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Update: Equities Tumble Following Fed's Divided Decision to Stay on Hold
US Markets

Update: Equities Tumble Following Fed's Divided Decision to Stay on Hold

(Updates with market moves at the end of the day and the Fed decision.)US stocks slid Wednesday after the Federal Reserve left interest rates unchanged in a divided decision, with some policymakers calling for policy tightening.The Dow Jones Industrial Average tumbled 2.2% to close at 51,594.14 after a three-day advance, while the Nasdaq Composite dropped 1.7% to 24,442.94, extending its losing streak to a sixth day. The S&P 500 shed 1.5% to settle at 7,316.15, its first decline in the past four sessions.Most sectors were in the red, led by industrials, while energy paced the gainers.The US central bank's Federal Open Market Committee maintained the target range for the federal funds rate at 3.50% to 3.75%, marking its fifth consecutive pause. Three regional Fed presidents dissented from the majority at the meeting, with Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas preferring to raise interest rates by a quarter percentage point, the FOMC said Wednesday."With further upside risks stemming from the ongoing conflict overseas, several Fed members appear willing to raise rates, or at least increasingly aware of the dangerous nature of leaving a lower level of policy in place," Stifel said in a note.Treasury yields were mixed, with the two-year rate down 3.7 basis points at 4.24% and the 10-year rate surging 6.7 basis points to 4.67%.In commodities, West Texas Intermediate crude oil increased 6.8% to $84.63 a barrel in late Wednesday afternoon trade, while Brent gained 7.6% to $90.48.President Donald Trump reportedly told Fox News that the US will hit Iran hard after its Revolutionary Guard launched ballistic missiles at US forces.Switching to the corporate sector, VF (VFC) plunged 17% after the apparel and footwear company reported a wider-than-expected fiscal first-quarter loss.Procter & Gamble (PG) fell 1.9%. The consumer goods giant reported weaker-than-expected fiscal fourth-quarter sales and said higher costs could weigh on its fiscal 2027 earnings.Tech stocks were among notable gainers, with Salesforce (CRM) up 3.8%, the top performer on the Dow. Cognizant Technology (CTSH) jumped 11%, the third-best performer on the S&P 500. Workday (WDAY) and Intuit (INTU) also logged gains.Gold rose 0.5% to $4,050.46 per troy ounce, while silver gained 0.1% to $57.57 per ounce.

Dow JonesNasdaq CompositeS&P 500$CRM$CTSH$INTU$PG$VFC$WDAY
Equities Lower Intraday Ahead of Fed Decision, Major Tech Earnings
US Markets

Equities Lower Intraday Ahead of Fed Decision, Major Tech Earnings

US benchmark equity indexes fell intraday as traders awaited the Federal Reserve's policy decision and after-hours results from Microsoft (MSFT) and Meta Platforms (META).The Dow Jones Industrial Average was down 1.5% at 51,977.6 after midday Wednesday. The S&P 500 and the Nasdaq Composite fell 0.7% each, to 7,378.4 and 24,698.9, respectively. Most sectors were in the red, with industrials posting the biggest drop.The Federal Open Market Committee will announce its latest decision on interest rates at 2 pm ET. The probability of the central bank leaving its benchmark lending rate unchanged was at about 69% on Wednesday, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool.Fed Chair Kevin Warsh is scheduled to hold a press conference at 2:30 pm."One way or another -- including, perhaps, through dissent - the Fed's emerging tightening bias will find its way into the market today or in the next few days," Macquarie said in a report Wednesday. "That bias may not be clear in the text of today's Statement, but Warsh's presser and the various speeches and appearances by Fed officials in the next few days are likely to solidify a tightening bias that was already evident -- even the FOMC's "doves" -- prior to the blackout period."Microsoft and Meta, among others, report their financials after market close on Wednesday.For Microsoft, analysts are looking for about 15% year-over-year revenue growth in the fiscal fourth quarter, according to the FactSet-polled consensus.Meta is expected to report strong second-quarter results as improvements in advertising performance continue to drive spending by advertisers, Deutsche Bank said in a note Friday.West Texas Intermediate crude oil increased 6.8% to $84.63 a barrel intraday, while Brent gained 7.6% to $90.48.President Donald Trump reportedly told Fox News that the US will hit Iran hard after its Revolutionary Guard launched ballistic missiles at US forces.Treasury yields were higher intraday, with the two-year rate up 5.5 basis points at 4.33% and the 10-year rate rising 4.3 basis points to 4.65%.Elsewhere in the corporate sector, Procter & Gamble (PG) fell 2.7% and was among the worst performers on the Dow. The consumer goods giant reported weaker-than-expected fiscal fourth-quarter sales and said higher costs could weigh on its fiscal 2027 earnings.Tech stocks were among notable gainers intraday, with Salesforce (CRM) up 3.9%, the top performer on the Dow. Cognizant Technology (CTSH) jumped 11%, the second-best performer on the S&P 500. Workday (WDAY) and Intuit (INTU) also logged gains.Gold rose 0.2% to $4,106.20 per troy ounce, while silver gained 1% to $58.11 per ounce.Price: $395.74, Change: $+2.39, Percent Change: +0.61%

Dow JonesNasdaq CompositeS&P 500$CRM$CTSH$INTU$META$MSFT$PG$WDAY
Wire

Workday's Core Growth Continues to Slow as AI Monetization Takes Time, Morgan Stanley Says

Workday (WDAY) faces slowing core growth, while artificial intelligence monetization remains in pilot phase and too early to drive meaningful near-term revenue growth, Morgan Stanley said in a note Tuesday.The investment firm said there is limited visibility into trends in Workday's Human Capital Management, or HCM, and Financial Management, or FINS, segments. HCM growth has slowed to 13% in fiscal 2026, and is expected to decelerate further to 9% in fiscal 2028, Morgan Stanley said.While FINS remains stronger with around 20% growth, overall subscription revenue is projected to grow at a 12% to 13% compound annual growth rate through fiscal 2028, suggesting Workday's overall market share will remain largely unchanged, with HCM losing share as FINS gains, according to the note.Management noted that fiscal Q1 results benefited from the previous quarter's deal slippage, making the sustainability of new annual contract value growth through H2 fiscal 2027 a key area to watch, the firm said."Until adoption moves beyond pilots and targeted deployments, it will be difficult for us and investors to underwrite AI as a near-term growth accelerator," the firm added.Morgan Stanley downgraded Workday to underweight from equal-weight, and cut its price target to $145 from $185.Shares of Workday were down more than 2% in Tuesday trading.Price: $144.11, Change: $-3.12, Percent Change: -2.12%

$WDAY
Research

Morgan Stanley Downgrades Workday to Underweight From Equalweight, Adjusts Price Target to $145 From $185

Workday (WDAY) has an average rating of overweight and mean price target of $169.53, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$WDAY
Insider Trading

Workday Insider Sold Shares Worth $14,699,057, According to a Recent SEC Filing

David A Duffield, 10% Owner, on July 09, 2026, sold 107,500 shares in Workday (WDAY) for $14,699,057. Following the Form 4 filing with the SEC, Duffield has control over a total of 105,049 Class A common shares of the company, with 105,049 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1327811/000093807126000046/xslF345X05/wk-form4_1783974501.xml

$WDAY
Insider Trading

Workday Insider Sold Shares Worth $13,119,166, According to a Recent SEC Filing

David A Duffield, 10% Owner, on June 30, 2026, sold 107,500 shares in Workday (WDAY) for $13,119,166. Following the Form 4 filing with the SEC, Duffield has control over a total of 105,049 Class A common shares of the company, with 105,049 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1327811/000093807126000042/xslF345X05/wk-form4_1782939741.xml

$WDAY
Insider Trading

Workday Insider Sold Shares Worth $12,426,606, According to a Recent SEC Filing

David A Duffield, 10% Owner, on June 25, 2026, sold 107,500 shares in Workday (WDAY) for $12,426,606. Following the Form 4 filing with the SEC, Duffield has control over a total of 105,049 Class A common shares of the company, with 105,049 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1327811/000093807126000040/xslF345X05/wk-form4_1782764319.xml

$WDAY
Research

Monness Crespi & Hardt Upgrades Workday to Buy From Neutral, $150 Price Target

Workday (WDAY) has an average rating of overweight and mean price target of $173.56, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$WDAY
Insider Trading

Workday Insider Sold Shares Worth $13,436,122, According to a Recent SEC Filing

David A Duffield, 10% Owner, on June 17, 2026, sold 107,500 shares in Workday (WDAY) for $13,436,122. Following the Form 4 filing with the SEC, Duffield has control over a total of 105,049 Class A common shares of the company, with 105,049 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1327811/000093807126000035/xslF345X05/wk-form4_1781812933.xml

$WDAY
Insider Trading

Workday Insider Sold Shares Worth $14,869,715, According to a Recent SEC Filing

David A Duffield, 10% Owner, on June 09, 2026, sold 107,500 shares in Workday (WDAY) for $14,869,715. Following the Form 4 filing with the SEC, Duffield has control over a total of 105,049 Class A common shares of the company, with 105,049 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1327811/000093807126000031/xslF345X05/wk-form4_1781222059.xml

$WDAY
Insider Trading

Workday Insider Sold Shares Worth $16,838,803, According to a Recent SEC Filing

David A Duffield, 10% Owner, on June 01, 2026, sold 107,500 shares in Workday (WDAY) for $16,838,803. Following the Form 4 filing with the SEC, Duffield has control over a total of 105,049 Class A common shares of the company, with 105,049 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1327811/000093807126000027/xslF345X05/wk-form4_1780521120.xml

$WDAY
Wire

Top Midday Stories: Marvell Next Trillion-Dollar Firm, Nvidia CEO Reportedly Says; Anthropic Expands Mythos Access to 150 New Partners

All three major US stock indexes were up in late-morning trading Tuesday, as investors monitor developments between the US and Iran as well as oil price movements.In company news, Nvidia (NVDA) Chief Executive Jensen Huang said Marvell Technology (MRVL) is the next "trillion-dollar company," news outlets reported, citing Huang's appearance at a trade show in Taipei. Nvidia shares were up 0.9%, while Marvell shares were up 29.7%.Amazon-backed (AMZN) Anthropic said Tuesday it is expanding its Project Glasswing program to about 150 new organizations based in over 15 countries, granting them access to Claude Mythos Preview. The partnering organizations use Mythos to scan their codebases for vulnerabilities. So far, the 50 initial partners have found over 10,000 high- or critical-severity security flaws, Anthropic said. Separately, Amazon Web Services will be integrated with Workday (WDAY) Data Cloud, allowing developers to access governed HR and finance data through AWS Ai and analytics tools, Workday said. Amazon shares were down 0.3%, while Workday shares were down 7.1%.Hewlett Packard Enterprise (HPE) reported fiscal Q2 adjusted earnings late Monday of $0.79 per diluted share, up from $0.38 a year earlier and above the FactSet consensus of $0.53. Fiscal Q2 revenue was $10.7 billion, up from $7.63 billion a year ago and above the FactSet consensus of $9.78 billion. For fiscal Q3, the company expects adjusted EPS of $0.88 to $0.93 on revenue of $11.5 billion to $12.1 billion. Analysts polled by FactSet expect $0.58 and $10.9 billion, respectively. For its full-year guidance, the company now expects adjusted EPS of $3.35 to $3.45, up from its prior forecast of $2.30 to $2.50 and above the FactSet consensus of $2.42. Hewlett Packard shares were up 21.5%.Alphabet (GOOG, GOOGL) said Monday it plans to raise $80 billion in equity to help fund investments in AI compute infrastructure, including a $10 billion private placement to Berkshire Hathaway (BRK.A, BRK.B), split evenly between class A common stock at $351.81 per share and class C capital stock at $348.20 per share. Alphabet's class A shares were down 2.3%, while its class C shares were down 2.2%. Berkshire's class A shares were up 0.4%, while its class B shares were up 0.3%.President Donald Trump signed a proclamation on Tuesday lowering the tariffs on agricultural equipment and certain other equipment to 15% from 25%, the White House said. In addition, the existing category of industrial equipment subject to a 15% tariff was expanded to include mobile industrial equipment, like bulldozers and forklifts, "when imported from trade deal countries that are entitled to such treatment," the White House said. The proclamation also allows foreign companies to qualify for a 10% duty rate if their capital equipment includes at least 85% US melted and poured or smelted and cast steel or aluminum by weight, the White House said. The tariff changes will last until Dec. 31, 2027, the White House said. Shares of Deere (DE), Agco (AGCO), CNH Industrial (CNH) and Caterpillar (CAT) were up 5.3%, 6.1%, 10.1% and 4.7%, respectively.IBM (IBM) said Tuesday it plans to invest over $10 billion in quantum computing over the next five years. The investment will go toward research and development, capital expenditure, manufacturing scaling, ecosystem partnerships and M&A, the company said. IBM shares were up 1.1%.Price: $283.09, Change: $+63.66, Percent Change: +29.01%

$AGCO$AMZN$BRK.A$BRK.B$CAT$CNH$DE$GOOG$GOOGL$HPE$IBM$MRVL$NVDA$WDAY
Wire

Workday Expands AI Platform With New AWS Data Cloud Integration

Workday (WDAY) will integrate its Workday Data Cloud with Amazon Web Services (AMZN), allowing developers to access governed HR and finance data through AWS AI and analytics tools, the company said Tuesday.The integration enables bi-directional, zero-copy access between AWS and Workday's data layer. This is intended to allow customers to use tools like Amazon Bedrock without duplicating data or having to rebuild business logic from scratch, the company said.Workday said its governance, permissions and audit controls will remain embedded across the data environment.Shares of Workday were down nearly 5%, while Amazon shares shed 2.5% in early Tuesday trading.Price: $149.94, Change: $-7.29, Percent Change: -4.64%

$AMZN$WDAY
Wire

Alphabet's Google Cloud, Workday Bring AI Agents for HR, Finance Into Employee Workflows

Alphabet's (GOOG, GOOGL) Google Cloud and Workday (WDAY) have expanded their partnership to bring artificial intelligence agents for HR and finance into employees' workflows, the two companies said Thursday.The new collaboration integrates the Sana Self-Service Agent from Workday directly into Gemini Enterprise, with Gemini becoming the default AI model inside Sana for Workday, according to a statement.The integration allows employees to use AI agents for HR and finance work without the data leaving Workday's secure environment, the statement said.Sana Self-Service Agent in Gemini Enterprise is currently available in early access for eligible customers, the companies said.Price: $382.92, Change: $-1.91, Percent Change: -0.50%

$GOOG$GOOGL$WDAY
Wire

Workday Faces Value Compression Risks From Seat-Based Monetization, BofA Securities Says

Workday (WDAY) is facing value compression risks related to pressures on seat-based monetization, BofA Securities said in a note Wednesday.The pressures stem from headcount rationalization, agent-based pricing's traction, and potential issues with contract pricing and duration, the brokerage said, adding that monetization could take time to offset these.Workday, though highly resilient and embedded, is increasingly defending its share rather than gaining it, BofA Securities said, pointing to the company's lack of near-term catalysts.The company maintains a solid position in human capital management, but expansion opportunities in other sectors do not indicate a clear growth inflection as of yet, according to the note.BofA Securities reinstated coverage of Workday with a neutral rating and a $140 price target.Price: $126.09, Change: $+2.07, Percent Change: +1.67%

$WDAY
Research

BofA Securities Downgrades Workday to Neutral From Buy, Price Target is $140

Workday (WDAY) has an average rating of overweight and mean price target of $173.46, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$WDAY
Workday Results Don't Suggest Enough of 'Growth Improvement' to Sustain Re-Rating, UBS Says
US Markets

Workday Results Don't Suggest Enough of 'Growth Improvement' to Sustain Re-Rating, UBS Says

Workday's (WDAY) latest quarterly results don't indicate enough of a "growth improvement" to sustain any re-rating, UBS Securities said in a note e-mailed Friday.Late Thursday, the finance and human resources solution provider reaffirmed its fiscal 2027 subscription revenue guidance range of $9.93 billion to $9.95 billion even as its first-quarter bottom- and top-lines topped Wall Street's expectations. Subscription revenue for the quarter jumped 14% year over year to $2.35 billion, also ahead of the market consensus.Workday shares were up 5.4% in Friday afternoon trade. So far in 2026, the stock has lost 40% in value."We think this rally is partly justified given Workday proved itself to be more resilient than feared in a tough budget backdrop, but in our view the (first-quarter) results don't point to enough of a growth improvement to sustain any re-rating," UBS analysts Karl Keirstead and Daniela Campo said in a note to clients. "Despite the (first-quarter subscription revenue) upside, Workday reaffirmed the (full-year) guide, citing a desire to be conservative and an uncertain macro."UBS raised its price target on the company's stock to $140 from $130 while maintaining its neutral rating.The company's latest results showed that its artificial intelligence initiatives were working, its executives said during Thursday's earnings conference call. Workday will announce new AI "platform innovations" next month, Gerrit Kazmaier, president of product and technology, said on the call, according to a FactSet transcript.In the first quarter, Workday saw a more than 200% year-over-year surge in new annual contract value from agentic AI products, Kazmaier told analysts. The company is approaching $500 million in annual recurring revenue from agentic AI solutions, he said.Workday's Flex Credits pricing model for its AI products "is quickly gaining traction," Chief Commercial Officer Robert Enslin said on the call. "While still early in the journey, we're seeing a growing mix of AI monetization coming through Flex Credits."Still, UBS outlined several concerns, including "a larger lift from the acquired AI suite, not from Workday's 'core'," and a deceleration in backlog growth, according to the note."On the surface, there was no evidence of stress, with Workday saying that it hasn't yet seen any impact of the uncertain macro, the (February to March) sales re-org didn't cause any real disruption and that it wasn't seeing any change in customer contracting behavior," Keirstead and Campo said. "Net, in our view this outcome warrants some modest relief in the stock."For the ongoing quarter, Workday projects subscription revenue at $2.46 billion, representing 13% growth.Price: $126.37, Change: $+4.52, Percent Change: +3.71%

$WDAY
Wire

Top Midday Stories: Futu Receives Investigation Notice, Fine Proposal From Chinese Regulators; Workday Q1 Earnings Top Estimates

All three major US stock indexes were up in late-morning trading Friday, as Wall Street is set to secure a winning week despite high levels of volatility.In company news, Futu Holdings (FUTU) said Friday it has received an investigation notice and a preliminary administrative penalty warning from the Chinese Securities Regulatory Commission regarding its mainland China operations. The agency claims that certain Futu entities have conducted unauthorized securities business, public fund sales business and futures business in mainland China, in violation of several laws, the online brokerage said. Authorities have proposed ordering the cessation of these activities along with a fine of 1.85 billion Chinese Renminbi ($271 million) for Futu and a 1.25 million renminbi personal penalty for Chief Executive Li Hua, Futu said.Workday (WDAY) reported fiscal Q1 non-GAAP net income late Thursday of $2.66 per diluted share, up from $2.23 a year ago and above the FactSet consensus analyst estimate of $2.51. Fiscal Q1 revenue was $2.54 billion, up from $2.24 billion a year ago and above the FactSet consensus of $2.52 billion. For fiscal Q2, the company said it expects subscription revenue of $2.455 billion, compared with the FactSet consensus of $2.45 billion. For fiscal 2027, Workday said it expects subscription revenue of $9.925 billion to $9.950 billion. Analyst expect $9.94 billion.BJ's Wholesale Club (BJ) reported fiscal Q1 adjusted earnings Friday of $1.10 per diluted share, down from $1.14 a year earlier but above the FactSet consensus of $1.03. Fiscal Q1 revenue was $5.66 billion, up from $5.15 billion a year ago and above the FactSet consensus of $5.44 billion. The company said it plans to open new locations in Kentucky, Florida and Indiana.Take-Two Interactive Software (TTWO) reported a fiscal Q4 loss late Thursday of $0.32 per diluted share, narrowing from a loss of $21.08 a year earlier and compared with FactSet consensus estimate of a loss of $0.57. Fiscal Q4 revenue was $1.68 billion, up from $1.58 billion a year ago and above the consensus of $1.55 billion. For fiscal Q1, the company said it expects an EPS loss of $0.23 to $0.15 on revenue of $7.90 billion to $8.10 billion. Analysts expect $2.43 and $9.13 billion, respectively. The company said its highly anticipated game, Grand Theft Auto VI, will be released on Nov. 19.Price: $90.87, Change: $-32.99, Percent Change: -26.63%

$BJ$FUTU$TTWO$WDAY
Wire

Workday's AI Momentum Continues as Solid Q1 Results Posted, RBC Says

Workday's (WDAY) momentum in artificial intelligence continues as the company posted solid fiscal Q1 results, RBC Capital Markets said in a Thursday note.The company is beginning to see early AI traction as more than 4,000 customers are now using one of its organically developed AI agents, marking a more-than-double increase from the previous quarter, RBC analysts said. They noted that Workday's Recruiting Agent assisted with 14 million hiring processes in the quarter, up 44% year over year.Around 60% of subscription revenue growth came from expansions, while the quarter delivered its best net new growth in annual contract value in the past five years, the analysts said.New annual growth from agentic AI products increased more than 200% from a year ago, while total annual recurring revenue from Agentic AI Solutions is now nearing $500 million, pointing to Workday's acceleration in AI, according to the note.RBC maintained the company's stock rating at outperform and price target at $180.Price: $126.84, Change: $+4.99, Percent Change: +4.10%

$WDAY
Research

Research Alert: CFRA Maintains Hold Rating On Shares Of Workday, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target to $144, from $136, based on a P/E of 13.5x our FY 27 (Jan.) EPS projection, below its three-year average. We raise our FY 27 EPS view to $10.68 from $10.49, and lift our FY 28 EPS forecast to $12.51 from $12.26. WDAY delivered Q1 beats with subscription revenue of $2.354B, up 14.3% Y/Y. Management highlighted the best first quarter of new ACV growth in five years, though partially benefitting from slipped deals from the prior quarter. That said, AI was a driver of demand strength. We note that over 4,000 customers are using its agents, and its FlexCredit pricing model is fueling AI monetization. New ACV from Agentic AI grew over 200% Y/Y and total ARR from AI solutions is nearly $500M. The firm also launched two new agents - ITSM and Travel Agent, expanding its TAM beyond HR and Finance. Non-GAAP operating margin reached 31.8%, up from 30.2% in Q1 FY 25, and the firm raised its FY 27 operating margin guide by 50 bps to 30.5%, reflecting incremental operating discipline and efficiencies.

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