Disappointing US economic data weighs on stocks

Bad economic news was bad news for stocks, which slumped to their lows of the day after the ISM Services Index came in at 50.1 in July, while economists had been looking for a reading of 51.5.

Your Evening Briefing August 05, 2025 Presented by Disappointing US economic data weighs on stocks Bad economic news was bad news for stocks, which slumped to their lows of the day after the ISM Services Index came in at 50.1 in July, while economists had been looking for a reading of 51.5. Major indexes clawed back some of their losses but still ended mostly in the red, with the S&P 500 off 0.5% and the Nasdaq 100 down 0.7%, while the Russell 2000 bucked the trend with a 0.6% advance. Most S&P sector ETFs fell on the day, with utilities leading the way down. Axon shares jumped 16%, leading S&P 500 gains, after the law enforcement equipment maker reported much better-than-expected Q2 earnings and sales after the close Monday. Leading decliners was Vertex Pharmaceuticals, which sank 20% despite posting a second-quarter earnings beat, after the company said it would stop development of one of its next-generation pain medicines. Elsewhere... Pfizer jumped 5% after the drugmaker reported earnings results that beat Wall Street's Q2 expectations and raised its full-year outlook. Shares of Core Scientific were up 3% after a report from the Financial Times saying some of the company's "top shareholders" are crying foul over the terms of its all-stock takeover by CoreWeave and are planning to vote against the deal. CoreWeave shares were up 5.5% Navitas Semiconductor, the tiny chipmaker that went parabolic in late May after earning a spot in Nvidia's supply chain, tumbled 16% after reporting Q2 results. Shares of CRISPR Therapeutics slid 6.7% after the Swiss biotech missed Wall Street's Q2 expectations, despite growing excitement around its flagship gene-editing therapy. Coinbase shares fell 6.3% after the largest US crypto exchange suffered an outage on Base, its Ethereum layer-2 network, and halted operations for 29 minutes due to an "unsafe head delay." Yum! Brands shares fell 5% after the KFC and Taco Bell parent reported lower-than-expected Q2 results amid a slowdown in consumer spending at its key US franchises. — Luke Kawa, Markets Editor & Nia Warfield, Markets Writer Trump fired BLS chief after new data changed the labor outlook, but just how common are data revisions? The revisions wiped out over 250,000 "job gains" from prior months — the biggest non-Covid drop since 1979. Read more. Presented by Nasdaq Step into the Future with Nasdaq-100 Micro Index Options (XND®)  Looking to modernize your investment approach? XND® index options offer a streamlined way to engage with the dynamic Nasdaq-100 Index (NDX®):  Compact Exposure: Engage with the NDX® at 1/100th notional size, offering flexibility without large commitments.  Cash Settlement: Simplify transactions by settling in cash at expiration, eliminating the need for physical delivery of underlying assets. 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Opendoor tumbles after third-quarter guidance disappoints The online real estate company that's recently won the affections of retail traders just reported its second-quarter results. Super Micro craters after earnings and revenues miss Super Micro posted fiscal fourth-quarter results that missed on the top and bottom lines. Rivian hits the brakes after disappointing earnings and a cut to annual guidance Rivian reported its second-quarter earnings after the bell on Tuesday. AMD sinks despite solid sales and revenue guidance The top-performing US semiconductor stock in 2025 gave back some of its big year-to-date gains after its second-quarter earnings report. Match Group surges on Q2 revenue beat and better than expected sales outlook Better than expected sales and outlook are a match made in heaven. Lucid falls on disappointing earnings and a weaker production outlook Shares of the luxury EV maker fell in after-hours trading. Analysts react to Palantir's Q2: "Execution has been stunning" But they're still uncomfortable with the valuation. OpenAI releases open-weight "gpt-oss" models to compete with DeepSeek, Meta OpenAI's open-weight models match or beat the company's state-of-the-art-models in some tests, and can run on a laptop. The company is joining Meta and DeepSeek in releasing open-weight models for free use. Tesla sales fall in Europe's two biggest EV markets while BYD sales soar Sales more than halved in Germany and the UK in July, compared with a year earlier.  Galaxy shares tumble following Q2 earnings miss The company missed on revenue, driven by lower trading volumes. Solana treasury firms accumulate as new member enters the space Meanwhile, meme coin launchpads execute their buyback initiatives. Nintendo hikes the price of Switch 1; Switch 2 sales have been leaping like Mario The video game company announced that the price of the original Switch would go up in the US — while sales of its new console soar. Spot ethereum ETFs see largest daily outflow ever Meanwhile, on-chain activity is increasing while treasury companies keep stockpiling more ethereum Bitcoin ETF outflows continue as bitcoin slumps BlackRock's iShares Bitcoin Trust saw $292 million in outflows on August 4. Advertiser's disclosures: Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or digital asset or any representation about the financial condition of any company. Additionally, nothing contained herein should be construed as tax advice.  Nasdaq® is a registered trademark of Nasdaq, Inc. 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