Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%) and Nasdaq Composite (+1.1%) now sit at new record highs, while the DJIA (-0.4%) lags.

While not an S&P 500 component, Tower Semi (TSEM 253.97, +33.14, +15.01%) 253.97, +33.14, +15.01%) is powering sharply higher after reporting its Q1 results this morning. The company beat EPS expectations, while revenue increased 15.5% year-over-year to $413.6 million. The bigger drivers appear to be its Q2 guidance for revenue of $455 million +/- 5%, which implies 10% sequential growth at the midpoint and would mark a company record, along with new SiPho customer commitments representing $1.3 billion of contracted 2027 revenue tied to next-generation AI data-center architectures.

Meanwhile, Birkenstock Holding Plc (BIRK 34.64, -3.30, -8.71%) is trading lower after reporting its Q2 (Mar) results this morning. The company missed EPS expectations as it grapples with tariff pressure, inflation, and a softer consumer discretionary backdrop, while revenue increased 7.7% year-over-year, or 14% CC, to €618.3 million, roughly in line with expectations. BIRK also reaffirmed its FY26 outlook for EPS of €1.90-2.05 and 13-15% revenue growth in CC.

Cisco (CSCO 100.42, +1.13, +1.14%) is modestly higher ahead of its own earnings release after the close, one of just several S&P 500 companies that will report this week.