Check out the companies making headlines before the bell. Nvidia – Shares of the artificial intelligence chip darling fell around 2%, extending its 8.5% loss from the previous session. This comes on the heels of the company seeing a decline in its gross profit margin for the fourth quarter, and its revenue beat for the period being the smallest in two years . China stocks – U.S. shares of Chinese companies declined after China vowed to retaliate , if necessary, against U.S. President Donald Trump’s latest threat to impose an additional 10% tariff on Chinese goods on March 4. E-commerce giant Alibaba dropped more than 4%, while fellow e-commerce giant PDD Holdings and automaker Nio each fell almost 4%. Li Auto , another automaker, slid around 5%. Dell Technologies — The tech stock dropped nearly 7% after the company’s fourth-quarter revenue of $23.93 billion missed the $24.56 billion consensus estimate, per LSEG. However, its adjusted earnings of $2.68 per share topped the $2.53 per share expected by analysts. Autodesk – Shares rose around 1% after the company’s fourth-quarter results topped Wall Street’s estimates. For the period, Autodesk posted adjusted earnings of $2.29 per share on revenue of $1.64 billion, while analysts surveyed by LSEG were expecting $2.14 per share and $1.63 billion in revenue. However, the company also announced that it’s planning to lay off 1,350 employees , or 9% of its workforce. Rocket Lab – The stock plummeted more than 16% after the company offered weaker-than-expected guidance for the current quarter. Rocket Lab is forecasting an EBITDA loss of between $33 million and $35 million, while analysts surveyed by LSEG were expecting a loss of $28 million. For revenue, the company is expecting between $117 million and $123 million, lower than the consensus estimate of $136 million. Duolingo – Shares of the online language learning platform plunged roughly 9% after Duolingo gave guidance for adjusted EBITDA in the current quarter that fell short of what analysts had predicted, according to FactSet. The company gave revenue for the fourth quarter that surpassed analysts’ consensus expectation, however. HP – Shares fell 3% after HP issued softer-than-expected second quarter guidance reflecting the cost of diversifying its supply chain outside of China because of tariff increases. HP expects adjusted earnings in the range of 75 cents to 85 cents per share in the second quarter, lower than the 86 cents per-share earnings estimate, according to FactSet. Otherwise, HP’s first-quarter earnings slightly missed estimates, while revenue beat. NetApp – The tech stock sank 15% after the fiscal third-quarter report showed softer-than-expected revenue. NetApp reported $1.64 billion of revenue, below the $1.69 billion expected by analysts, according to LSEG. Adjusted earnings of $1.91 per share was in-line with estimates, but fourth-quarter guidance of $1.84 per share was below analyst projections of $1.94 to $1.99 per share. SoundHound AI – The voice artificial intelligence stock rose 1% after SoundHound AI posted a fourth-quarter revenue of $34.5 million, beating the $33.7 million that analysts polled by FactSet had predicted. The company also raised its full-year revenue guidance to between $157 million to $177 million, up from previous estimates of $155 million to $175 million. Crypto stocks – Stocks linked to the price of bitcoin fell after the cryptocurrency retreated around 3% to hover around the $80,000 level. Shares of Coinbase and miner Mara Holdings were each down nearly 3%, while MicroStrategy fell more than 2%. Logitech International – The computer products stock fell more than 3% following a downgrade to underperform from neutral at Bank of America. The investment firm said in a note that Logitech’s growth could struggle to meet expectations in some of its product segments, in part due to proposed tariffs from the United States. Walgreens – Shares of the drugstore chain fell about 3% after Deutsche Bank downgraded the stock to sell. The Wall Street firm said it sees “an unusually high degree of uncertainty” around the take-private deal from Sycamore Partners. — CNBC’s Jesse Pound, Yun Li, Sarah Min, Lisa Kailai Han, Pia Singh and Michelle Fox contributed reporting.
Check out the companies making headlines in midday trading: T-Mobile — Shares pulled back 11% after the company’s wireless subscribers for the first quarter missed Wall Street estimates. T-Mobile reported 495,000 postpaid phone additions in the first-quarter, while analysts polled by StreetAccount were looking for 504,000. Alphabet — The Google parent company gained about 2% on the heels of better-than-expected first-quarter results . Alphabet reported $2.81 per share on revenue of $90.23 billion, while analysts polled by LSEG forecast $2.01 in earnings per share and $89.12 billion in revenue. Skechers — Shares fell 4.8% after the footwear maker posted weaker-than-expected revenue for the first quarter and withdrew its 2025 guidance due to ” macroeconomic uncertainty stemming from global trade policies .” The company’s earnings for the quarter came in above analysts’ estimates, however. Gilead Sciences — The biopharmaceutical stock fell 2.5% after first-quarter revenue came in at $6.67 billion, missing the consensus forecast of $6.81 billion from analysts polled by LSEG. However, the company earned $1.81 per share, excluding items, in the quarter, beating Wall Street’s estimate of $1.79 a share. Saia — Shares of the shipping company fell 31% after first-quarter results missed estimates and showed a slowdown in March. Saia reported $1.86 in earnings per share on $787.6 million in revenue. Analysts surveyed by FactSet were expecting $2.76 in earnings per share on $812.8 million in revenue. BMO Capital Markets downgraded the stock to market perform from outperform and said the issues were “company specific.” Intel — The chipmaker declined 7% after Intel’s current quarter missed investors’ expectations. Intel forecast revenue in the June quarter of $11.8 billion at the midpoint, while consensus forecasts called for $12.82 billion, per LSEG. Management anticipates earnings will break even. Intel also announced plans to reduce both its operational and capital expenses. Boston Beer — Shares of the Samuel Adams brewer were more than 1% higher after better-than-expected first-quarter results. Boston Beer notched earnings per share of $2.16 on revenue of $453.9 million, while analysts polled by FactSet were looking for 56 cents per share on revenue of $435.6 million. Boston Beer cautioned that tariffs could hurt full-year earnings. Tesla — The Elon Musk-helmed electric vehicle company surged 10%. Shares have advanced more than 17% this week as the broader market tries to recover from a steep sell-off for much of April. — CNBC’s Jesse Pound, Alex Harring and Sean Conlon contributed reporting. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
Check out the companies making headlines before the bell: Meta Platforms — The Facebook and Instagram parent jumped about 3%. Meta cut staff in its Reality Labs division, CNBC reported. Alphabet — The Google and YouTube owner climbed more than 4% after first-quarter results topped Wall Street expectations. Alphabet earned $2.81 per share on $90.23 billion in revenue for the quarter, while analysts surveyed by LSEG had estimated $2.01 per share and $89.12 billion in revenue. T-Mobile — Shares of the telecommunications company fell 5.5% after it reported fewer first-quarter wireless phone subscribers than the Street expected, seeing 495,000 postpaid phone additions versus analysts’ call for 504,000, according to StreetAccount. Earnings and revenue for the first quarter topped Street estimates. Intel — The chipmaker fell 7.2% after the outlook for the current quarter disappointed investors. Intel guided for revenue in the June quarter to come in at $11.8 billion at the midpoint, less than consensus calls for $12.82 billion, according to LSEG. Management anticipates earnings will break even. Intel also announced plans to reduce its operational and capital expenses. Gilead Sciences — The biopharmaceutical stock slid 3.9% after posting first-quarter revenue of $6.67 billion, missing the consensus estimate of $6.81 billion from analysts polled by LSEG. Gilead earned $1.81 per share, excluding items, in the quarter, while Wall Street penciled in $1.79. Skechers — The footwear maker slumped 6% after reporting lower-than-expected first-quarter revenue and withdrew its 2025 forward financial forecasts on account of ” macroeconomic uncertainty stemming from global trade policies .” Skechers’ bottom-line results came in above analysts’ forecasts. Charles Schwab — The financial services provider advanced 1.4% after Goldman Sachs upgraded shares to buy from neutral, calling Schwab a resilient growth stock amid an uncertain backdrop. Hasbro — The toy company rose about 1% one day after soaring 15%. Citigroup raised its investment opinion to buy from neutral, saying Hasbro’s stronger-than-expected Wizards of the Coast business outweighs any uncertainty stemming from tariff policy, according to analyst James Hardiman. Boston Beer — Shares of the Samuel Adams brewer rose nearly 3% after first-quarter results beat expectations. Boston Beer generated $2.16 in earnings per share on $453.9 million of revenue, while analysts surveyed by FactSet looked for 56 cents per share on $435.6 million in revenue. Boston Beer warned in its outlook that tariffs could hurt full-year earnings. — CNBC’s Alex Harring and Jesse Pound contributed reporting. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
“I think having that professionally managed portfolio is really beneficial to clients,” Coyne told CNBC’s “ETF Edge” this week. “We’re seeing just… greater volatility [and] uncertainty across both the equity and fixed income markets.“
According to Coyne, the T. Rowe Price Capital Appreciation Equity ETF suits investors who are looking for long-term growth.
“The objective of the fund is to outperform the S&P 500 with lower volatility and greater tax efficiency,” he said. “It’s also a more concentrated portfolio, typically holding around a hundred names.”
The T. Rowe Price Capital Appreciation Equity ETF is down about 5% so far this year while the S&P 500 is off about 7% However, the ETF is up close to 8% over the past year — roughly identical to the S&P 500’s performance.
Coyne notes the T. Rowe Price U.S. Equity Research ETF follows a similar strategy, but with a heavier weighting in top tech stocks.
“This is more of a large-cap growth product [T Rowe Price U.S. Equity Research ETF],” he said. “There are components of characteristics of both passive and active here. This fund is actually managed by our North American directors of research. So again, strong fundamental research is going into the stock selection.”
Both the T. Rowe Price U.S. Equity Research ETF and S&P 500 are down around 7% since the beginning of the year. Meanwhile, the fund is up almost 9% over the past year. That’s less than one percent better than the S&P 500’s performance.
T. Rowe Price U.S. Equity Research ETF vs. S&P 500
‘Some form of bear market’
Strategas Securities’ Todd Sohn thinks investment demand for active managers will continue to be strong.
“This is the type of the environment where it [active management] can actually shine,” the firm’s senior ETF and technical strategist said. “We are in some form of bear market. This is where the active manager really can come into hand and offer their solution they are doing right.”