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Stocks Fall Pre-Bell Amid Rising Middle East Tensions; Traders Parse Alphabet, Tesla Results
US Markets

Stocks Fall Pre-Bell Amid Rising Middle East Tensions; Traders Parse Alphabet, Tesla Results

US equity markets were tracking in the red before the opening bell Thursday and oil prices rose amid escalating tensions in the Middle East, while investors digest the latest financial results of Alphabet (GOOG, GOOGL) and Tesla (TSLA).The S&P 500 and the Dow Jones Industrial Average declined 0.2% each in premarket activity, while the Nasdaq was off 0.3%. The indexes ended the previous trading session mostly down.The Iran-backed Houthi militants in Yemen reportedly claimed attacks on two Saudi Arabian oil tankers in the Red Sea on Wednesday, raising concerns that the conflict could spread to a new front in the Middle East, CNBC reported. The UK Maritime Trade Operations said Wednesday that an "unknown projectile" struck a Saudi Arabian oil tanker around 70 nautical miles southwest of Al Shuqaiq, Saudi Arabia.West Texas Intermediate crude oil climbed 3.7% to $89.99 a barrel before the open, while Brent increased 4.4% to $98.18.The US Central Command said Wednesday its forces struck Iran for the 12th consecutive night. In a social media post, President Donald Trump vowed to destroy an Iranian bridge or power plant every time Tehran attacks ships in the Strait of Hormuz.Iran's Islamic Revolutionary Guard Corps said it hit Jordan's King Faisal and Prince Hassan bases with missiles and drones, claiming to have targeted US military equipment in response to recent American strikes, CNN reported Wednesday.Treasury yields were trending higher in premarket action, with the two-year rate rising 1.3 basis points to 4.32% and the 10-year rate adding 1.8 basis points to 4.68%.Alphabet's (GOOG, GOOGL) class A and C shares were down roughly 4% each pre-bell after the Google parent announced in its second-quarter results that its capital expenditure doubled year over year. Tesla's stock dropped 5.9% as the electric vehicle manufacturer recorded an unexpected year-over-year decrease in its second-quarter earnings amid higher expenses related to research and development and artificial intelligence initiatives.ServiceNow (NOW) jumped 7.6% while IBM (IBM) edged down 0.6% early Thursday following their latest financial results.T-Mobile US (TMUS), Thermo Fisher Scientific (TMO), Union Pacific (UNP), Lockheed Martin (LMT), Blackstone (BX), Comcast (CMCSA) and Honeywell International (HON) are scheduled to release their quarterly earnings before the bell, among others. Intel (INTC) and Deckers Outdoor (DECK) are due to announce their results after the markets close.Thursday's economic calendar has the weekly jobless claims bulletin at 8:30 am ET, along with the Chicago Fed national activity index for June. The Kansas City Fed manufacturing index follows at 11 am.Gold fell 1.5% to $4,092 per troy ounce, while bitcoin slipped 0.2% to $65,732.

Dow JonesNasdaq CompositeS&P 500$BX$CMCSA$DECK$GOOG$GOOGL$HON$IBM$INTC$LMT$NOW$TMO$TMUS$TSLA$UNP
Research

Piper Sandler Initiates Thermo Fisher Scientific at Neutral With $510 Price Target

Thermo Fisher Scientific (TMO) has an average rating of buy and mean price target of $602.50, according to analysts polled by FactSet.

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Wire

Thermo Fisher Scientific Shares Fall After HSBC Downgrade

Thermo Fisher Scientific (TMO) shares fall 1.6% in Wednesday trading after HSBC downgraded the stock to hold from buy and lowered its price target to $540 From $670.Trading volume stood at about 1 million shares against daily average of 2.3 million.Price: $474.42, Change: $-7.66, Percent Change: -1.59%

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Research

HSBC Downgrades Thermo Fisher Scientific to Hold From Buy, Adjusts Price Target to $540 From $670

Thermo Fisher Scientific (TMO) has an average rating of buy and mean price target of $602.50, according to analysts polled by FactSet.

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Sectors

Sector Update: Healthcare Stocks Decline Late Afternoon

Healthcare stocks were lower late Friday afternoon, with the NYSE Healthcare Index falling 1.1% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 1%.The iShares Biotechnology ETF (IBB) dropped 2.4%.In corporate news, Thermo Fisher Scientific (TMO) could benefit from improving end-market conditions and recovering biotech funding, though "structural risks" may limit the company's ability to achieve its long-term organic growth aspiration, RBC Capital Markets said in a note. RBC resumed coverage of Thermo Fisher with a sector perform rating and a $490 price target. Thermo Fisher shares were down 2.3%.Aardvark Therapeutics (AARD) shares fell 32% after the firm said the US Food and Drug Administration placed a full clinical hold on its investigational new drug application for ARD-101. Morgan Stanley downgraded the stock to underweight from equalweight, and BTIG downgraded to neutral from buy.DexCom (DXCM) said Friday it has set new long-term financial goals, including organic revenue growth of more than 10% a year through 2030. Its shares climbed past 6%.ARS Pharmaceuticals (SPRY) shares fell 7% after it posted a wider Q1 loss.

$AARD$DXCM$SPRY$TMO
Sectors

Sector Update: Healthcare

Healthcare stocks declined late Friday afternoon, with the NYSE Healthcare Index falling 1.1% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 1%.The iShares Biotechnology ETF (IBB) dropped 2.3%.In corporate news, Thermo Fisher Scientific (TMO) could benefit from improving end-market conditions and recovering biotech funding, though "structural risks" may limit the company's ability to achieve its long-term organic growth aspiration, RBC Capital Markets said in a note. RBC resumed coverage of Thermo Fisher with a sector perform rating and a $490 price target. Thermo Fisher shares were down 2.1%.

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Wire

Thermo Fisher Likely to Benefit From End-Market Recovery, but Structural Risks Remain, RBC Says

Thermo Fisher Scientific (TMO) could benefit from improving end-market conditions and recovering biotech funding, though "structural risks" may limit the company's ability to achieve its long-term organic growth aspiration, RBC Capital Markets said in a report emailed Friday."Investor skepticism" surrounding Thermo Fisher's 2026 guidance and broader post-pandemic recovery trends "is well-founded" after several years of uneven "normalization" across the life sciences tools industry, RBC noted. Still, the firm said recovery prospects appear "more plausible" as uncertainty in large pharmaceutical and academic markets begin to ease.The firm said normalized organic growth closer to 5% may be as likely as management's 7%-plus target and the Wall Street's roughly 6% forecast. It also pointed to "lingering" artificial intelligence uncertainty surrounding the long-term outlook for the company's contract research organization business, which represents about 20% of sales, according to the report.RBC resumed coverage of Thermo Fisher with a sector perform rating and a $490 price target.Price: $442.17, Change: $-6.04, Percent Change: -1.35%

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Wire

Argus Adjusts Price Target on Thermo Fisher Scientific to $560 From $610

Thermo Fisher Scientific (TMO) has an average rating of buy and mean price target of $623.48, according to analysts polled by FactSet.Price: $470.05, Change: $-8.91, Percent Change: -1.86%

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Wire

Argus Cuts Price Target on Thermo Fisher Scientific to $560 From $610

Thermo Fisher Scientific (TMO) has an average rating of buy and mean price target of $623.91, according to analysts polled by FactSet.Price: $478.09, Change: $+11.83, Percent Change: +2.54%

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Wire

Update: Morgan Stanley Lowers Price Target on Thermo Fisher Scientific to $620 From $670, Keeps Overweight Rating

(Updates with the analyst's commentary.)Morgan Stanley lowered its price target on Thermo Fisher Scientific (TMO) to $620 from $670 while maintaining its overweight rating."Investors were clearly looking for more from TMO this quarter, particularly on the topline," Morgan Stanley said in a Monday note.Morgan Stanley said it expects "limited interest" in the company until the "back-half ramp" Thermo Fisher's forecast implies.Thermo Fisher Scientific has an average rating of buy and mean price target of $623.91, according to analysts polled by FactSet.Price: $468.11, Change: $-1.60, Percent Change: -0.34%

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Equities

S&P 500 Posts Fourth Consecutive Weekly Gain, Hits New Highs

The Standard & Poor's 500 index rose 0.55% this week to another round of fresh highs, led by the energy and technology sectors as oil prices climbed and Intel's (INTC) earnings topped views.The S&P 500 ended Friday's session at 7,165.08, its highest closing level yet. The market benchmark also reached a fresh intraday high on Friday at 7,168.59.This marks the S&P 500's fourth weekly gain in a row. It's up 9.8% for April and 4.7% for the year.US retail sales last month logged the largest rise since March 2025, data released earlier this week showed. The increase, however, came amid a surge in spending at gasoline station as the Middle East conflict led to higher prices.US consumer sentiment improved from an initial April estimate, and consumer sentiment remained at a record low as near-term inflation expectations logged the biggest monthly increase in a year, according to final University of Michigan survey results.The energy sector led the week's advance, rising 3.2%, followed by a 3.1% increase in technology and a 1.2% rise in consumer staples. Utilities and materials also edged higher.The energy sector's increase came as crude oil futures rose amid continued uncertainty in the Middle East.Baker Hughes (BKR) had the largest percentage gain in the energy sector, climbing 15% as the company reported Q1 adjusted earnings and revenue above analysts' mean estimates.The technology sector was boosted by stronger-than expected first-quarter results from Intel amid artificial intelligence-driven demand. The chip maker also issued an upbeat Q2 outlook. Its shares jumped 21% on the week.On the downside, health care fell 3.1%, followed by a 1.9% drop in financials and a 1.5% slip in real estate. Communication services, industrials and consumer discretionary also edged lower.HCA Healthcare (HCA) led the decliners in health care, falling 11%. The hospital operator's first-quarter results exceeded market expectations but the company also said it didn't experience its typical increase in seasonal volume during the quarter, mainly due to a drop in admissions related to respiratory issues.Thermo Fisher Scientific (TMO) also lost 11%. The medical device manufacturer raised its full-year outlook as first-quarter results came in stronger than expected, but investors were disappointed by its organic growth, which fell short of analysts' estimates.Next week's earnings calendar features a number of large companies including Google parent Alphabet (GOOG), Microsoft (MSFT), Amazon.com (AMZN), Facebook parent Meta Platforms (META), Apple (AAPL), Eli Lilly (LLY), Mastercard (MA), Caterpillar (CAT), Merck (MRK), Berkshire Hathaway (BRK.A, BRK.B), Verizon Communications (VZ), Visa (V) and Coca-Cola (KO).Economic data will include Q1 gross domestic product, March personal consumption expenditures and April consumer confidence, among other reports.The Federal Reserve's Federal Open Market Committee will hold a two-day rate policy meeting, concluding on Wednesday.

Dow JonesNasdaq CompositeS&P 500$BKR$HCA$INTC$TMO
Wire

Stifel Adjusts Price Target on Thermo Fisher Scientific to $600 From $700, Maintains Buy Rating

Thermo Fisher Scientific (TMO) has an average rating of buy and mean price target of $628.26, according to analysts polled by FactSet.Price: $470.18, Change: $+3.48, Percent Change: +0.74%

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Wire

Leerink Partners Adjusts Price Target on Thermo Fisher Scientific to $600 From $650, Maintains Outperform Rating

Thermo Fisher Scientific (TMO) has an average rating of buy and mean price target of $628.26, according to analysts polled by FactSet.Price: $469.93, Change: $+3.23, Percent Change: +0.69%

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Wire

JPMorgan Adjusts Price Target on Thermo Fisher Scientific to $600 From $710, Maintains Overweight Rating

Thermo Fisher Scientific (TMO) has an average rating of buy and mean price target of $628.26, according to analysts polled by FactSet.Price: $469.93, Change: $+3.23, Percent Change: +0.69%

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Research

Research Alert: CFRA Maintains Buy Rating On Shares Of Thermo Fisher Scientific

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month price target to $540 from $588, 19.8x our 2027 EPS estimate, a discount to TMO's three-year historical forward average (21.5x) and its five-year historical forward average (22.7x). While we think TMO's scale and diversified business lines offer advantages over many peers, we think the valuation discount aligns with pressures facing the broader life sciences tools & services sub-industry, which recently traded at over a 16% discount to its three-year historical forward average and a 22% discount to its five-year average. As expected, academic and government end-market demand remains weak, declining in the low single digits in Q1, while China headwinds (~7.5% of overall sales) contributed to a low single-digit sales decline in the region. Following TMO's guidance raise, we increase our 2026 EPS estimate to $24.88 from $24.54 and raise our 2027 estimate to $27.34 from $26.94.

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Sectors

Sector Update: Health Care Stocks Edge Lower Late Afternoon

Health care stocks were softer late Thursday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each easing about 0.1%.The iShares Biotechnology ETF (IBB) fell 1.8%.In sector news, Acting Attorney General Todd Blanche signed an order Thursday reclassifying state-licensed medical cannabis as a less-dangerous drug, the Associated Press reported, citing a statement from Blanche.In corporate news, Molina Healthcare (MOH) shares jumped more than 12% after the firm reported Q1 adjusted EPS that beat market expectations in the previous day.Grace Therapeutics (GRCE) tumbled 46% after the US Food and Drug Administration issued a complete response letter for its new drug application for GTx-104, an intravenous formulation of nimodipine for aneurysmal subarachnoid hemorrhage.Thermo Fisher Scientific (TMO) raised its full-year outlook as Q1 results came in stronger than expected, but organic growth fell short of analysts' estimates. Its shares fell 9.5%.Regeneron Pharmaceuticals (REGN) has struck a deal with the Trump administration to reduce drug costs for certain Americans and has secured approval for a gene therapy to treat a rare form of deafness, Bloomberg reported. Regeneron gained 2.5%.

$GRCE$MOH$REGN$TMO
US Markets

Equities Fall Intraday Amid Tech Sell-Off; Oil Rises

US benchmark equity indexes were lower intraday as traders dumped technology stocks, while increased tensions in the Strait of Hormuz sent oil prices higher.The Nasdaq Composite was down 1.3% at 24,336.1 after midday Thursday, while the Dow Jones Industrial Average shed 0.9% to 49,068.4. The S&P 500 lost 0.9% to 7,076.7. Both the Nasdaq and the S&P 500 hit fresh record highs in the previous session.Among sectors, technology saw the steepest decline, shedding 1.8% intraday, while utilities paced the gainers with a 2.4% advance.ServiceNow (NOW) shares sank 18%, the worst performer on the S&P 500, following its quarterly results.Shares of other major tech names were also lower, including Salesforce (CRM), down 9.3% intraday, which was the steepest decline on the Dow, while Microsoft (MSFT) fell 4.2%.International Business Machines (IBM) followed Salesforce on the Dow, falling 9%. Late Wednesday, the technology giant maintained its full-year revenue growth outlook even as it reported first-quarter results above Wall Street's estimates.Tesla (TSLA) declined 2.9% intraday, despite the company reporting stronger-than-expected first-quarter results. The electric vehicle manufacturer said late Wednesday that it is ramping up its capital investments, while Chief Financial Officer Vaibhav Taneja flagged a negative free cash flow for the rest of 2026.Tesla's aggressive capital spending on artificial intelligence initiatives should boost revenue, though it may take some time before those gains materialize, UBS Securities said in a Thursday note to clients.American Express (AXP) shares were down 4.6%, among the biggest declines on the Dow, even as the payments company reported better-than-expected first-quarter results and reiterated its full-year outlook.West Texas Intermediate crude oil was up 3.9% at $96.60 per barrel, while Brent rose 3.6% to $105.55.US President Donald Trump ordered the US navy to "shoot and kill any boat" placing mines in the Strait of Hormuz, he said in a social media post on Thursday.In another post, Trump claimed that the US has "total control" over the key oil supply chokepoint, which he said was sealed "until such time as Iran is able to make a deal."Trump extended a ceasefire with Iran earlier in the week, though he said the naval blockade of Iranian ports would continue. Iran's Islamic Revolutionary Guard Corps on Wednesday reportedly seized two tankers attempting to cross the Strait of Hormuz."Hopes for a resolution between the US and Iran are fading as peace talks stall," ING Bank said Thursday in a report. "If no progress is made, the market will become increasingly numb to the noise and headlines that have dictated price action recently."US Treasury yields were higher intraday, with the 10-year rate up 1.9 basis points at 4.33% and the two-year rate rising 2.1 basis points at 3.83%.In other company news, Comcast (CMCSA) reported higher-than-expected first-quarter results as the media and connectivity giant benefited from the Milan Cortina Winter Olympics and Super Bowl LX. The company's shares were up 8.3% intraday.Thermo Fisher Scientific (TMO) raised its full-year outlook on Thursday as first-quarter results came in stronger than expected, even as organic growth fell short of analysts' estimates. The stock was down nearly 11%, among the steepest declines on the S&P 500.Lockheed Martin's (LMT) first-quarter earnings decreased more than expected, while its sales fell short of market estimates. The defense contractor's shares were 5.5% lower.Gold was little changed at $4,751 per troy ounce, while silver lost 2.2% to $76.29 per ounce.

Dow JonesNasdaq CompositeS&P 500$AXP$CMCSA$IBM$LMT$MSFT$NOW$TMO$TSLA
Wire

JPMorgan Adjusts Price Target on Thermo Fisher Scientific to $600 From $710, Maintains Overweight Rating

Thermo Fisher Scientific (TMO) has an average rating of buy and mean price target of $651.21, according to analysts polled by FactSet.Price: $460.58, Change: $-53.40, Percent Change: -10.39%

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Sectors

Sector Update: Health Care Stocks Lower in Afternoon Trading

Health care stocks declined Thursday afternoon, with the NYSE Health Care Index decreasing 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.7%.The iShares Biotechnology ETF (IBB) fell 1.9%.In sector news, Acting Attorney General Todd Blanche signed an order Thursday reclassifying state-licensed medical cannabis as a less-dangerous drug, the Associated Press reported, citing a statement from Blanche.In corporate news, Thermo Fisher Scientific (TMO) raised its full-year outlook as Q1 results came in stronger than expected, but organic growth fell short of analysts' estimates. Shares fell 11%.Regeneron Pharmaceuticals (REGN) has struck an agreement with the Trump administration to reduce drug costs for certain Americans and has secured approval for a gene therapy to treat a rare form of deafness, Bloomberg reported. Regeneron shares rose 1.6%.Novo Nordisk (NVO) said a phase 3a trial of oral semaglutide in children and adolescents aged between 10 and 17 years with type-2 diabetes showed a "superior reduction" in a measure of blood sugar control over placebo. Shares were down 2.6%.

$NVO$REGN$TMO
Sectors

Sector Update: Health Care

Health care stocks declined Thursday afternoon, with the NYSE Health Care Index decreasing 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.7%.The iShares Biotechnology ETF (IBB) fell 1.9%.In corporate news, Thermo Fisher Scientific (TMO) raised its full-year outlook on Thursday as Q1 results came in stronger than expected, even as organic growth fell short of analysts' estimates. Its shares fell 10.9%.

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