2026-08-25 · By SEPT AI
Major U.S. equity indices closed Tuesday with marginal losses, as a late-session lull in buying pressure offset a flurry of corporate earnings and deal-making activity. The S&P 500 (SPY) slipped 0.04% to $765.84, while the tech-heavy Nasdaq-100 (QQQ) edged down 0.08% to $710.67. The Dow Jones Industrial Average (DIA) fell 0.21% to $535.25, and the small-cap Russell 2000 (IWM) declined 0.12% to $299.25.
The session was characterized by a tug-of-war between positive earnings beats from industrial and tech firms and disappointing forward guidance from high-profile software names. The CBOE Volatility Index remained subdued, and the Fear & Greed Index held at 74, firmly in "Greed" territory, suggesting investors remain broadly risk-on despite the day's lackluster price action.
The market lacked a clear directional catalyst, with sector performance mixed. Defensive and industrial names found support, while technology and consumer-facing software stocks faced headwinds. The standout theme was the divergence between companies that beat quarterly expectations and those that underwhelmed on forward guidance—a dynamic that punished several high-multiple growth stocks.
The day’s most dramatic moves were concentrated in small-cap and micro-cap names, driven by corporate actions, clinical trial results, and earnings.
- PMI surged 61.93% to $9.51 on massive volume of nearly 39 million shares, though no specific catalyst was immediately apparent in the data.
- CRMX jumped 38.40% to $6.92, continuing a recent uptrend.
- AKAN added 35.93% to $4.97.
- EXYN rose 34.87% to $3.21.
- JEM (707 Cayman Holdings) climbed 31.14% to $6.78 after announcing a term sheet to acquire Crucial Innovation, backed by a $10.25 million financing led by GeoNova Holdings.
- MRNX gained 20.94% to $102.81.
- CRML advanced 20.18% to $8.09.
- RAIN rose 21.15% to $1.15.
- IFRX added 18.93% to $2.45.
- ADVB gained 18.31% to $9.37.
- REAX rose 17.63% to $28.36.
- CRCA and CRCG added 17.58% and 17.25%, respectively.
- WVVIP cratered 77.74% to $3.33, the session's worst performer.
- RCON fell 35.14% to $2.03.
- FBDT dropped 27.78% to $1.43.
- SHMD declined 24.75% to $3.42.
- AIAI slid 20.13% to $4.30.
- DFNS lost 19.84% to $13.07.
- BDRX fell 19.59% to $1.17.
- SYRE (Spyre Therapeutics) dropped sharply after announcing topline results from the RA sub-study of its Phase 2 SKYWAY basket trial. While both doses of SPY072 met statistical significance on one or more endpoints, the effect did not meet the company's internal bar to prioritize monotherapy development in rheumatoid arthritis.
- OSRH fell after receiving a Nasdaq delisting notice for bid-price non-compliance, with a trading suspension scheduled for August 26.
Key Earnings
The earnings calendar remained active, with several notable reports:
- Zoom Video Communications (ZM) reported a Q2 double beat—adjusted EPS of $1.55 versus the $1.48 estimate, and revenue of $1.277 billion versus $1.269 billion. However, the company issued soft Q3 guidance, with the midpoint below analyst expectations, sending shares lower.
- Intuit (INTU) delivered a similar pattern. Q4 adjusted EPS of $4.03 beat the $3.58 estimate, and revenue of $4.354 billion topped the $4.268 billion consensus. But the company's Q1 and full-year FY2027 guidance fell well short of expectations, with Q1 adjusted EPS guidance of $2.44-$2.48 versus the $4.04 estimate, and FY2027 adjusted EPS of $22.88-$23.12 versus the $27.31 estimate. Shares traded lower.
- Semtech (SMTC) was a standout winner, surging after reporting Q2 adjusted EPS of $0.71, beating the $0.57 estimate, and revenue of $341.9 million, above the $328.61 million estimate. The company also issued strong Q3 guidance, with adjusted EPS of $1.02-$1.08 versus the $0.61 estimate, and revenue of $405-$415 million versus $324.46 million.
- Heico (HEI) reported Q3 EPS of $1.67, beating the $1.51 estimate, and revenue of $1.413 billion, above the $1.350 billion estimate.
- Strattec Security (STRT) posted Q4 adjusted EPS of $2.06, beating the $1.29 estimate, and revenue of $151.827 million, above the $146.768 million estimate.
- Noah Holdings (NOAH) reported Q2 adjusted EPS of $0.51, up from $0.38 a year ago, and revenue of $91.362 million, up from $87.9 million.
- Qifu Technology (QFIN) disappointed, with Q2 adjusted EPS of $0.55, down from $1.90 a year ago, and revenue of $525.646 million, down from $728.112 million.
- Electromed (ELMD) reported Q4 EPS of $0.39, beating the $0.32 estimate, and revenue of $19.417 million, above the $19.333 million estimate.
- QumulusAI (QMLS) reported Q2 EPS of $(0.72) on revenue of $6.713 million.
The economic calendar was light, with no major data releases. Market participants appeared to be in a holding pattern ahead of key inflation data and the Jackson Hole Economic Symposium later this week. The focus remained squarely on corporate earnings and forward guidance.
Insider buying activity was notably robust across several sectors, signaling confidence from corporate executives and directors.
- Republic Services (RSG) saw the most significant insider buying, with 52 insiders purchasing a combined $548.9 million worth of shares.
- KKR (KKR) saw one insider buy $4.7 million.
- Vail Resorts (MTN) had two insiders buy a total of $5.0 million.
- Huntington Bancshares (HBAN) saw 15 insiders buy $1.4 million.
- Textron (TXT) had one insider buy $988,594.
- Boeing (BA) saw two insiders buy $799,311.
- Taiwan Semiconductor (TSM) had 77 insiders buy $1.2 million.
- NVR (NVR) saw one insider buy $73,694.
- Whirlpool (WHR) had one insider buy $198,829.
- Campbell's (CPB) saw one insider buy $2,145.
Investors will turn their attention to a busy Wednesday, with a focus on Nvidia's (NVDA) highly anticipated earnings report after the close. The data notes that Nvidia could swing by $286 billion after earnings, underscoring the immense market impact of the AI bellwether. Pre-market, traders will digest the latest MBA mortgage applications data and the July new home sales report. The Jackson Hole Economic Symposium will also begin to draw attention, with Fed Chair Jerome Powell's speech on Friday the marquee event.
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