U.S. Weekly Review: Stock Market Rally Under Pressure Amid Rising Yields, Apple Woes

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U.S. Weekly Review: Stock Market Rally Under Pressure Amid Rising Yields, Apple Woes

investor's business daily2023-09-09

The stock market rally came under pressure, as rising Treasury yields and Apple's China woes weighed pushed all the major indexes below their 50-day moving averages. Zscaler (ZS), UiPath (PATH) and ...

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·2023-09-10
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Zscaler (ZS), UiPath (PATH) and ...</p>\n\n<a href=\"https://www.investors.com/news/stock-market-rally-under-pressure-amid-rising-yields-apple-woes/\">Source Link</a>\n\n</div>\n","source":"lsy1610612141385","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Weekly Review: Stock Market Rally Under Pressure Amid Rising Yields, Apple Woes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Weekly Review: Stock Market Rally Under Pressure Amid Rising Yields, Apple Woes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-09-09 09:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investors.com/news/stock-market-rally-under-pressure-amid-rising-yields-apple-woes/><strong>investor's business daily</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The stock market rally came under pressure, as rising Treasury yields and Apple's China woes weighed pushed all the major indexes below their 50-day moving averages. Zscaler (ZS), UiPath (PATH) and ...</p>\n\n<a href=\"https://www.investors.com/news/stock-market-rally-under-pressure-amid-rising-yields-apple-woes/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".SPX","symbol_name":"S&P 500 Index","start_time":0,"source_url":"https://www.investors.com/news/stock-market-rally-under-pressure-amid-rising-yields-apple-woes/","article_id":"1142121118","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1142121118","pubTimestamp":1694221790,"sourceInfo":{"source_id":"lsy1610612141385","name":"Investor's Business Daily"},"weMediaInfo":null,"summary":"The stock market rally came under pressure, as rising Treasury yields and Apple's China woes weighed pushed all the major indexes below their 50-day moving averages. Zscaler (ZS), UiPath (PATH) and Sp","collect":0,"end_time":0,"defaultTopTitle":"investors.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"translate_title":"美国每周评论：在收益率上升和苹果困境的压力下，股市反弹","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":1.1,".IXIC":1.1,".SPX":1.1},"content_text":"The stock market rally came under pressure, as rising Treasury yields and Apple's China woes weighed pushed all the major indexes below their 50-day moving averages. Zscaler (ZS), UiPath (PATH) and Sprinklr (CXM) were software earnings winners, while AI-focused C3.ai (AI) sold off.Market Rally Under PressureWith the Dow Jones, S&P 500 and finally the Nasdaq falling below their 50-day moving averages, the stock market rally moved to \"uptrend under pressure.\" A big rebound in Treasury yields, along with Apple (AAPL) selling off on fears of weaker China demand ahead, were key catalysts to the downside. Energy stocks continued to do well. Crude oil prices hit a 2023 high, before finally snapping a 9-session win streak. Software held up among tech areas.Economy Isn't Slowing YetWall Street is expecting the consumer and the economy to slow, but it hasn't happened yet. The ISM nonmanufacturing index for August unexpectedly rose 2.1 points to 54.5, signaling fast growth. S&P Global now expects Q2 GDP growth to be revised up to 2.7% from 2.1%, with an acceleration to 4% in Q3. Meanwhile, initial jobless claims fell to a seven-month low, but Hurricane Idalia may have contributed to the low reading.Apple Tumbles On China iPhone FearsApple (AAPL) fell sharply, back below its 50-day line after The Wall Street Journal reported that China is extending a ban on using the iPhone at work to include central government agencies and state-owned companies. That comes just a few days after China's Huawei unveiled a 5G handset without any banned U.S. chips. The moves suggest potential risks for Apple iPhone sales in the huge China market. Apple will unveil the iPhone 15 at a Sept. 12 event.Work Management SoftwareSmartsheet (SMAR) said it earned 16 a share in the July quarter, easily beating and swinging from a 10-cent loss a year earlier. Revenue rose 26% to $235.6 million, also topping. Billings exceeded estimates. In the current October quarter, Smartsheet guided up on EPS but sees revenue in line. Fellow work management platform Asana (ASAN) reported a second-quarter loss of 4 cents, narrowing from a 34-cent loss a year earlier. Revenue rose 20% to $162.5 million. Both beat views. But billings growth fell short. SMAR stock rallied on earnings while Asana tumbled.Zscaler Earnings SoarThe cybersecurity firm reported a 156% EPS gain for fiscal Q4 2023, the fourth straight quarter of triple-digit growth. Revenue rose 43% to $455 million, the fifth straight quarter of slowing growth but still a robust pace. Zscaler guided up on fiscal 2024 EPS and fractionally higher on revenue at the midpoint. Shares reversed lower on earnings but rose for the week.C3.ai Backs Off Profit TargetC3.ai (AI) plunged after backed off its target to turn profitable on an adjusted basis by the fourth quarter of this fiscal year amid growing investments in artificial intelligence. In the July fiscal Q1 2024, C3.ai unexpectedly narrowed its loss. Revenue rose 11% to 72.36 million, slightly beating views, but down a fraction vs. fiscal Q4. C3.ai guided low on Q2 revenue.News In BriefUiPath (PATH) reported better-than-expected Q2 results, with revenue up 19% and annual recurring revenue up 25% to $1.31 billion. The automation software maker also announced a $500 million buyback. PATH stock jumped.Sprinklr (CXM) beat Q2 views, with revenue climbing 18.5% to $178.5 million.GitLab (GTLB) reported a surprise 1-cent-per-share profit with revenue up 38% to $139.6 million, beating forecasts. Shares gapped up on results, nearly breaking, but slashed gains. Shares rose mostly for the week.Trip.com (TCOM) report earnings per ADS of 70 cents, easily beating and up from a year-earlier 5-cent loss. Revenue rose 159% to $1.55 billion, the second straight quarter of rapidly accelerating growth.Roku (ROKU) expects third-quarter revenue of $835 million-$875 million, or up 10%-15% vs. a year earlier, vs. its prior target of $815 million. The streaming video platform said it will cut 10% of staff as part of a restructuring. Shares initially spiked higher, but slashed gains, but still rose for the week.Intapp (INTA) easily beat Wall Street targets for its fiscal fourth quarter, posting its fourth straight quarter of adjusted EPS. But for the current quarter, the cloud software firm guided in line with estimates for earnings on higher-than-expected sales.AeroVironment (AVAV) flew past Q1 estimates, with adjusted earnings of $1 per share reversing a 10-cent loss a year earlier. Revenue leapt 30% to $152.3 million while the backlog surged 27%. The drone and robotics maker raised its full-year sales outlook by $15 million to range from $645 million to $675 million. AVAV stock soared 20% on Wednesday after earnings.Uber Technologies (UBER) CEO Dara Khosrowshahi said Thursday that demand is steady with the ad business on track top targets. An UBER stock buyback is likely in the next two years, he added. consistent as the ad business is on track to exceed targets. Shares rose slightly.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":218196179275912,"gmtCreate":1694305349228,"gmtModify":1694305352495,"author":{"id":"3555362771681553","authorId":"3555362771681553","name":"selwyn","avatar":"https://static.tigerbbs.com/a7e6473ec2cec348d167d7d95fbdb76c","vip":1,"crmLevel":7,"crmLevelSwitch":0},"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/218196179275912","repostId":1142121118,"repostType":2,"repost":{"id":"1142121118","pubTimestamp":1694221790,"share":"https://www.laohu8.com/m/news/1142121118?lang=&edition=full","pubTime":"2023-09-09 09:09","market":"us","language":"en","title":"U.S. Weekly Review: Stock Market Rally Under Pressure Amid Rising Yields, Apple Woes","url":"https://stock-news.laohu8.com/highlight/detail?id=1142121118","media":"investor's business daily","summary":"The stock market rally came under pressure, as rising Treasury yields and Apple's China woes weighed pushed all the major indexes below their 50-day moving averages. Zscaler (ZS), UiPath (PATH) and Sp","content":"<html><head></head><body><p>The stock market rally came under pressure, as rising Treasury yields and Apple&#39;s China woes weighed pushed all the major indexes below their 50-day moving averages. <strong>Zscaler</strong> (<strong>ZS</strong>), <strong>UiPath</strong> (<strong>PATH</strong>) and <strong>Sprinklr</strong> (<strong>CXM</strong>) were software earnings winners, while AI-focused <strong>C3.ai</strong> (<strong>AI</strong>) sold off.</p><h2 id=\"id_956817354\" style=\"text-align: start;\">Market Rally Under Pressure</h2><p style=\"text-align: start;\">With the Dow Jones, S&amp;P 500 and finally the Nasdaq falling below their 50-day moving averages, the stock market rally moved to &#34;uptrend under pressure.&#34; A big rebound in Treasury yields, along with <strong>Apple</strong> (<strong>AAPL</strong>) selling off on fears of weaker China demand ahead, were key catalysts to the downside. Energy stocks continued to do well. Crude oil prices hit a 2023 high, before finally snapping a 9-session win streak. Software held up among tech areas.</p><h2 id=\"id_1609693792\" style=\"text-align: start;\">Economy Isn&#39;t Slowing Yet</h2><p style=\"text-align: start;\">Wall Street is expecting the consumer and the economy to slow, but it hasn&#39;t happened yet. The ISM nonmanufacturing index for August unexpectedly rose 2.1 points to 54.5, signaling fast growth. S&amp;P Global now expects Q2 GDP growth to be revised up to 2.7% from 2.1%, with an acceleration to 4% in Q3. Meanwhile, initial jobless claims fell to a seven-month low, but Hurricane Idalia may have contributed to the low reading.</p><h2 id=\"id_1833070614\" style=\"text-align: start;\">Apple Tumbles On China iPhone Fears</h2><p style=\"text-align: start;\"><strong>Apple</strong> (<strong>AAPL</strong>) fell sharply, back below its 50-day line after The Wall Street Journal reported that China is extending a ban on using the iPhone at work to include central government agencies and state-owned companies. That comes just a few days after China&#39;s Huawei unveiled a 5G handset without any banned U.S. chips. The moves suggest potential risks for Apple iPhone sales in the huge China market. Apple will unveil the iPhone 15 at a Sept. 12 event.</p><h2 id=\"id_4214768530\" style=\"text-align: start;\">Work Management Software</h2><p style=\"text-align: start;\"><strong>Smartsheet</strong> (<strong>SMAR</strong>) said it earned 16 a share in the July quarter, easily beating and swinging from a 10-cent loss a year earlier. Revenue rose 26% to $235.6 million, also topping. Billings exceeded estimates. In the current October quarter, Smartsheet guided up on EPS but sees revenue in line. Fellow work management platform <strong>Asana</strong> (<strong>ASAN</strong>) reported a second-quarter loss of 4 cents, narrowing from a 34-cent loss a year earlier. Revenue rose 20% to $162.5 million. Both beat views. But billings growth fell short. SMAR stock rallied on earnings while Asana tumbled.</p><h2 id=\"id_653879136\" style=\"text-align: start;\">Zscaler Earnings Soar</h2><p style=\"text-align: start;\">The cybersecurity firm reported a 156% EPS gain for fiscal Q4 2023, the fourth straight quarter of triple-digit growth. Revenue rose 43% to $455 million, the fifth straight quarter of slowing growth but still a robust pace. Zscaler guided up on fiscal 2024 EPS and fractionally higher on revenue at the midpoint. Shares reversed lower on earnings but rose for the week.</p><h2 id=\"id_1739255668\" style=\"text-align: start;\">C3.ai Backs Off Profit Target</h2><p style=\"text-align: start;\"><strong>C3.ai</strong> (<strong>AI</strong>) plunged after backed off its target to turn profitable on an adjusted basis by the fourth quarter of this fiscal year amid growing investments in artificial intelligence. In the July fiscal Q1 2024, C3.ai unexpectedly narrowed its loss. Revenue rose 11% to 72.36 million, slightly beating views, but down a fraction vs. fiscal Q4. C3.ai guided low on Q2 revenue.</p><h2 id=\"id_498198201\" style=\"text-align: start;\">News In Brief</h2><p style=\"text-align: start;\"><strong>UiPath</strong> (<strong>PATH</strong>) reported better-than-expected Q2 results, with revenue up 19% and annual recurring revenue up 25% to $1.31 billion. The automation software maker also announced a $500 million buyback. PATH stock jumped.</p><p style=\"text-align: start;\"><strong>Sprinklr</strong> (<strong>CXM</strong>) beat Q2 views, with revenue climbing 18.5% to $178.5 million.</p><p style=\"text-align: start;\"><strong>GitLab</strong> (<strong>GTLB</strong>) reported a surprise 1-cent-per-share profit with revenue up 38% to $139.6 million, beating forecasts. Shares gapped up on results, nearly breaking, but slashed gains. Shares rose mostly for the week.</p><p style=\"text-align: start;\"><strong>Trip.com</strong> (<strong>TCOM</strong>) report earnings per ADS of 70 cents, easily beating and up from a year-earlier 5-cent loss. Revenue rose 159% to $1.55 billion, the second straight quarter of rapidly accelerating growth.</p><p style=\"text-align: start;\"><strong>Roku</strong> (<strong>ROKU</strong>) expects third-quarter revenue of $835 million-$875 million, or up 10%-15% vs. a year earlier, vs. its prior target of $815 million. The streaming video platform said it will cut 10% of staff as part of a restructuring. Shares initially spiked higher, but slashed gains, but still rose for the week.</p><p style=\"text-align: start;\"><strong>Intapp</strong> (<strong>INTA</strong>) easily beat Wall Street targets for its fiscal fourth quarter, posting its fourth straight quarter of adjusted EPS. But for the current quarter, the cloud software firm guided in line with estimates for earnings on higher-than-expected sales.</p><p style=\"text-align: start;\"><strong>AeroVironment</strong> (<strong>AVAV</strong>) flew past Q1 estimates, with adjusted earnings of $1 per share reversing a 10-cent loss a year earlier. Revenue leapt 30% to $152.3 million while the backlog surged 27%. The drone and robotics maker raised its full-year sales outlook by $15 million to range from $645 million to $675 million. AVAV stock soared 20% on Wednesday after earnings.</p><p style=\"text-align: start;\"><strong>Uber Technologies</strong> (<strong>UBER</strong>) CEO Dara Khosrowshahi said Thursday that demand is steady with the ad business on track top targets. An UBER stock buyback is likely in the next two years, he added. consistent as the ad business is on track to exceed targets. Shares rose slightly.</p></body></html>","source":"lsy1610612141385","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Weekly Review: Stock Market Rally Under Pressure Amid Rising Yields, Apple Woes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Weekly Review: Stock Market Rally Under Pressure Amid Rising Yields, Apple Woes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-09-09 09:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investors.com/news/stock-market-rally-under-pressure-amid-rising-yields-apple-woes/><strong>investor's business daily</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The stock market rally came under pressure, as rising Treasury yields and Apple's China woes weighed pushed all the major indexes below their 50-day moving averages. Zscaler (ZS), UiPath (PATH) and ...</p>\n\n<a href=\"https://www.investors.com/news/stock-market-rally-under-pressure-amid-rising-yields-apple-woes/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.investors.com/news/stock-market-rally-under-pressure-amid-rising-yields-apple-woes/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142121118","content_text":"The stock market rally came under pressure, as rising Treasury yields and Apple's China woes weighed pushed all the major indexes below their 50-day moving averages. Zscaler (ZS), UiPath (PATH) and Sprinklr (CXM) were software earnings winners, while AI-focused C3.ai (AI) sold off.Market Rally Under PressureWith the Dow Jones, S&P 500 and finally the Nasdaq falling below their 50-day moving averages, the stock market rally moved to \"uptrend under pressure.\" A big rebound in Treasury yields, along with Apple (AAPL) selling off on fears of weaker China demand ahead, were key catalysts to the downside. Energy stocks continued to do well. Crude oil prices hit a 2023 high, before finally snapping a 9-session win streak. Software held up among tech areas.Economy Isn't Slowing YetWall Street is expecting the consumer and the economy to slow, but it hasn't happened yet. The ISM nonmanufacturing index for August unexpectedly rose 2.1 points to 54.5, signaling fast growth. S&P Global now expects Q2 GDP growth to be revised up to 2.7% from 2.1%, with an acceleration to 4% in Q3. Meanwhile, initial jobless claims fell to a seven-month low, but Hurricane Idalia may have contributed to the low reading.Apple Tumbles On China iPhone FearsApple (AAPL) fell sharply, back below its 50-day line after The Wall Street Journal reported that China is extending a ban on using the iPhone at work to include central government agencies and state-owned companies. That comes just a few days after China's Huawei unveiled a 5G handset without any banned U.S. chips. The moves suggest potential risks for Apple iPhone sales in the huge China market. Apple will unveil the iPhone 15 at a Sept. 12 event.Work Management SoftwareSmartsheet (SMAR) said it earned 16 a share in the July quarter, easily beating and swinging from a 10-cent loss a year earlier. Revenue rose 26% to $235.6 million, also topping. Billings exceeded estimates. In the current October quarter, Smartsheet guided up on EPS but sees revenue in line. Fellow work management platform Asana (ASAN) reported a second-quarter loss of 4 cents, narrowing from a 34-cent loss a year earlier. Revenue rose 20% to $162.5 million. Both beat views. But billings growth fell short. SMAR stock rallied on earnings while Asana tumbled.Zscaler Earnings SoarThe cybersecurity firm reported a 156% EPS gain for fiscal Q4 2023, the fourth straight quarter of triple-digit growth. Revenue rose 43% to $455 million, the fifth straight quarter of slowing growth but still a robust pace. Zscaler guided up on fiscal 2024 EPS and fractionally higher on revenue at the midpoint. Shares reversed lower on earnings but rose for the week.C3.ai Backs Off Profit TargetC3.ai (AI) plunged after backed off its target to turn profitable on an adjusted basis by the fourth quarter of this fiscal year amid growing investments in artificial intelligence. In the July fiscal Q1 2024, C3.ai unexpectedly narrowed its loss. Revenue rose 11% to 72.36 million, slightly beating views, but down a fraction vs. fiscal Q4. C3.ai guided low on Q2 revenue.News In BriefUiPath (PATH) reported better-than-expected Q2 results, with revenue up 19% and annual recurring revenue up 25% to $1.31 billion. The automation software maker also announced a $500 million buyback. PATH stock jumped.Sprinklr (CXM) beat Q2 views, with revenue climbing 18.5% to $178.5 million.GitLab (GTLB) reported a surprise 1-cent-per-share profit with revenue up 38% to $139.6 million, beating forecasts. Shares gapped up on results, nearly breaking, but slashed gains. Shares rose mostly for the week.Trip.com (TCOM) report earnings per ADS of 70 cents, easily beating and up from a year-earlier 5-cent loss. Revenue rose 159% to $1.55 billion, the second straight quarter of rapidly accelerating growth.Roku (ROKU) expects third-quarter revenue of $835 million-$875 million, or up 10%-15% vs. a year earlier, vs. its prior target of $815 million. The streaming video platform said it will cut 10% of staff as part of a restructuring. Shares initially spiked higher, but slashed gains, but still rose for the week.Intapp (INTA) easily beat Wall Street targets for its fiscal fourth quarter, posting its fourth straight quarter of adjusted EPS. But for the current quarter, the cloud software firm guided in line with estimates for earnings on higher-than-expected sales.AeroVironment (AVAV) flew past Q1 estimates, with adjusted earnings of $1 per share reversing a 10-cent loss a year earlier. Revenue leapt 30% to $152.3 million while the backlog surged 27%. The drone and robotics maker raised its full-year sales outlook by $15 million to range from $645 million to $675 million. AVAV stock soared 20% on Wednesday after earnings.Uber Technologies (UBER) CEO Dara Khosrowshahi said Thursday that demand is steady with the ad business on track top targets. An UBER stock buyback is likely in the next two years, he added. consistent as the ad business is on track to exceed targets. Shares rose slightly.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":15,"commentSize":0,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}