Midday Fly By: Applied Materials, Figma post ‘beat and raise’ reports

The major averages were broadly lower near noon, giving back some of yesterday’s gains as tech stocks lag, U.S. Treasury yields rise, and oil prices jump once again. A meeting between President Donald Trump and Chinese President Xi Jinping has ended, with investors concerned that the summit resulted in no major policy breakthroughs.

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Brent crude has pushed above $104 a barrel as the Iran conflict and ongoing Strait of Hormuz disruptions continue pressuring global energy supplies. Rising oil prices are now feeding into inflation expectations, transportation costs, and consumer spending concerns. Markets increasingly fear a stagflationary setup where inflation stays elevated even as economic growth slows.

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

1. STOCK NEWS:

• Applied Materials (AMAT) reported upbeat Q2 results and raised its 2026 equipment growth estimate
• Figma (FIG) provided a “beat and raise” report for Q1
• Gemini Space Station (GEMI) announced that Winklevoss Capital Fund made a $100M strategic investment into the company
• Blackstone (BX) and CD&R are both in the early stages of exploring bids for Magnum Ice Cream (MICC), Reuters reports
• United States Antimony (UAMY) reported downbeat Q2 results

2. WALL STREET CALLS:

• Arista Networks (ANET) upgraded to Outperform at Raymond James
• RBC (TXRH) on better beef prices, traffic growth
• Cisco (CSCO) upgraded to Buy at HSBC on stronger AI infrastructure momentum
• Viking Holdings (VIK) downgraded to Equal Weight at Morgan Stanley
• Fermi (FRMI) downgraded to In Line at Evercore ISI

3. AROUND THE WEB:

• As Meta (META) prepares to lay off about 10% of its staff on May 20 as part of ongoing efficiency efforts and investment rebalancing, adding to prior rounds of layoffs, sources say morale is low, Wired reports
• More than 50 researchers and engineers have left xAI since the SpaceX acquisition via layoffs, firings, and voluntary departures, with many joining Meta and TML, The Information says
• Google (GOOGL) is planning to announce a new Gemini model at it’s I/O conference, with the release expected to land around the class of OpenAI’s GPT-5.5 and short of Anthropic’s Mythos, Sources reports
• Starbucks (SBUX) is undertaking another round of corporate restructuring, including about 300 U.S. job cuts and a review of its international corporate workforce, CNBC says
• Microsoft (MSFT) is rolling back internal use of Claude Code after strong adoption among developers, and plans to replace most licenses with GitHub Copilot CLI as part of a broader push to consolidate engineering workflows, Verge reports

4. MOVERS:

• Globant (GLOB) rises after reporting quarterly results
• RXO (RXO) higher after Stifel upgraded the stock to Buy
• DexCom (DXCM) gains after announcing a collaboration with Elliot Management
• York Space Systems (YSS) lower after reporting Q1 results and provided guidance for FY26
• DLocal (DLO) and ARS Pharmaceuticals (SPRY) falls after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Datavault (DVLT) reported Q1 results, with EPS and revenue higher year-over-year
• RBC Bearings (RBC) reported Q4 results and provided guidance for Q1
• Enveric Biosciences (ENVB) reported Q1 results, with CEO Joseph Tucker commenting “Our progress in the first quarter of 2026 reflects continued execution against our core mission”
• aTyr Pharma (ATYR) reported Q1 results, with CEO Sanjay Shukla commenting, “2026 is off to a productive start”
• Mako Mining (MAKO) reported Q1 results, with EPS and revenue higher year-over-year

INDEXES:

Near midday, the Dow was down 1.03%, or 515.34, to 49,548.12, the Nasdaq was down 1.34%, or 356.79, to 26,278.44, and the S&P 500 was down 1.05%, or 79.13, to 7,422.11.