Midday Fly By: Alphabet hits $4T market cap, Walmart to join Nasdaq-100

The major averages were mixed near noon, with the Dow Jones marginally in the red as traders react to an escalation in political pressure on the Federal Reserve. The Trump administration threatening a criminal indictment of Fed Chair Jerome Powell has renewed concerns about the independence of the central bank. Banking stocks and credit card lenders also have taken early hits because of policy proposals such as a one-year cap on credit-card interest rates that could compress financial sector profitability.

With key inflation data and the start of earnings season approaching, traders are monitoring how persistent inflation signals might influence the Fed’s policy path, even as central bank independence concerns loom large.

Looking to commodities, gold shares surged past the $4,600 threshold to hit record highs, with the “safe haven” asset rising nearly 3%. Oil prices were also fractionally higher as traders await more news surrounding Venezuela.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Alphabet (GOOGL) briefly hit the $4T market capitalization threshold as Apple (AAPL) picked Google’s Gemini to run an AI-powered Siri
• Meanwhile, Google and Walmart (WMT) plan to launch a new experience for shopping that pairs Gemini with Walmart and Sam’s Club 
• Additionally, Walmart will become a component of the Nasdaq-100 Index
• Paramount Skydance (PSKY) plans to nominate directors for election to Warner Bros. Discovery’s (WBD) board
• Allegiant (ALGT) agreed to acquire Sun Country Airlines (SNCY) for $18.89 per share in cash and stock

2. WALL STREET CALLS:

• Citi upgraded Palantir (PLTR) to Buy on potential 80% sales growth in 2026
• Morgan Stanley double upgraded Akamai (AKAM) to Overweight from Underweight
• Netflix (NFLX) initiated with a Buy at HSBC
• CrowdStrike (CRWD) downgraded to Sector Weight at KeyBanc
• GitLab (GTLB) downgraded to Underweight at Barclays and Equal Weight at Morgan Stanley

3. AROUND THE WEB:

• President Trump may block Exxon Mobil (XOM) from drilling in Venezuela after the company’s CEO said the country was “uninvestable” without significant commercial and legal changes, WSJ says
• In 2025, global smartphone shipments increased by 2% year-over-year, with Apple (AAPL) leading the market with a 20% share supported by demand in mid-sized markets and strong iPhone 17 sales, Reuters reports
• The Federal Aviation Administration, FAA, has approved Boeing’s (BA) MAX 10, the largest variant of its 737 MAX jet, to move to the second phase of flight testing, Reuters says
• Last year, Volkswagen (VWAGY) was overtaken by Geely Auto (GELYF) in sales in China, Reuters reports
• Walmart (WMT) plans to launch delivery-by-drone at an additional 150 stores over the next year, WSJ reports

4. MOVERS:

• Albemarle (ALB) higher after Scotiabank upgraded the stock to Outperform from Sector Perform
• Vistra (VST) rises after at least three analysts raised their price targets on the shares
• Shake Shack (SHAK) gains after reporting preliminary Q4 revenue
• Capital One (COF) falls after President Trump called for a 10% cap on credit card interest for one year
• Soleno Therapeutics (SLNO) lower after reporting preliminary Q4 revenue

5. EARNINGS/GUIDANCE

• Usana (USNA) raised its guidance for FY25
• Petco (WOOF) backed its guidance for Q4 and FY25
• DexCom (DXCM) reported preliminary Q4 results and provided guidance for FY26
• Alphatec (ATEC) raised its guidance for FY25 and provided its outlook for Q4 and FY26
• Lululemon (LULU) sees Q4 revenue “toward the high end” of prior guidance

INDEXES:

Near midday, the Dow was down 0.08%, or 41.39, to 49,462.68, the Nasdaq was up 0.29%, or 69.48, to 23,740.82, and the S&P 500 was up 0.09%, or 6.51, to 6,972.79.