Indexes

In the News

Drivers

1. The Broadcom reaction sets the tape for the artificial-intelligence trade through the open. A 14% pre-market drop on a beat-and-raise that simply did not raise enough is a sharp reminder of how much success has been packed into the leading semiconductor names. Watch whether Nvidia, Marvell and the custom-silicon group steady themselves or whether the de-risking that started Wednesday accelerates as institutional money rebalances.

2. Jobless claims and the thirty-year auction together frame the bond market's posture into Friday's payrolls. A claims print near consensus alongside a clean auction would keep yields range-bound and let equities digest the tech selloff on its own. A softer claims figure paired with a weak auction would lift long-end yields and compound the pressure on the rate-sensitive sectors that already led Wednesday's decline.

3. Energy and the Iran ceasefire process drive the secondary trade. With crude back below $95 and the 60-day memorandum of understanding now circulating, the geopolitical premium that built through the week is leaking out of the bid. A signed agreement would let the unwind extend, pulling energy lower and giving rate-sensitive groups room to recover; a setback in the talks would put the bid back into oil and pressure transports, airlines and the consumer names that have absorbed the run.

Broad-market proxy (SPY), daily view: pulled back from Tuesday's record close, holding above the 7,520 first-support shelf.

QQQ, daily: rolling over with the chip complex as the Broadcom guide cools the AI bid.

Broadcom (AVGO), daily: the after-hours plunge is set to crack the 50-day moving average near $445.

CrowdStrike (CRWD), daily: the billings miss is set to break the $700 round number and the rising 50-day.

Walmart (WMT), daily: closed at $116.89, clearing the prior consolidation top as defensive megacap flow accelerated.

Rates, FX, Commodities

Treasury yields are holding the firmer tone they took on yesterday, the dollar has eased back below 99.50, and crude is giving up part of the geopolitical premium that built through the week as the Iran ceasefire process gained traction.

U.S. crude is changing hands near $95 a barrel after Wednesday's late-session peak above $96, with the move lower keyed to the two-month Iran framework now circulating through the diplomatic track. Brent has slipped below $97, leaving the global benchmark roughly 20% off its 2026 peaks. Two-year notes are sitting near 4.09% after Wednesday's lift off the lows, with the 2s10s curve essentially unchanged at about 40 basis points of steepness.

Technicals

Wednesday's slide left the S&P 500 at 7,553.68, just above the 7,520 shelf that has held as first support over the past two weeks, with the rising 50-day line tracking through the low 7,100s and a longer-term 200-day moving average sitting in the high 6,800-point zone. The Nasdaq Composite at 26,853.98 gave back the 27,000 line it had reclaimed earlier in the week, with the next layer of support sitting around 26,800. Treasury yields tell the same range-bound story up close: the 10-year at 4.49% is pressing the top of its 4.40%-to-4.60% three-week band, and a clean break above 4.60% would point to a more hawkish repricing of the path of policy. The standout chart this morning is Broadcom, which is set to gap below its 50-day moving average near $445 after the after-hours guidance reaction, opening a path back toward the April consolidation in the low $390s.

Broadcom (AVGO), hourly: a vertical late-day reversal after the Q3 revenue guide failed to clear the bar already in the price.

Breakouts & Breakdowns

Breakouts

Walmart (WMT) — Closed at $116.89 after Wednesday's 3.5% rally, the strongest Dow component on the day; the move cleared the prior consolidation top near $115 and leaves $115 as the level bulls need to defend to keep the defensive-megacap rotation intact toward the all-time high near $120.

Dollar Tree (DLTR) — Rose 1.6% to $112.50 after a beat-and-raise that lifted the full-year guide, taking the shares cleanly above the $108 shelf that had capped the rebound since February; first support on a pullback sits at $108, with room to test the November peak near $118.

Breakdowns

Broadcom (AVGO) — Trading near $412 in the pre-market after a $479.23 regular-session close, the after-hours plunge has the shares cracking the 50-day moving average near $445 and the recent $440 shelf; a sustained break of $410 puts the April consolidation in the low $390s back into play as the next zone of support.

CrowdStrike (CRWD) — Last quoted near $669 in pre-market trade after a $747.61 close, the post-earnings drop is set to break the $700 round number and the rising 50-day line near $695; losing those levels exposes the mid-May consolidation in the low $620s as the next major support area.

Top Movers

Gainers

PVH (PVH), the parent of Calvin Klein and Tommy Hilfiger, reported first-quarter adjusted earnings of $1.90 per share against the $1.89 estimate on revenue of $2.03 billion, up about 2% from a year earlier. The result eased some of the concern about the high-end consumer that has weighed on the apparel group through the spring. The reaction has been muted but green pre-market as investors give the company credit for steady execution against a difficult comparison.

Ciena (CIEN) reports second-quarter results before the open, with consensus calling for adjusted earnings of $1.45 per share on revenue of $1.5 billion, up roughly 33% from a year earlier. The networking equipment supplier has beaten earnings expectations in 86 of its last 115 quarters, and investors are looking for any commentary on optical demand from the artificial-intelligence data center build-out. A clean beat would offer a counterweight to the chip-stock pressure setting up the broader open.

Losers

Broadcom (AVGO) is down roughly 14% in pre-market trade near $412 after a fiscal-second-quarter report that beat on both lines but failed to clear the bar already in the stock. The company posted revenue of $22.19 billion, up 48% from a year earlier, with artificial-intelligence semiconductor revenue of $10.8 billion, up 143%, and third-quarter revenue guidance of $29.4 billion against a $28.6 billion consensus. Management reiterated rather than raised the 2027 path toward more than $100 billion of AI chip revenue, and that reaffirmation was treated as a guide-down by a base that had been positioning for an upside surprise. The sympathy moves are visible across the custom-silicon and AI complex this morning.

CrowdStrike (CRWD) is off about 10% in pre-market trade near $669 after a first-quarter result that beat on revenue and adjusted earnings but disappointed on billings. Revenue rose 26% to $1.39 billion and adjusted earnings came in at $1.10 per share against an $0.88 estimate, with annual recurring revenue up 24% to $5.51 billion and net new ARR up 32%, and the company also announced a four-for-one stock split effective July 2. Billings of $1.35 billion, up 18%, fell short of the level needed to keep the stock's three-month doubling intact and triggered the reset. The selling has spread to other high-multiple cybersecurity names this morning.

Hewlett Packard Enterprise (HPE) slipped about 4% pre-market near $54 in sympathy with the Broadcom move and on profit-taking after Wednesday's blowout Q2 print. The company beat with $0.79 per share against a $0.53 estimate and revenue of $10.7 billion, and the shares were a leader on Tuesday's record close. The pullback brings the breakout gap toward $50 back into focus as the level the post-earnings advance needs to defend.

Five Below (FIVE) is sliding 12% pre-market after a first-quarter report that beat handily and lifted the full-year outlook. The discount retailer earned $2.22 per share against a $1.69 estimate on revenue of $1.29 billion, up 32.5% from a year earlier, with comparable sales up 22.7%, and raised the 2026 EPS guide to a $8.65-to-$9.05 range on revenue of $5.40 billion to $5.48 billion. The selloff is a classic high-expectations reset, with the shares opening from a level that had already priced in the upside.

Marvell Technology (MRVL) is off about 5% in pre-market trade near $287 after Wednesday's reversal off the $319 peak, with the Broadcom guidance reaction extending the de-risking across the custom-silicon group. The shares remain up sharply for the week on the supportive Nvidia commentary from Tuesday, and the pullback is testing whether the prior $282 shelf can hold as the floor on the post-endorsement move.

Key Macro Data Today

Jobless claims are the curtain-raiser for Friday's nonfarm payrolls. A reading near the 211,000 consensus keeps the labor market in the same steady-cool zone that has supported the case for rate cuts later in the summer, while a print north of 230,000 would put a softer payrolls figure back on the table and re-engage the bid for the two-year yield. The Challenger job-cut report at the open is a useful directional read on white-collar layoffs; the recent run above 100,000 per month has been concentrated in technology and federal contractors. The thirty-year bond auction at 1 p.m. Eastern is the most consequential rates event of the day. A weak bid would lift the long end back toward the top of its range and add to the headwind for the rate-sensitive corners of the equity market.

Earnings Today

Pre-Open

Ciena (CIEN) headlines the pre-open slate with its second-quarter result, with the optical networking commentary watched as a tell on AI data-center capital spending. PVH (PVH) has already crossed with a small beat. Toro Company (TTC) and a handful of smaller names round out a quiet morning docket.

Post-Close

Lululemon Athletica (LULU) is the marquee post-close report, with consensus looking for adjusted earnings of $1.67 per share, a 36% year-over-year decline, on revenue growth of 2.5%. Investors will look closely at North American comparable sales and any commentary on tariff exposure and the brand's recent governance settlement with founder Chip Wilson. DocuSign (DOCU) reports its first quarter at 5 p.m. Eastern, with billings the line that has driven the post-print move historically.