Stock Market Hits Highs Despite Trump Tariff Threats, Nvidia, Tech Turkeys: Weekly Review

Blockhead11-29

The stock market rally continued to advance, with the Dow Jones, S&P 500 and Russell 2000 all hitting record highs, shrugging off Donald Trump tariff threats, some weak tech earnings, and struggles ...

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Treasury yields fell sharply, lifting homebuilders. Bitcoin tumbled from just below $100,000 on Nov. 22, but slashed losses by Friday.\nCrowdStrike (CRWD), Workday (WDAY), Nutanix (NTNX), Autodesk (ADSK), Dell Technologies (DELL) and Best Buy (BBY) were earnings losers, though there were some winners.\n\n\n\n↑\nX\n\n\n\n\nWill This Software Leader's AI Agents Lift Stock To New Highs? Earnings May Tell.\n\n\nSee All Videos\n\n\n\n\nNOW PLAYING\nWill This Software Leader's AI Agents Lift Stock To New Highs? Earnings May Tell.\n\n\n\n\nDow, S&P 500 Hit Record Highs\nThe stock market continued to advance, with small-cap Russell 2000 also setting a new high. The Nasdaq did not, due to weakness in Nvidia (NVDA) and some other tech, but isn't far off. Treasury yields tumbled, offsetting concerns about Donald Trump's tariff threats and disappointing reactions to tech earnings.\nInflation Isn't Falling Anymore\nThe fourth quarter got off to a poor start on the inflation front and, by extension, a soft start for inflation-adjusted consumption. However, Wall Street's reaction suggested that another Federal Reserve rate cut is still likely next month. The Fed's primary inflation gauge, the core PCE price index, rose 0.27% in October, lifting the 12-month inflation reading to 2.8% from 2.65%. Personal consumption expenditures rose 0.4% in October, but just 0.1% when adjusted for inflation. Minutes from the Fed's Nov. 7 meeting indicated that policymakers see the current level of the federal funds rate as restrictive, but favor cutting rates \"gradually.\"\n\nMusk, Trump And DOGE: How They'll Take On The Federal Government\n\nCrowdStrike Skids On Growth Fears\nCrowdStrike (CRWD) said Q3 EPS rose 13% as revenue gained 29% to $1.01 billion, both comfortably beating. Analysts had predicted earnings of 81 cents a share on revenue of $983 million. Annual recurring revenue (ARR), a financial metric tied to subscription services growth, ran 27% higher to $4.02 billion, just beating. But net new ARR estimates for the January quarter will likely come down, analysts said. They expect many customers to seek price discounts when renewing contracts to help cover the cost of disruptions from July's global IT outage.\nWorkday Skids On Guidance\nWorkday (WDAY) said adjusted Q3 EPS rose 21%, beating views. Revenue climbed 16% to $2.16 billion, just above consensus. The enterprise software maker provided preliminary fiscal 2026 subscription revenue guidance. Workday forecast subscription revenue of $8.8 billion, below estimates of $8.885 billion.\nDell, HP Guide Lower\nDell Technologies (DELL) and HP Inc. (HPQ) late Tuesday tempered investor excitement about a PC revival. Dell earnings beat views with a 14% gain. But a 10% sales gain to $24.4 billion slightly missed and Dell also guided lower on sales. Executives cited a \"robust\" AI server opportunity, but consumer PCs remain a challenge. HP reported an in-line 3% EPS gain while 2% sales growth to $14.1 billion topped. But the PC and printer giant guided low on fiscal Q4 earnings. Both stocks plunged on results.\nZoom Volatile Amid Earnings\nZoom Communications (ZM) reported Q3 EPS up 7% with revenue up nearly 4% to $1.178 billion, both slightly beating. Enterprise market revenue rose 6% to $699 million also topping. For the January quarter, Zoom guided fractionally higher on revenue. The company changed its name from Zoom Video Communications. Shares, which gapped up to a two-year high ahead of earnings, were slightly lower for the week.\nNutanix Falls Despite Strong Results\nNutanix (NTNX) reported a 45% EPS gain with revenue up 16% to $591 million, both beating views and with growth accelerating from the prior quarter. The maker of cloud-computing network management software guided higher on January-quarter revenue, Nutanix has transitioned to a software subscription model from selling hardware appliances. Shares reversed lower after hitting record highs.\nRetailers\nA medley of retailers stirred hopes that the retail malaise may be receding. Urban Outfitters (URBN) was the standout, crushing earnings views. Burlington Stores (BURL), Abercrombie & Fitch (ANF) and Dick's Sporting Goods (DKS) also beat. UO delivered a 25% earnings jump despite tough comps, picking up from 13% in Q2. The young adult apparel retailer also signaled positive sales trends the key holiday quarter. Management noted a \"remarkably resilient\" consumer amid lingering inflation while warning of store closures in coming years. The stock gapped up 19% above the 50-day line to its best level since July. Burlington and Abercrombie scored respective EPS jumps of 58% and 37% in spite of tough comps. Burlington rose in a buy zone, while Abercrombie backed off an early entry. Dick's posted a smaller-than-feared decline, with shares rising but well off weekly highs.\nBest Buy Revenue Keeps Falling\nBest Buy (BBY) earnings per share fell 2% vs. views for a flat Q3. Revenue fell 3% to $9.45 billion, continuing a long string of year-over-year declines. The consumer electronics retailer cut same-store guidance for the key holiday Q4. Shares tumbled on earnings, down slightly for the week.\nChip Earnings Mixed\nSemtech (SMTC), Amabarella (AMBA) and Analog Devices (ADI) beat views this past week, though the latter showed a continued earnings slide. Semtech reported fiscal Q3 EPS of 26 cents vs. 2 cents a year earlier. Revenue swelled 18% to $236.8 million, after two quarters of year-over-year declines. It guided higher for Q4. Ambarella snapped a six-quarter string of quarterly losses, easily beating. Revenue jumped 63% to $82.7 million. The vision chipmaker also guided up for Q4. Both chipmakers cited AI growth. The stocks surged. Analog Devices earnings fell 17% while revenue slid 10%, both beating views but the sixth straight quarter of year-over-year declines for both. Guidance was mixed. ADI stock initially jumped on earnings, but reversed lower. Shares rose modestly for the week.\nIn Brief\nAutodesk (ADSK) slightly beat Q3 views, with EPS up 5% and revenue rising 11% to $1.57 billion. The design software maker guided fractionally above consensus for Q4. But shares tumbled from a three-year high.\nAmgen (AMGN) crashed Tuesday after its weight-loss drug, MariTide, helped nondiabetic patients lose up to 20% of their body weight over a year. Patients with obesity and type 2 diabetes lost up to 17%. The results were in line with Eli Lilly (LLY) blockbuster obesity drug Zepbound, but had more side effects. About 11% of patients in Amgen's study dropped out – with 8% citing gastrointestinal side effects – vs. just 7% in a Phase 3 study of Lilly's Zepbound.\nWoodward (WWD) gapped out of a base after clearing Q4 views easily and guiding higher on fiscal 2025. The defense and energy controls maker reported a 6% EPS gain with revenue up 10% to $855 million. Full-year earnings increased 45% on 14% revenue growth.\nYOU MAY ALSO LIKE:\nWhy This IBD Tool Simplifies The Search For Top Stocks\nWant To Get Quick Profits And Avoid Big Losses? Try SwingTrader\nBest Growth Stocks To Buy And Watch\nIBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2487526535"}