Midday Fly By: General Mills reports downbeat Q3, Macy’s reports Q4 beat

The major averages turned lower once again following two days of gains as investors balance oil prices against still-elevated geopolitical risk. The move follows a series of volatile sessions where markets have swung sharply based on headlines tied to the Middle East conflict and energy supply disruptions. Reports of fresh attacks on Iranian energy infrastructure have already caused intraday swings in both oil and equity futures.

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Meanwhile, traders are focused on the upcoming rate policy decision from the Federal Reserve, which is anticipated to maintain interest rates but could alter its forward guidance in response to the recent energy-driven inflation shock. Oil has been climbing once again, while gold has dropped below $4,900 per ounce.

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

1. STOCK NEWS:

• General Mills (GIS) reported lower-than-expected Q3 results and reiterated its FY26 outlook
• Macy’s (M) reported upbeat Q4 earnings and revenue and provided guidance for FY26
• Lululemon (LULU) reported better-than-expected Q4 results and provided its outlook for Q1 and FY26
• Coupang (CPNG) announced its collaboration with Nvidia (NVDA) has helped it create an “AI factory”
• InspireMD (NSPR) reported upbeat Q4 results

2. WALL STREET CALLS:

• Citi (STZ) to Buy on better beer trends
• Truist (XYZ) to Buy following 40% reduction in force
• Trade Desk (TTD) downgraded at Rosenblatt and Stifel amid pressures from agencies
• RBC Capital (SBUX) to Sector Perform on balanced risk/reward
• CF Industries (CF) downgraded to Underperform at Mizuho

3. AROUND THE WEB:

• Meta (META) has failed to stop illegal ads for high-risk financial products running on its platforms in Britain, Reuters says
• Microsoft (MSFT) is weighing legal action against Amazon (AMZN) and OpenAI over a $50B deal that may breach its exclusive cloud partnership with OpenAI, FT reports
• The U.S. government confirmed that Tesla (TSLA) is the customer behind LG Energy Solution’s $4.3B LFP battery supply deal, ending speculation since the contract was disclosed last July, Electrek says
• Google (GOOGL) is in discussions with Envicool and other Chinese firms on buying liquid cooling equipment for data centers, Reuters reports
• Nebius (NBIS) intends to raise about $3.75B in convertible debt to use for its data center expansion and to purchase customized chips, and plans to offer the notes in two series, at $2B due in 2031 and $1.75B in 2033, Bloomberg says

4. MOVERS:

• Ovid Therapeutics (OVID) gains after announcing OV239 data, Phase 1 clearance for OV4071, and results for Q4
• Nextnav (NN) and Energy Vault (NRGV) increases after reporting results
• nVent Electric (NVT) higher in New York after updating its three-year financial targets
• Gemini (GEMI) lower after Citi downgraded the stock to Sell
• SailPoint (SAIL) falls after reporting Q4 results and providing guidance for FY27

5. EARNINGS/GUIDANCE:

• Williams-Sonoma (WSM) reported Q4 results and provided guidance for FY26
• Spire Global (SPIR) reported Q4 results and provided guidance for Q1 and FY26
• Jabil (JBL) reported Q2 results and raised its guidance for FY26
• Weibo (WB) reported Q4 results, with EPS missing consensus
• Orbit International (ORBT) reported Q4 results, with EPS and revenue lower year-over-year

INDEXES:

Near midday, the Dow was down 0.90%, or 424.40, to 46,568.86, the Nasdaq was down 0.55%, or 125.44, to 22,356.75, and the S&P 500 was down 0.56%, or 37.51, to 6,678.58.