Stock Market Update

[BRIEFING.COM] The stock market continues its downward trend as the major averages plot new session lows. 

Despite the broad-based losses, there are still some notable movers in response to this morning's earnings reports.

Axon (AXON 853.87, +108.99, +14.6%) is the top gainer within the S&P 500 today following an EPS bet of $0.67 and raised FY25 guidance.

Palantir Technologies (PLTR 170.11, +9.45, +5.9%) continues its reign as the top-performing S&P 500 stock this year after beating EPS expectations and reporting impressive 48% year-over-year revenue growth.

Meanwhile, Dow component Caterpillar (CAT 433.22, -0.48, -0.1%) trades just beneath its flatline after missing EPS expectations by $0.17. The company's profitability continues to be pressured by headwinds, with tariffs proving to be pretty significant. The net impact from tariffs was around the high end of CAT's estimated range of $250-350 million. As a result, the adjusted operating profit margin decreased 480 basis points year-over-year to 17.6%, resulting in a 22% decrease in adjusted operating profit.