Midday Market Moves: Oracle, AeroVironment, American Eagle, Micron, Macy's Among Notable Movers
Homebuilding stocks fell sharply as the average rate on a 30-year fixed mortgage surpassed 7%, with ETFs and individual names like PulteGroup and Williams-Sonoma declining. AI infrastructure companies also retreated amid risk-off sentiment, including notable drops in Micron Technology and Vertiv. Oracle shares dropped nearly 2% ahead of its Q1 earnings report after the close, while Elevance Health rose almost 5% due to better-than-expected EPS guidance for 2026. Biohaven plummeted 16% following an FDA clinical hold on one of its experimental drugs over safety concerns. Macy's shares fell more than 3%, despite raising full-year sales and earnings guidance, while American Eagle Outfitters dropped sharply due to weaker-than-expected comparable sales. AeroVironment surged after beating Q1 estimates, but Navan and Cooper Companies saw steep declines following mixed financial reports.
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Topics: ai_infrastructure earnings_expectations homebuilding regulatory_hold