Midday Fly By: Nvidia reports Q1 beat, SpaceX files for IPO

The major averages were broadly lower near noon, as investors continue to grapple with rising Treasury yields, sticky inflation concerns, another bump in oil prices, and renewed geopolitical tension. 

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Technology shares were mixed following earnings from Nvidia, which topped expectations and included an $80B buyback authorization. Meanwhile, AI-linked and quantum computing names surged after the U.S. government announced major funding initiatives benefiting companies tied to advanced computing infrastructure.

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

1. STOCK NEWS:

• Nvidia (NVDA) reported better-than-expected Q1 results, provided an upbeat revenue guide for Q2, approved an additional $80B in share repurchases, and increased its quarterly dividend to 25c per share from 1c
• Elon Musk’s SpaceX has filed for an IPO on Nasdaq
• Walmart (WMT) reported better-than-expected Q1 revenue and reaffirmed its FY27 outlook
• IBM (IBM) and the U.S. Department of Commerce announced a letter of intent to build an American quantum chip foundry
• Intuit (INTU) provided a “beat and raise” report for Q3

2. WALL STREET CALLS:

• Etsy (ETSY) upgraded to Buy at Argus amid improving metrics
• JPMorgan (AEE) on data center growth, Missouri backdrop
• ZoomInfo (GTM) downgraded to Hold at Jefferies
• Kyndryl (KD) downgraded at Susquehanna amid “challenging signs”
• Craig-Hallum bullish on MapLight Therapeutics (MPLT), initiated with a Buy

3. AROUND THE WEB:

• The Bear Cave issued a cautious note on Ethos Technologies (LIFE)
• Match Group’s (MTCH) Tinder is betting Gen Z daters would prefer to be offline, introducing in-person events two months ago to steer users toward actual dates, Bloomberg says
• Manus’s cofounders, Xiao Hong, Ji Yichao and Zhang Tao, are exploring ways to fulfill Beijing’s demand to unwind a takeover by Meta Platforms (META), Bloomberg reports
• Alibaba (BABA) added a new processor to its AI technology stack, unveiling its Zhenwu M890 AI accelerator, Bloomberg says
• Airbus (EADSY) has warned some customers of additional A350 delivery delays later this decade due to supply chain issues affecting fuselage parts from its recently acquired North Carolina plant and disruptions in Spain affecting cargo door production for the A350 Freighter, Reuters reports

4. MOVERS:

• D-Wave Quantum (QBTS) gains after signing a Letter of Intent for $100M of proposed funding under the U.S. CHIPS and Science Act
• Applied Digital (APLD) increases after entering a long-term lease agreement with the same U.S. based hyperscaler that previously signed at Delta Forge 1
• Nebius (NBIS) higher in New York after entering an agreement with Bloom Energy (BE) to power the company’s AI infrastructure build-out
• Osisko Development (ODV) lower in New York after announcing a $225M private placement
• Deere (DE) and Borr Drilling (BORR) fall in New York after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Williams-Sonoma (WSM) reported Q1 results, with CEO Laura Alber commenting on the “strong start in 2026”
• Ralph Lauren (RL) reported Q4 results and provided guidance for FY27
• Advanced Drainage (WMS) reported Q4 results, with EPS and revenue beating consensus
• Advance Auto Parts (AAP) reported Q1 results and reaffirmed its guidance for FY26
• Shoe Carnival (SCVL) reported Q1 results, with EPS in-line with consensus

INDEXES:

Near midday, the Dow was down 0.21%, or 107.38, to 49,901.97, the Nasdaq was down 0.34%, or 89.08, to 26,181.28, and the S&P 500 was down 0.28%, or 21.01, to 7,411.96.