The stock market faces a mixed open this Friday following a record-setting Thursday for the S&P 500. Investors are watching oil prices rise slightly as Treasury Secretary Scott Bessent signals upcoming economic measures against Iran. Meanwhile, bond yields remain steady despite a tepid inflation report that arrived earlier this week.
Corporate earnings continue to drive individual stock movements. Applied Materials is down nearly 6% today after missing short-term expectations, despite reporting a 25% year-over-year sales increase. In contrast, Reddit is set for a double-digit rally after the company announced its addition to the S&P 500 index effective August 18, replacing AvalonBay Communities.
Memory sector stocks are drawing attention, with SanDisk shares rising 6% after an analyst meeting and positive coverage from JPMorgan. Micron is also gaining ground in morning trading. Elsewhere in the tech sector, Workday shares are slightly lower following news of potential acquisition talks with Silver Lake, while RBC Capital raised price targets for cybersecurity leaders Palo Alto Networks and CrowdStrike.
Credit card issuer Capital One remains a primary focus for analysts, with TD Cowen reiterating a buy rating based on the potential of its deal with Discover. On the downside, T-Mobile shares face pressure after a downgrade from Wolfe Research, as analysts note increased competition from wireless carriers and potential disruption from satellite internet services.
Retailer Wayfair is moving up 5% today following an upgrade to a buy rating at Bernstein, which noted signs of durable growth. Fox also received analyst upgrades from JPMorgan and Wells Fargo, largely due to optimism regarding the company's acquisition of Roku. Markets remain sensitive to these specific sector developments as investors weigh new guidance against broader economic signals.