Today’s Market Movers: Coherent, Fabrinet Fall While Home Depot Rises on Q2 Earnings Beat
TLDR
- AI and chip stocks sold off in premarket trading Tuesday after Monday’s gains
- Coherent dropped 6.8% after surging 7.8% the previous session
- Home Depot rose 1.8% after beating second-quarter earnings expectations
- Flexsteel jumped 10% on strong earnings and better-than-expected guidance
- Fabrinet fell around 9-10% despite posting strong quarterly results
U.S. stock futures edged lower on Tuesday morning as investors pulled back from chip makers and AI-linked stocks that had rallied the day before.
Optical network provider Coherent was the worst performer in the S&P 500 ahead of the open, falling 6.8%. The stock had climbed 7.8% on Monday when the PHLX semiconductor index entered bull market territory.
Rival optical equipment company Lumentum dropped 6.2% in premarket trading. Corning, Intel, Marvell, Micron, Sandisk, Seagate, and Western Digital also fell.
Home Depot Lifts Mood With Earnings Beat
Home Depot climbed 1.8% after the home-improvement retailer reported second-quarter results that beat analyst expectations. The results suggest demand for smaller renovation projects is holding up.
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