Trump links Tylenol use to autism, AutoZone reports downbeat Q4: Morning Buzz

The major averages were mixed near noon as traders continue to monitor the recent market rally, as well as risks to future gains. Of note, investors are keeping close eyes on Fed Chair Jerome Powell, who is scheduled to make remarks later. Concerns over the H-1B visa fee hike have unsettled some tech names, given how much the sector relies on global talent. There’s also mounting regulatory and political uncertainty, especially with regard to future Fed independence and global economic headwinds.

On the macroeconomic front, the OECD said that the Fed has room for up to three more rate cuts, anticipating U.S. growth to slow through 2025 into 2026.

Looking to commodities, “safe haven” asset gold continues to hit record highs, with the commodity surpassing the $3,800 threshold. Meanwhile, oil prices are surging following yesterday’s declines ahead of API crude numbers, set to be released after the close.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Kenvue (KVUE) was in focus after The Wall Street Journal reported that when President Trump labeled Tylenol use in pregnant women as a potential cause of autism, he threw the weight of his office behind a theory that has not yet been proven and defied the guidance of his scientific advisers
• A group of U.S. lawmakers visited Beijing to talk up a Boeing (BA) deal with China, Reuters reports
• Sinclair (SBGI) and Nexstar (NXST) both plan to continue to preempt “Jimmy Kimmel Live!” even though ABC (DIS) said the show will return to the air on Tuesday
• Sempra Energy (SRE) agreed to sell a 45% interest in Sempra Infrastructure Partners to affiliates of KKR (KKR) for $10B
• AutoZone (AZO) reported downbeat Q4 earnings but in-line revenue

2. WALL STREET CALLS:

• CoreWeave (CRWV) upgraded at Melius and Wells Fargo, citing cloud computing demand
• Lululemon (LULU) downgraded at Baird, here’s why
• Guggenheim upgraded Johnson & Johnson (JNJ) on growth post Stelara expiry
• Symbotic (SYM) downgraded to Sell at UBS
• Vistra (VST) downgraded to Hold at Jefferies following 160% run-up

3. AROUND THE WEB:

• Tariffs on aluminum imports will not incentivize Alcoa (AA) to invest in the U.S. even as the company pulls back from expansion in Canada, Semafor reports
• A threat actor claims to have hacked American Airlines (AAL), Daily Dark Web reports
• Tesla (TSLA) is actively recruiting semiconductor experts to enhance its next-generation chip development and mass production capabilities, DigiTimes reports
• Nvidia’s (NVDA) plan to invest $100B in OpenAI has helped reset market expectations about the startup’s finances, WSJ reports
• Amazon (AMZN) plans to close all 19 Fresh stores in the UK and convert five of them into Whole Foods Market shops, just four years after launching the first in London, Guardian says

4. MOVERS:

• Poet Technologies (POET) increases in New York after receiving an initial production order for its optical engines
• United States Antimony (UAMY) gains after being awarded a $245M five-year contract
• BigBear.ai (BBAI) higher after announcing a collaboration with SMX to enhance maritime awareness for the U.S. Navy
• FireFly Aerospace (FLY) falls after reporting Q2 results and providing guidance for FY25
• Portillo’s (PTLO) lower after announcing the departure of CEO Michael Osanloo

5. EARNINGS/GUIDANCE:

• McKesson (MCK) raised its guidance for FY26 and long-term adjusted EPS view
• InMed Pharmaceuticals (INM) reported results for FY25, with EPS and revenue higher year-over-year
• Guardforce AI (GFAI) reported results for 1H, with CEO Lei Wang commenting, “We made significant progress advancing our AI-first strategy”
• Genius Group (GNS) reported 1H results, with EPS and revenue lower year-over-year
• Trident Digital (TDTH) reported 1H results, with EPS and revenue lower year-over-year

INDEXES:

Near midday, the Dow was up 0.16%, or 72.52, to 46,454.06, the Nasdaq was down 0.31%, or 69.52, to 22,719.46, and the S&P 500 was down 0.15%, or 10.03, to 6,683.72.