Stocks and exchange-listed funds moved sharply in midday trading as investors digested a stream of company updates ranging from artificial intelligence reshuffling to earnings reports and guidance changes. The biggest single-name swing came in technology and growth stocks, while gold-linked equities jumped on strength in gold futures; several drugmakers and consumer/enterprise software companies also reacted to quarterly results and forward outlooks.
Key takeaways
- Alphabet shares fell more than 4% after the company announced a restructuring of its artificial intelligence organization and said chief scientist Jeff Dean would leave.
- Gold miners surged, with the VanEck Gold Miners ETF up 6.8% and major producers rising as gold futures hit the highest level since June 18.
- SpaceX dropped around 8% after reporting its first quarterly results since going public, including large capital expenditures and a wider-than-clear picture on per-share earnings.
- Several healthcare names rallied—including Amgen and Eli Lilly—after earnings beats and raised guidance, while Insulet slid as the company cut its 2026 Omnipod growth forecast.
- Guidance misses outweighed beats for some companies, including Shopify’s sharp rise on strong guidance while Pinterest and Teradata fell after outlook disappointed.
What drove the midday moves
In mega-cap and adjacent technology, Alphabet shares slid as the company reshuffled its artificial intelligence divisions. The reorganization included the exit of Jeff Dean, who is leaving after 27 years at the firm, a development investors appeared to interpret as a change in AI leadership and strategy.
Gold stocks provided a different catalyst. Gold-linked equities rallied after futures tied to the yellow metal reached their highest level since June 18. The VanEck Gold Miners ETF (GDX) rose 6.8%, and individual producers also advanced, including Gold Fields (nearly 10%), Newmont (up 7%), and Barrick Mining (up 6%). The move suggested investors were repositioning toward precious-metal exposure as price momentum strengthened.
In the earnings-driven corner of the market, SpaceX shares fell about 8% following the company’s first quarterly report since going public in June. SpaceX reported second-quarter capital expenditures of $18.37 billion, largely tied to artificial intelligence, and said this was up 550% versus the year-ago period. It also reported second-quarter revenue of $7.81 billion, above an LSEG consensus of $6.93 billion, but per-share results were mixed: the company reported a loss of 9 cents per share, with investors still sorting through whether it was comparable with an estimate of a 26-cent per-share loss.
Media, biotech, and travel-related stocks also reacted to a mix of beats and guidance changes. Disney was up almost 2% even after reporting a mixed fiscal third quarter, with earnings per share above expectations but revenue slightly missing. In healthcare, Charles River Laboratories gained more than 11% after adjusted earnings and revenue beat FactSet consensus and it raised its adjusted earnings guidance to a higher range. Amgen jumped around 4% and hit a 52-week high after adjusted earnings and revenue beat expectations and the company increased full-year guidance.
Market reaction to earnings and guidance
Travel and consumer demand signals mattered in mid-afternoon trading. Booking Holdings rose more than 5% after results outpaced expectations, while the company said travel demand remains resilient. However, it trimmed its forecast for gross bookings growth to a high single-digit increase, down from a prior range that extended into the low double-digits—an adjustment that still did not derail the stock’s move given the underlying report strength.
In e-commerce, Shopify surged about 17% on the back of third-quarter guidance. The company expects year-over-year revenue growth in the low-30% range, above the FactSet consensus of 26.5%. Investors appeared to reward the clarity of the forward growth outlook, reinforcing the market’s preference for growth visibility.
Arista Networks gained about 4% after second-quarter results beat estimates, including adjusted earnings of $1.02 per share on $3.04 billion in revenue versus consensus of 88 cents per share and $2.82 billion. The company also reported non-GAAP operating margin strength and offered third-quarter guidance for profit and revenue that beat expectations.
Not all results were rewarded. AMD fell about 6% after second-quarter results failed to impress, even though the company’s adjusted profit and revenue slightly exceeded LSEG consensus. With third-quarter revenue guidance about in line with expectations at $13 billion, investors seemed to focus on whether the quarter carried enough acceleration to justify the prior expectations embedded in the stock.
Biopharma was a standout theme. Eli Lilly rose more than 3% after beating on earnings and revenue and raising its full-year 2026 revenue guidance, citing ongoing strong demand for Zepbound and Mounjaro. Wynn Resorts climbed 7% after beating adjusted earnings and revenue expectations. Kratos Defense & Security Solutions rose nearly 7% as second-quarter revenue beat analysts’ estimates across segments.
Some healthcare and enterprise names moved in the opposite direction on forward outlook. Insulet dropped more than 20% after lowering its 2026 forecast for Omnipod growth in the U.S. to 17%–19% from 20%–22%, despite posting second-quarter results that topped expectations. Teradata plunged about 20% after its third-quarter earnings guidance for 55 to 59 cents per share excluding one-time items trailed a Street/FactSet consensus estimate of 62 cents.
Guidance also drove weakness in consumer internet and social platforms. Pinterest fell about 8% after guidance failed to impress traders; third-quarter revenue was expected to range between $1.19 billion and $1.21 billion, with FactSet consensus at $1.2 billion. Uber Technologies dropped about 7% after its third-quarter bookings and earnings guidance missed analysts’ expectations, according to StreetAccount data. DaVita shares fell around 19% despite reporting better-than-expected second-quarter results, as full-year earnings guidance ranged from $14.10 to $15.20 per share versus FactSet’s $14.88 consensus.
Company-by-company highlights and what investors focused on
- Alphabet: Down more than 4% on an AI division reshuffle that includes Jeff Dean’s departure.
- Gold miners: Up broadly as gold futures touched their highest level since June 18; GDX gained 6.8%.
- SpaceX: Fell about 8% after the first post-IPO quarterly report, with very high AI-related capex and mixed per-share clarity.
- Disney: Slightly higher despite a mixed fiscal third quarter as EPS beat but revenue edged lower.
- Charles River Laboratories: Up over 11% on a results beat and increased adjusted earnings guidance.
- Booking Holdings: Rose more than 5% on results ahead of expectations, despite a trimmed gross bookings growth outlook.
- Insulet: Slumped more than 20% after cutting U.S. Omnipod growth for 2026.
- Amgen and Eli Lilly: Both rallied on earnings beats and raised guidance.
- Shopify and Arista Networks: Advanced sharply on guidance and results that outperformed estimates.
- Pinterest, Teradata, and Uber: Fell as guidance and forward earnings signals failed to meet expectations.
Heading into the next market session, investors will likely watch whether companies follow through on the guidance they issued—particularly in AI-adjacent tech, healthcare pipelines, and enterprise analytics—alongside the evolving direction of gold after futures hit a multi-week high. Further earnings releases and any updates from the broader macro calendar could also influence which themes continue to lead.
