In premarket trading, several notable companies have made headlines. Apple experienced a 3.5% drop in shares following a social media remark from President Donald Trump, who stated that Apple might face a tariff of 25% or higher for iPhones manufactured outside the United States.
Conversely, stocks linked to the nuclear energy sector gained traction, as reports emerged that Trump plans to sign measures to enhance nuclear power as early as Friday. Companies such as Oklo and NuScale saw their shares surge by over 8%, while Constellation Energy and Cameco also reported increases of 2% and 4%, respectively.
Intuit’s shares climbed nearly 8% after the tax software firm released an optimistic forecast for its full year. The company anticipates adjusted earnings of between $20.07 and $20.12 per share, surpassing its previous guidance and exceeding analyst expectations.
However, not all companies fared well. Ross Stores saw its stock tumble more than 12% after retracting its full-year guidance due to uncertainty surrounding tariff changes. Similarly, Deckers Outdoor’s shares plunged 19% as it refrained from offering full-year guidance for fiscal 2026, citing concerns about global trade policies despite exceeding fourth-quarter expectations.
Tesla’s stock dipped 1.1% following a lifted price target by Wedbush Securities, which highlighted the imminent launch of Tesla’s robotaxi service in Austin, Texas, expected next month. Workday shares fell over 8% after it provided a subscription revenue forecast that matched market expectations, despite a strong first-quarter performance.
On a brighter note, StepStone Group’s shares rose more than 5% after reporting a significant increase in assets under management, reaching $189.4 billion. Autodesk also saw gains of over 1% after posting a second-quarter outlook that outperformed estimates, projecting adjusted earnings above analyst expectations.
In contrast, Xerox shares fell more than 9% after the company reduced its dividend substantially as part of its capital allocation strategy ahead of an acquisition.
This trading environment reflects the ongoing fluctuations in the market due to a variety of influencing factors, including government announcements and economic conditions. It serves as a reminder of the resilience and adaptability of several sectors in the face of uncertainty.