The banking sector experienced a downturn as longer-dated Treasury yields reached their highest levels in 24 years, leading to nearly 2% declines in major banks like Citigroup, Wells Fargo, and Goldman Sachs, with JPMorgan Chase, Bank of America, and Morgan Stanley also down around 1%.
Webull's stock fell 20% after a congressional panel identified its connections to the Chinese government as a national security risk. In contrast, NetApp's shares rose 3% following an upgrade from Evercore ISI, which highlighted the company's potential for growth without relying heavily on new product contributions.
Worthington Steel's stock dropped 10% after reporting first-quarter earnings of 57 cents per share, down from 77 cents a year earlier, impacted by its acquisition of Klöckner & Co. Penguin Solutions saw a 15% increase in its stock price after exceeding earnings expectations with adjusted earnings of $1 per share on revenue of $566.7 million.
Constellation Brands' shares gained 2% after reporting fiscal second-quarter earnings of $3.74 per share on $2.63 billion in revenue, surpassing analyst expectations. Micron's stock rose 3% following a positive outlook from D.A. Davidson, which anticipates significant demand growth for memory chips driven by AI advancements, predicting that demand will outstrip supply by 2027 and 2028