Midday Fly By: AT&T reports Q4 beat, Amazon cuts 16,000 jobs

The major averages were little changed near noon as traders brace for a key Federal Reserve interest-rate decision and another wave of quarterly earnings. Investors are positioning ahead of after-hours earnings releases from big tech names including Meta, Microsoft and Tesla, which could set the tone for risk appetite once those reports start rolling in.

Strong performance in technology and AI-linked stocks has helped support sentiment following recent records in major indexes, even as the broader outlook remains sensitive to geopolitical uncertainty and shifting policy expectations. Safe-haven assets continue to attract interest as markets await clarity from the Fed’s policy statement and Chair Powell’s press conference later in the day.

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

1. STOCK NEWS:

• Seagate (STX) reported better-than-expected Q2 results and provided guidance for Q3
• Texas Instruments (TXN) reported downbeat Q2 earnings and revenue but provided an upbeat outlook for Q1
• AT&T (T) reported upbeat Q4 results and issued its outlook for 2026-2028
• Starbucks (SBUX) reported mixed Q1 results and provided guidance for FY26
• Amazon (AMZN) announced plans to cut 16,000 jobs amid “organizational changes”

2. WALL STREET CALLS:

• Visa (V) upgraded to Buy from Neutral at Rothschild & Co Redburn
• Korro Bio (KRRO) upgraded to Overweight at Cantor Fitzgerald and to Outperform at Oppenheimer
• Circle Internet (CRCL) upgraded to Neutral at Mizuho with Polymarket as a “looming catalyst”
• PayPal (PYPL) downgraded to Sell at Rothschild & Co Redburn
• BJ’s Wholesale (BJ) downgraded to Hold at Jefferies

3. AROUND THE WEB:

• Lear (LEA) is planning a new seating plant for pickups and full-size SUVs launching at a General Motors (GM) assembly plant in Orion Township, Michigan, after outbidding rival supplier Magna (MGA), Detroit Business says
• C3 AI (AI) is in talks to merge with startup Automation Anywhere, The Information says
• Tesla (TSLA) CEO Elon Musk is targeting mid-June for the timing of SpaceX’s initial public offering, IPO, FT reports
• SoftBank (SFTBY) is in talks to invest up to an additional $30B in OpenAI, WSJ says
• Deutsche Bank’s (DB) offices in Frankfurt and Berlin have been raided by German authorities as part of a money laundering probe that is looking at past dealings by staff with firms linked to the now-sanctioned Roman Abramovich, Bloomberg reports

4. MOVERS:

• Palladyne (PDYN) higher after being awarded a contract by the Air Force Research Laboratory
• Stride (LRN) increases after reporting Q2 results and providing guidance for Q3 and FY26
• Nextpower (NXT) rises after reporting Q3 results and raising its guidance for FY26
• Regenxbio (RGNX) falls after the FDA placed a clinical hold on RGX-111
• Richtech Robotics (RR) lower after announcing a $38.7M private placement

5. EARNINGS/GUIDANCE

• Corning (GLW) reported Q4 results, with EPS and revenue beating consensus
• Extreme Networks (EXTR) reported Q2 results and provided guidance for Q3 and FY26
• Scotts Miracle-Gro (SMG) reported Q1 results, with EPS beating consensus
• Brinker (EAT) reported Q2 results and raised its guidance for FY26
• Lennox (LII) reported Q4 results, with CEO Alok Maskara commenting, “We are pleased with our performance in 2025”

INDEXES:

Near midday, the Dow was up 0.02%, or 7.28, to 49,010.69, the Nasdaq was down 0.07%, or 16.88, to 23,800.22, and the S&P 500 was down 0.11%, or 7.80, to 6,970.80.