Target slides after cutting sales forecast: Morning Buzz

Stocks have come a long way this month, with solid gains after the tensions from early April, but are finding it difficult to extend gains today as rising yields are weighing as concerns over fiscal policy grow. The S&P is trending downward for a second day after the major U.S. indices closed lower on Tuesday amid concerns over President Trump’s proposed tax-cut bill and a recent sovereign credit rating downgrade.

Oil prices have risen following reports that Israel is preparing for a potential strike on Iranian nuclear facilities. This development has heightened geopolitical risks, contributing to market volatility.

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

1. STOCK NEWS:

• Target (TGT) shares fell after the company cut its sales forecast due to a pullback in consumer spending, tariffs and boycotts
• Lowe’s (LOW) backed its FY25 EPS view after reporting Q1 results
• TJX (TJX) also backed its FY26 EPS view along with the company’s Q1 report
• VF Corp. (VFC) shares fell following the company’s fiscal Q4 report
• Moderna (MRNA) announced that it has voluntarily withdrawn the pending Biologics License Application for mRNA-1083, its flu/COVID combination vaccine candidate

2. WALL STREET CALLS:

• Stifel upgraded Home Depot (HD) to Buy with increased conviction in the company’s revenue acceleration
• UnitedHealth (UNH) downgraded to Reduce from Hold at HSBC
• AutoZone (AZO) upgraded to Buy at BofA ahead of Q3 report
• HSBC upgraded Bilibili (BILI) to Buy on a better outlook, valuation
• Scotiabank downgraded Myriad Genetics (MYGN), sees “transitional year” ahead

3. AROUND THE WEB:

• Ford (F) plans to allow Nissan (NSANY) to use part of its Kentucky battery plant due to slower EV demand, WSJ reports
• Nvidia (NVDA) CEO Jensen Huang said U.S. export controls limiting the sale of advanced chips to China have been a failure and commended President Trump for reversing a part of the Biden administration’s policy, WSJ says
• Motorola Solutions (MSI) is in advanced discussions to buy wireless-radio maker Silvus Technologies for around $4.5B, Bloomberg reports
• Super Micro (SMCI) plans to expand its server production capacity in the U.S. amid rising AI demand, WSJ reports
• “Lilo & Stitch” has grown from a modestly successful animated movie into one of Disney’s (DIS) most popular franchises in toy stores and on streaming as well as in social-media memes, WSJ says

4. MOVERS:

• GCL (GCL) gains in New York after announcing the worldwide launch of “JDM: Japanese Drift Master”
• Sealsq (LAES) higher in New York after announcing the deployment of PQC technology to protect bitcoin wallets
• Sarepta (SRPT) increases after announcing the MHRA said ENVISION dosing may continue as planned
• New Fortress Energy (NFE) falls after Bloomberg reported the company has been disqualified from an auction held by the Puerto Rican government to secure temporary power generation
• Garrett Motion (GTX) lower in New York after announcing a 17M share stock offering

5. EARNINGS/GUIDANCE:

• Wix.com (WIX) reported Q1 result1s, provided guidance for Q2, and reaffirmed its outlook for FY25
• Palo Alto Networks (PANW) reported Q3 results and raised its guidance for FY25
• Canada Goose (GOOS) reported Q4 results, with CEO Dani Reiss commenting, “Our strong Q4 results show the kind of impact Canada Goose can make when our brand connects and our strategy hits the mark”
• Xpeng (XPEV) reported Q1 results and provided guidance for Q2
• Toll Brothers (TOL) reported Q2 results, with EPS and revenue beating consensus

INDEXES:

Near midday, the Dow was down 0.81%, or 347.23, to 42,330.01, the Nasdaq was up 0.41%, or 78.16, to 19,220.87, and the S&P 500 was down 0.17%, or 10.19, to 5,930.27.