Netflix's shares dropped over 10% after reporting second-quarter earnings of 80 cents per share on revenue of $12.56 billion, slightly below analyst expectations of 79 cents per share on $12.59 billion in revenue. The company also announced it would reduce the frequency of its 'What We Watched' reports, which could impact investor insights into user engagement.
Alphabet's stock fell 1.5% following reports that it is behind schedule on its Gemini AI model, adding to a nearly 4.5% decline the previous day.
Intuitive Surgical's shares fell more than 11% despite beating earnings expectations with an adjusted profit of $2.80 per share on $2.89 billion in revenue, as it maintained a full-year growth outlook of around 14% for its da Vinci robotic system procedures.
SpaceX's stock declined over 3.5% after an aborted launch of its Starship rocket due to engine issues, with CEO Elon Musk indicating plans for a retry soon. Verizon's shares rose 1% after announcing the sale of 274 retail stores and cutting 500 jobs as part of its restructuring strategy.
BP and ConocoPhillips saw their shares increase by over 1% in anticipation of announcing significant new investments in Iraq, potentially amounting to billions. Truist Financial's stock was up 1.4% after reporting earnings of $1.23 per share, surpassing analyst estimates. Alcoa's shares slipped 0.5% despite beating earnings expectations, as it lowered its 2026 alumina production outlook.
The software sector faced declines, with the iShares Expanded Tech-Software Sector ETF down more than 1.5%, while memory stocks continued to struggle, with the Roundhill Memory ETF down over 3%. Fifth Third Bancorp's shares edged higher despite a slight earnings miss, reporting a 48% increase in net interest income year-over-year