2026-08-27 · By SEPT AI
U.S. equities closed modestly higher on Thursday, extending the week’s positive momentum as investors digested a fresh wave of corporate earnings and upbeat guidance from key technology and consumer names. The major indices edged up in a session marked by broad-based buying, though the action was concentrated in individual movers rather than a single macro catalyst.
The S&P 500, tracked by the SPY, rose 0.33% to close at $771.03, while the tech-heavy QQQ gained 0.57% to $721.04. The Dow Jones Industrial Average (DIA) added 0.30% to finish at $535.17, and the small-cap Russell 2000 (IWM) advanced 0.35% to $299.82. The Fear & Greed Index settled at 71, firmly in “Greed” territory, reflecting continued investor optimism despite lingering uncertainty around interest rates and geopolitical risks.
Technology led the charge, driven by a blockbuster outlook from Marvell Technology. The semiconductor and data infrastructure company saw its shares surge after management issued a stunning multi-year revenue forecast, lifting the broader tech complex. Consumer discretionary stocks also outperformed, buoyed by Gap’s earnings beat and raised guidance. Defensive sectors lagged, with utilities and consumer staples underperforming as risk appetite remained robust.
The session was dominated by extreme moves in small-cap and micro-cap names, with several stocks swinging by double-digit percentages.
On the downside, SMJF cratered 87.11% to $1.44 on massive volume of 8.3 million shares, though no specific catalyst was provided in the data. KXIN plunged 71.75% to $1.50, while BRNX fell 44.74% to $3.81. MIMI dropped 44.35% to $1.28 on volume exceeding 44 million shares, and PPCB slid 37.32% to $2.20. SMST declined 18.52% to $22.96, and MSTZ fell 18.29% to $4.62 on heavy volume of over 50 million shares. EXYN lost 18.18% to $3.33, GP dropped 15.80% to $1.35, and CISS fell 15.51% to $2.12.
On the upside, LGPS skyrocketed 74.68% to $1.52 on volume of nearly 21 million shares. USDE gained 23.71% to $8.04, BMRA rose 21.05% to $2.07, and FVN climbed 19.67% to $11.50. JFB added 19.20% to $4.78, CRMG surged 16.63% to $9.68, and MSTX jumped 16.38% to $16.27. PWCM rose 16.15% to $1.23, HSDT gained 15.79% to $2.42, and BIRD advanced 14.94% to $2.77.
Key Earnings
The earnings calendar was packed with high-impact reports, headlined by Gap, Marvell Technology, and Affirm Holdings.
Gap Inc. shares surged after the apparel retailer reported better-than-expected Q2 adjusted EPS and raised its full-year FY26 EPS guidance to $3.77-$3.87, well above the $2.47 consensus estimate. The company also narrowed its FY26 sales guidance above expectations and announced a new CEO for its Old Navy division. The stock was one of the session’s standout performers.
Marvell Technology delivered a stunning outlook, with CEO stating that overall revenue in FY 2027 is now expected to grow approximately 45% year-over-year to roughly $12 billion. The company also guided for its data center business to grow by about 60% this fiscal year and projected FY 2028 revenue of approximately $18 billion, representing 50% year-over-year growth. The Q2 results beat estimates on both the top and bottom lines, driven by data center strength.
Affirm Holdings rallied after reporting Q4 EPS of $4.62 and sales of $1.165 billion, both beating estimates of $1.106 billion. The buy-now-pay-later firm guided Q1 sales to $1.190-$1.220 billion, above the $1.162 billion consensus, and projected FY2027 revenue of more than $5.440 billion, also above estimates. GMV is expected to exceed $64 billion.
SentinelOne shares fell after the cybersecurity company beat Q2 estimates but cut its FY27 adjusted EPS guidance below expectations, disappointing investors who had hoped for a more upbeat outlook.
Rubrik saw its stock plunge despite reporting a strong Q2 beat. The data management company posted Q2 adjusted EPS of $0.22, well above the $0.04 estimate, and sales of $427.26 million, beating the $396.28 million consensus. It also raised its FY2027 guidance for both EPS and sales above estimates, but the market reacted negatively, possibly due to high expectations already priced in.
Elastic shares traded higher after the company reported better-than-expected Q1 results and issued Q2 sales guidance above estimates, while also raising its full-year FY27 guidance.
PagerDuty raised its FY2027 adjusted EPS guidance to $1.33-$1.37 from $1.27-$1.32, above the $1.32 estimate, and lifted its sales guidance to $491.5-$496.5 million.
Iris Energy missed estimates, reporting Q4 adjusted EPS of $(0.74) versus the $(0.49) consensus, and sales of $137.2 million, below the $142.32 million estimate.
Key Tronic shares fell after reporting a year-over-year decline in Q4 sales and declining to issue Q1 guidance due to macroeconomic uncertainty.
Founder Group shares dropped after announcing a 100-for-1 share combination effective September 1, 2026.
Kazia Therapeutics shares declined after announcing a proposed public offering of American Depositary Shares.
bioAffinity Technologies filed an S-3 registration statement, typically associated with potential dilution, sending shares lower.
Insider buying activity was notably robust, signaling confidence from corporate executives and directors. The most significant insider purchase was at Republic Services (RSG), where 58 insiders bought a combined $637.1 million worth of shares, earning a STRONG_BUY score of 3. Vail Resorts (MTN) saw two insiders buy $5.0 million, while KKR had one insider purchase $4.7 million. Ecolab (ECL) saw four insiders buy $2.7 million, and Huntington Bancshares (HBAN) had 15 insiders buy $1.4 million. TSMC (TSM) saw 77 insiders buy $1.2 million, and Textron (TXT) had one insider buy $988,594. Boeing (BA) saw two insiders buy $799,311, NVR had one insider buy $73,694, and Whirlpool (WHR) had one insider buy $198,829.
No major economic data releases were highlighted in the day’s news feed, and there were no notable Federal Reserve comments or policy developments. The market’s focus remained squarely on corporate earnings and forward guidance.
No crypto-related data was provided for this session.
Investors will turn their attention to Friday’s economic calendar, which may include consumer sentiment data or other indicators that could influence the Federal Reserve’s policy path. Earnings season continues to wind down, but a few notable reports remain. The market will also watch for any further developments in the M&A space, particularly AES’s pending merger with Global Infrastructure Management and EQT Infrastructure VI, which received CFIUS approval but still requires additional regulatory sign-offs. With the Fear & Greed Index in “Greed” territory, the tone remains cautiously optimistic, but the extreme moves in small-cap names serve as a reminder that volatility remains elevated beneath the surface.
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