Moderna, Coinbase, Walmart, Deere, Alibaba, SpaceX, and More Stocks That Explain Today’s Market

Traders working at the New York Stock Exchange. (NYSE)

Key Points

• U.S. stock futures struggled for direction on Thursday as a previous bond-market rally faltered.
• Moderna shares tumbled 10% ahead of the opening bell as investors took profits following a 177% surge on Wednesday.
• Coinbase, Robinhood, and Strategy rose after President Donald Trump urged Congress to pass cryptocurrency legislation.

Stock futures declined Thursday as the reaction to Walmart’s earnings weighed on the S&P 500 and the previous session’s bond-market rally faltered.

Moderna fell 7.8% as investors took some profits. Shares of the pharma company surged 177% on Wednesday after Moderna and Merck said their vaccine had stopped melanoma cancer from coming back or spreading in patients. Merck declined 1% after adding nearly 13% in the previous session.

Coinbase added 5%, Robinhood gained 3%, and Strategy advanced 9% after President Donald Trump urged Congress to pass cryptocurrency legislation. His comments also drove up the price of Bitcoin and other digital assets.

Walmart dropped 6.6% after the retailer hiked its full-year guidance but not by enough to match what analysts were expecting. Second-quarter earnings at the world’s largest retailer beat Wall Street expectations.

Deere rose 2.1% after the agricultural machinery maker reported better-than-expected earnings for its fiscal third quarter, giving investors something to feel positive about following a rough stretch for shares.

SpaceX fell 2.6% to $136.01. While SpaceX was supposed to upend the Magnificent Seven and create the “Great Eight,” so far shares of Elon Musk’s rocket and artificial-intelligence company have shown a much stronger correlation with the broader U.S. equity market.

Alibaba declined 5.6% after the Chinese online retailer’s earnings for the fiscal first quarter fell short of analysts’ expectations, even as artificial-intelligence revenue soared.

Advance Auto Parts fell 19% after the auto-parts retailer reported that same-store sales decreased in the second quarter as consumers cut back on spending. AutoZone and O’Reilly Automotive fell 2.6% and 1.9%, respectively.

Coty sank 19% to $2.45 after the the France-based beauty company posted a wider-than-expected loss and said it expects its revenue and adjusted gross margin to decline over the current first quarter.

Write to George Glover at george.glover@dowjones.com and Kit Norton at kit.norton@barrons.com

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