U.S. stocks and stock futures moved in premarket trading as a slate of earnings reports and corporate developments sparked a mixed but active session. According to CNBC, a number of names saw notable moves, including Bank of America, Broadcom, Morgan Stanley, Snap, GitLab, Robinhood and Webull, PNC, First Solar and several memory-related peers.
Bank of America rose modestly in early trading after posting first-quarter results that topped Street expectations. The lender earned $1.11 per share on revenue of $30.43 billion, surpassing analysts’ consensus estimates of $1.01 per share on revenue of $29.93 billion. The bank credited strength in its equity sales and trading unit for the upside in earnings, helping to offset weakness in other segments. The result underscores the resilience of major banks’ trading franchises even as the sector weighs on earnings from net interest income to loan demand.
Broadcom advanced more than 2.5% after announcing a collaborative plan with Meta to deliver 1 gigawatt of custom chips, with ambitions for multiple gigawatts in the future using Broadcom’s technology. The move comes as chipmakers navigate a broader AI-led demand cycle, with Broadcom signaling further strategic ties that could bolster its chip supply footprint. Separately, Broadcom chief executive Hock Tan said he would step down from Meta’s board, a development investors parsed for potential governance or strategic shifts.
Morgan Stanley also traded higher, rising about 2% after its first-quarter report showed both revenue and earnings ahead of expectations. The bank posted earnings per share of $3.43 on revenue of $20.58 billion, topping the consensus from LSEG of $3 per share on $19.72 billion in revenue. The beat reinforced the view that trading-driven earnings are contributing meaningfully to big-bank results, even as blend of capital markets conditions remains a key watch for investors.
Shares of Snap rose more than 5% after the company announced a plan to lay off up to 16% of its workforce as it shifts toward profitability and reallocates resources to higher-growth areas. The move reflects ongoing structural adjustments in social-media platforms as they seek to monetize engagement and grow net income margins in a competitive digital advertising environment.
GitLab surged more than 5% after unveiling an expanded partnership with Google, making its artificial intelligence offerings available through Google Cloud. The deal signals a push to broaden distribution and capitalize on AI capabilities, even as the stock has traded down sharply in 2026 amid concerns about AI-related disruption to software business models.
Robinhood and Webull both advanced after the Securities and Exchange Commission indicated it would end limits on day-trading for smaller, retail investors. Robinhood climbed more than 5% while Webull rose roughly 6%, highlighting a potential tailwind for trading platforms as investor participation expands and regulatory constraints ease.
PNC Financial Services slipped about 1% after its first-quarter report showed an earnings beat but a revenue miss, a combination that followed its acquisition of FirstBank. The bank reported earnings per share of $4.13 and revenue of $6.17 billion, versus consensus expectations of roughly $3.93 per share and $6.24 billion in revenue, according to FactSet. The result illustrates how acquisitions can influence top-line dynamics even when bottom-line results beat forecasts.
First Solar climbed more than 4.5% on a Reuters report that China is considering limits on solar-power equipment exports to the United States. The report noted that China accounts for an outsized share of solar panel equipment globally, a move that, if confirmed, could affect supply chains and pricing dynamics for solar projects in the near term.
Memory stocks were broadly softer, with SanDisk declines exceeding 2% and Western Digital and Seagate Technology each down more than 1%. Micron Technology also fell about 2.3% after an insider sold 24,000 shares for a total of $10.1 million, according to an SEC filing. The sector’s pullback follows a recent rally, as investors reassess the pace and profitability of AI-driven use cases requiring memory chips and storage hardware.
CNBC’s coverage notes how investors are weighing a mix of earnings, cost controls and strategic partnerships against shifting demand for technology hardware, cloud services and consumer-finance products. The breadth of moves underlines a market environment where strong quarterly results can coexist with sector-specific headwinds and regulatory developments that alter risk appetites across equities.
Key takeaways
- Bank of America rose more than 1% after a Q1 beat on both earnings and revenue; strength centered in equity sales and trading. Implication: durable earnings drivers for diversified banks in a market still sensitive to macro signals.
- Broadcom gained over 2.5% on a strategic chip plan with Meta and a board-diversification note; implication: AI and cloud demand supporting chipmakers, even as governance changes trend in the tech sector.
- Morgan Stanley up around 2% on a beat in earnings and revenue; implication: trading strength remains a key earnings contributor for investment banks.
- Snap jumped over 5% after announcing cuts to up to 16% of its workforce; implication: focus on profitability and cost restructuring amid a complex advertising market.
- GitLab up more than 5% on an expanded Google Cloud AI partnership; implication: AI distribution channels widening for software players, though the stock has faced valuation concerns.
- Robinhood and Webull higher on the SEC rule change allowing broader day-trading access for smaller investors; implication: potential uptick in trading activity on retail platforms.
- PNC slipped about 1% despite an earnings beat; revenue miss tied to its FirstBank acquisition; implication: acquisitions can distort quarterly top-line comparability.
- First Solar rose more than 4.5% on a Reuters report regarding potential Chinese export restrictions on solar equipment; implication: policy shifts could affect solar supply chains and margins.
- Memory names eased on profit-taking and sector rotation; Micron declined after an insider sale; implication: near-term volatility remains in hardware-heavy segments tied to AI demand and memory pricing cycles.
What drove the move
The day’s set of catalysts was a blend of strong quarterly results, strategic collaborations and regulatory shifts. Bank of America’s Q1 beat — with earnings of $1.11 per share on $30.43 billion in revenue — underscored resilience in a bank sector that has faced mixed demand in lending and ongoing pressure from the rate environment. The outperformance, led by a firmer equity trading franchise, reinforces the view that large banks can still deliver above-consensus earnings even as interest income remains a variable for guidance.
Broadcom’s collaboration with Meta to deliver a substantial, scalable supply of custom chips served as a clear AI-driven growth signal. The plan to deliver 1 gigawatt now, with the potential for multi-gigawatt deployments later, points to a longer-term AI hardware demand cycle and Broadcom’s integrated role in it. The governance note about Tan stepping down from Meta’s board added a separate, idiosyncratic element for investors to parse around the company’s governance and strategic alignment with its key customers.
Morgan Stanley’s results continued the trend of outsized bank earnings from trading and fixed-income businesses, with earnings and revenue beating expectations, a dynamic that remains crucial for the sector’s earnings mix in a higher-volatility environment. Snap’s restructuring plan and GitLab’s expanded cloud partnership highlighted two distinct routes to profitability: control costs and broaden monetization opportunities through AI-enabled services.
Robinhood and Webull’s stock moves reflected a broader relief rally on potential relief for retail traders, given the SEC’s move to end day-trading limits on smaller investors. First Solar’s gain followed a Reuters report about potential export restrictions from China, a development that could reconfigure solar equipment supply chains given China’s dominant position in modulating global solar tooling. In the memory sector, the pullback after a rally episode signals continued sensitivity to pricing cycles and AI-related capex plans, with Micron’s share activity tied directly to a disclosed insider trade.
Market reaction
Overall, the premarket tape showed a cautious optimism among investors who reward earnings breadth and strategic partnerships while remaining vigilant about margins and regulatory risk. The gains in BoA, Broadcom, Morgan Stanley, Snap and GitLab suggest an appetite for earnings resilience and AI-enabled growth stories, even as traditional hardware names (memory stocks) and some regional banks faced headwinds from top-line concerns or sector-specific dynamics. The SEC rule changes lifting day-trading limits for smaller investors added a policy-driven impulse to the rally in Robinhood and Webull, feeding expectations for more trading activity in the near term.
Bigger picture
Investors are balancing a diverse set of narratives: high-frequency trading and macro-driven earnings for banks, AI-enabled growth for chipmakers and software platforms, and policy shifts that alter the supply and demand calculus for energy and tech equipment. The breadth of premarket moves underscores a market environment where earnings beats need to translate into sustainable margin expansion and capital allocation clarity to sustain the rally. The memory sector’s softness also serves as a reminder that near-term demand for hardware and storage remains cyclical and sensitive to pricing and supply dynamics, even as AI applications continue to expand.
Looking ahead, investors will scrutinize next-quarter guidance, any further detail on AI-related revenue streams, and regulatory developments that could alter operating conditions across finance, technology and energy names. Market participants will also watch for additional earnings reports and macro data that could influence expectations around inflation, rates and growth trajectories.
What to watch next: upcoming earnings releases and guidance, potential updates on AI deployment and monetization strategies, and any further regulatory developments affecting trading limits, export controls or solar equipment provisions. The market will likely pivot on new data points and policy signals that clarify the path for growth across these sectors.
