile, Q2 earnings remained in focus, with Meta and Microsoft impressing, Amazon missing estimates, and Apple delivering a mixed bag. The combination of macro shocks and political noise rattled investor confidence, ending the market’s recent rally streak.
Here’s a list of stocks that drew investor attention this week:
Apple (AAPL) topped fiscal third quarter estimates, driven by stronger-than-expected iPhone sales. The company posted EPS of $1.57, beating the $1.43 consensus, while revenue came in at $94.04B, nearly $5B above the expected $89.16B. Wedbush said solid results from Apple (AAPL), with an impressive iPhone beat in China, was the star of the show.
Tesla (TSLA) announced a $16.5 billion semiconductor supply deal with Samsung Electronics (OTCPK:SSNLF). “Samsung’s giant new Texas fab will be dedicated to making Tesla’s next-generation AI6 chip. The strategic importance of this is hard to overstate,” the EV maker’s CEO Elon Musk posted on X.
Novo Nordisk (NVO) shares tumbled Tuesday after the company cut its full-year sales and profit outlook, citing pressure on its obesity drug franchise, including its GLP-1 treatment semaglutide. The drugmaker now expects 2025 sales to grow 8%–14% and operating profit 10%–16% (currency-adjusted), down from prior forecasts of 13%–21% and 16%–24%. Alongside the guidance cut, Novo named Maziar Mike Doustdar as its new CEO, effective August 7, succeeding Lars Fruergaard Jørgensen.
Reddit (RDDT) jumped after posting a double beat in the second quarter and issuing upbeat guidance for the current quarter. Daily active users rose 21% Y/Y to 110.4M in Q2, ahead of the 109.75M estimate, driven mainly by product improvements and increased marketing activity. Average revenue per user was $4.53, up 47% from last year, and ahead of the $3.88 estimate. U.S. and international ARPUs also beat estimates.
Moderna (MRNA) shares slipped Friday after the company revised its full-year sales guidance, despite beating second quarter estimates. The biotech now forecasts $1.5B–$2.2B in revenue, lowering the upper end of its previous guidance by $300M due to a delay in COVID-19 vaccine deliveries to the U.K., which are now expected in the first quarter of 2026. Moderna also said it anticipates generating 40%–50% of its second-half revenue in Q3 and the remainder in Q4.
SoFi Technologies (SOFI) surged in Tuesday’s trading after raising its 2025 guidance following strong Q2 results. The company now expects full-year 2025 GAAP EPS of $0.31, adjusted revenue of $3.375B, and adjusted EBITDA of $960M, all above prior projections. In addition, the firm launched a stock offering to raise proceeds of around $1.5 billion.
Coinbase (COIN) shares fell in Thursday’s extended trading session after its Q2 earnings and revenue missed expectations amid a sharp decline in trading volume. For Q3, the company guided subscription and services revenue to $665M–$745M (midpoint $705M below consensus), with transaction expenses expected to rise to the mid-teens as a percentage of net revenue.
Figma (FIG) rose over 30% over the week, building on its explosive NYSE debut Thursday. The design software company priced its IPO at $33, above the expected range, and quickly saw its market cap exceed $50B. The debut ranks among the most dramatic IPO openings in recent years.
UnitedHealth (UNH) shares slipped in Tuesday’s trading after its Q2 earnings missed estimates and the managed care insurer issued a 2025 outlook that fell short of expectations. The company guided for $16.00 in adjusted EPS and $445.5B–$448.0B in revenue, below Street forecasts of $20.90 and $449.07B, citing a sharp rise in medical costs.
Palo Alto Networks (PANW) announced a deal to acquire identity security firm CyberArk (CYBR) at an equity value of approximately $25B for CyberArk. Under the terms of the agreement, CyberArk (CYBR) shareholders will receive $45.00 in cash and 2.2005 shares of PANW common stock for each CyberArk share.
Starbucks (SBUX) gained after delivering better-than-feared fiscal third quarter results, with strong same-store sales helping offset margin pressure. China comps rose 2% (vs. 1.44% est.), while North America fell 2%, a smaller-than-feared decline. Revenue grew 4% Y/Y to $9.46B, beating estimates by $150M. Adjusted EPS came in at $0.50, missing the $0.65 consensus due to a one-time $0.11 tax charge. CEO Brian Niccol said the turnaround is “ahead of schedule” as operational improvements gain traction.
Microsoft (MSFT) topped a $4 trillion market valuation for the first time on Thursday, becoming the second company after Nvidia to reach the milestone. The surge followed a strong earnings report earlier in the week, with revenue up 18% Y/Y—its fastest growth in over three years—driven by robust Azure cloud sales and continued momentum in its AI segment.
Meta Platforms (META) surged after-hours on Wednesday after delivering a strong Q2 earnings beat, fueled by robust revenue and profit growth amid rising AI investments. Revenue jumped 22% Y/Y to $47.5B (vs. $44.8B expected), while costs rose a modest 12% to $27.1B. Operating income climbed 38% to $20.4B, with margins improving to 43%. Net income rose 36% to $18.3B. Meta (META) also raised its forecast for capital expenditures, now seeing full-year capex at $66B-$72B vs. a previous $64B-$72B.