TLDR
- Nvidia shares edged up in premarket trading as investors await its earnings report after the bell
- Intuit dropped nearly 12% after issuing weak revenue guidance for fiscal 2027
- Software stocks broadly fell, with ServiceNow, Adobe, Salesforce, and Palantir all sliding
- Bitcoin slipped to around $78,500 from highs near $81,000, dragging crypto-linked stocks lower
- Biohaven surged 13% after announcing a licensing deal with SK Biopharmaceuticals worth up to $795 million
Markets opened cautiously on Wednesday as investors braced for Nvidia’s quarterly earnings report, due after the closing bell. The results are widely expected to set the tone for the artificial intelligence trade going forward.
Nvidia shares rose 0.3% in premarket trading after gaining 2.2% the previous session, ending a seven-day losing streak. Intel and Broadcom also edged higher, but chip stocks mostly stayed in a holding pattern ahead of the report.
Software Stocks Take a Hit
The software sector had a rough start to the day. Intuit fell nearly 12% after beating quarterly earnings expectations but issuing a revenue outlook that fell well short of Wall Street forecasts.
The company projected full-year 2027 revenue of between $23.28 billion and $23.51 billion, below the consensus estimate of $23.7 billion. It also guided non-GAAP earnings per share of $22.68 to $23.12, against a consensus of $27.30.
CEO Sasan Goodarzi said the company is focused on gaining market share in the competitive AI software space.
ServiceNow, Adobe, and Atlassian each dropped more than 2%. Salesforce slipped 1.6% ahead of its own earnings report after the close. Palantir was down 1.2%.
SAP fell nearly 5% after UBS downgraded the stock from buy to neutral. Analysts cited slow progress in getting AI products into customers’ hands, warning it could push clients toward building their own AI solutions.
nCino dropped 4% after its revenue outlook missed expectations. Zoom fell more than 5% despite beating analyst estimates, partly because it offered no update on the valuation of its stake in Anthropic.
Bitcoin Dips, Crypto Stocks Follow
Bitcoin pulled back to around $78,500 after touching highs close to $81,000 earlier in the week. That weighed on crypto-linked stocks.
Strategy fell 1.7%, while Coinbase Global and Robinhood Markets each dropped 1.4%.
Bright Spots in the Market
Not everything was in the red. Biohaven jumped 13% after announcing a global licensing deal with SK Biopharmaceuticals. The agreement includes upfront and milestone payments of up to $795 million, plus tiered royalties ranging from the mid-teens to low twenties on U.S. net sales.
Semtech rose 3.2% after reporting second-quarter revenue of $341.9 million, up 32.7% year over year, with results and guidance topping estimates.
HEICO gained 2.5% after reporting record quarterly revenue of $1.41 billion, up 23% from a year earlier, beating the consensus estimate of $1.35 billion.
Summit Therapeutics added 5.5% after partner Akeso reported positive Phase III trial results for a cancer treatment combining ivonescimab with chemotherapy.
Spyre Therapeutics fell 12% after mixed Phase 2 data on its rheumatoid arthritis drug candidate showed the low dose met the primary endpoint but the high dose did not.
All eyes remain on Nvidia’s earnings after the bell, along with results from Salesforce, Okta, CrowdStrike, and Nutanix.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
