Stock Market Today (LIVE): Lunar Stock Gets a Lift From Pentagon; ISRG Is Up 10%, and Here’s Why

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Pentagon Space Boom Lifts Lunar Stock

3:27 pm — LUNR +6.25%

It turns out the Pentagon is pretty serious about space. The U.S. Air Force is requesting $339 billion in fiscal 2027 funding (a 37.6% jump) with $71 billion headed straight to the U.S. Space Force (a 124% year-over-year increase). Intuitive Machines (LUNR +6.65%) jumped more than 6% on news of the budget request, with its subsidiary Lanteris already in line for Golden Dome contracts.

• Follow the money: Satellite communications spending rises 60% to $6.7 billion. Missile defense rises 70% to $6.8 billion. Both are right in Intuitive Machines’ wheelhouse.
• The whopper line item: “Space control” — keeping U.S. satellites safe and enemy satellites grounded — pulls in $21.6 billion, a 158% increase, with Lanteris among the front-runners.

Today’s Change

(6.65%) $1.85

Current Price

$29.67

Key Data Points

Market Cap

$4.4B

Day’s Range

$28.79 – $31.12

52wk Range

$7.75 – $31.12

Volume

420K

Avg Vol

13M

Gross Margin

2.57%

Intuitive Surgical Soars on Q1 Beat

3:22 pm — ISRG +7.19%

Intuitive Surgical (ISRG +7.34%) is up 8% today after a strong first quarter: sales rose 23%, adjusted EPS jumped 38%, and total procedures grew 17%. It’s the company’s 13th consecutive quarter of double-digit sales growth — a streak that’s getting harder to ignore.

• The international angle: Da Vinci procedures outside the U.S. grew 19%, with international markets now accounting for 38% of total da Vinci volume. Policy changes in Japan and Europe are helping.
• Built to keep growing: Recurring revenue — instruments, accessories, services — now makes up 86% of total revenue, giving the business a remarkably durable foundation.

Today’s Change

(7.34%) $33.11

Current Price

$484.40

Key Data Points

Market Cap

$160B

Day’s Range

$460.65 – $491.05

52wk Range

$427.84 – $603.88

Volume

259K

Avg Vol

1.9M

Gross Margin

65.98%

Two Reasons Why Micron Is Up 10%

2:51 pm — MU +8.86%

Micron (MU +8.49%) is having a great Wednesday. Shares are up roughly 8%, thanks to a pair of unrelated tailwinds arriving on the same day: the U.S.-Iran ceasefire got an extension (good for markets generally), and Micron is pushing Congress to pass the MATCH Act, which would crack down on foreign companies selling advanced chip-making equipment to China.

• Why Micron wants this law: Tighter restrictions on Chinese chipmakers sourcing foundry equipment means fewer homegrown rivals capable of building chips that compete with Micron’s designs. Self-interest, meet legislation.
• The broader party: The Nasdaq is up 1.2% today — but Micron is lapping the field.

Today’s Change

(8.49%) $38.17

Current Price

$487.55

Key Data Points

Market Cap

$507B

Day’s Range

$458.73 – $491.97

52wk Range

$72.50 – $491.97

Volume

1.4M

Avg Vol

41M

Gross Margin

58.54%

Dividend Yield

0.11%

Data Centers Supercharge GE Vernova

2:17 pm — GEV +12.22%

Turns out AI needs electricity, and GE Vernova (GEV +12.72%) is happy to oblige. GEV’s shareholders are happier. The company raised its 2026 revenue outlook to $44.5–$45.5 billion after orders jumped 71% to $18.3 billion and backlog ballooned to $163 billion. Data centers alone drove $2.4 billion in Q1 orders, more than all of last year combined.

• The EPS headline needs an asterisk: $17.44 per share sounds spectacular against the $1.95 consensus, but a $3.99 billion pretax gain from the Prolec GE acquisition did a lot of the heavy lifting.
• Wind, though: Revenue there dropped 23%. Fortunately for GE Vernova, nobody building a data center is asking for a turbine.

Today’s Change

(12.72%) $126.14

Current Price

$1117.44

Key Data Points

Market Cap

$267B

Day’s Range

$1073.00 – $1141.50

52wk Range

$333.19 – $1141.50

Volume

175K

Avg Vol

2.6M

Gross Margin

20.28%

Dividend Yield

0.15%

LinkedIn Taps New CEO for AI Era

1:00 pm — MSFT +1.7%

Microsoft (MSFT +1.98%) appointed longtime executive Dan Shapero as the new CEO of LinkedIn, effective immediately. Shapero succeeds Ryan Roslansky, who steered the platform to 1.3 billion members and will now focus on his role as executive vice president for Microsoft Office. The leadership transition follows the retirement of Office chief Rajesh Jha and comes as LinkedIn faces a critical juncture. While the platform recently reported 11% revenue growth, it continues to trail Meta (META +1.29%) in both scale and expansion speed. Microsoft is betting that Shapero’s experience across product and sales will accelerate the integration of generative AI into the professional network to unlock new monetization streams.

• Scaling Through Turbulence: During Roslansky’s six-year tenure, LinkedIn nearly doubled its user base, but the platform must now navigate a “transformation” where AI alters professional networking and hiring.
• Productivity Synergy: Roslansky’s shift to the Office group suggests Microsoft is tightening the integration between LinkedIn’s professional data and its core enterprise software suite to defend its cloud dominance.

Uncle Sam May Bail Out Spirit Airlines

1:05 pm — FLYYQ +193.3%

The Trump administration is in advanced negotiations to provide a $500 million rescue package for Spirit Airlines (OTC: FLYYQ) to prevent imminent liquidation. The deal would likely grant the federal government an equity stake through senior financing, placing taxpayers ahead of other stakeholders. Spirit, currently in its second bankruptcy filing within a year, has been battered by rising fuel costs and the fallout from its blocked merger with JetBlue Airways (JBLU 6.78%). While the administration blames previous regulatory hurdles for Spirit’s fragility, this potential intervention marks a significant shift toward direct corporate bailouts for distressed carriers.

• Dominance of the Big Four: As Spirit struggles, legacy carriers like Delta Air Lines (DAL 2.90%) and United Airlines (UAL 6.49%) continue to gain market share by successfully luring travelers with their own basic economy offerings.
• Energy Headwinds: Domestic jet fuel prices have nearly doubled recently, creating a brutal environment for discount models that lack the fuel-hedging sophistication of larger competitors.

Nvidia Bets Big on Vast Data

12:20 pm — NVDA +0.7%

Nvidia (NVDA +0.94%) continues its aggressive startup investment spree, participating in a $1 billion Series F round for Vast Data that values the AI infrastructure firm at $30 billion. This valuation more than triples the company’s 2023 levels, reflecting the desperate corporate need for software that manages data across millions of GPUs. Vast Data reported surpassing $4 billion in cumulative bookings, with customers ranging from the U.S. Air Force to OpenAI-rival xAI. For Nvidia, the deal cements its influence over the full AI stack, ensuring its chips remain integrated with the most sophisticated data management systems available to “neocloud” providers and government agencies alike.

• Ecosystem Domination: By backing Vast Data alongside other heavyweights like Fidelity (FNF 0.28%), Nvidia is effectively subsidizing the infrastructure that its largest customers use to deploy thousands of H100 chips.
• Explosive Revenue Growth: Vast Data exited its last fiscal year with over $500 million in annual recurring revenue, a rare milestone for private AI firms that suggests genuine enterprise utility over mere hype.

Palantir Surges on Food Security Bet

12:15 pm — PLTR +3.7%

Palantir (PLTR +4.15%) shares climbed Wednesday after securing a $300 million contract with the U.S. Department of Agriculture to safeguard the domestic food supply. The deal utilizes Palantir’s data-integration tools to manage farmland and monitor foreign land acquisitions, particularly by China, as geopolitical tensions and trade wars squeeze American farmers. While the company is famous for its defense work and AI-driven targeting systems, this expansion into agricultural infrastructure helps diversify its federal revenue stream beyond the battlefield. Despite the win, the stock remains down 18% this year as CEO Alex Karp continues to clash with high-profile short sellers like Michael Burry over the firm’s valuation.

• Geopolitical Inflation Hedge: With the war in Iran driving fertilizer and shipping costs higher, the USDA is betting Palantir’s software can optimize supply chains for farmers currently receiving federal bailouts.
• National Security Pivot: The contract specifically targets vulnerabilities in the Agricultural Foreign Investment Disclosure Act, aiming to prevent adversarial nations from exploiting U.S. commercial land transactions.

Today’s Change

(4.15%) $6.06

Current Price

$152.03

Key Data Points

Market Cap

$349B

Day’s Range

$147.41 – $152.63

52wk Range

$97.83 – $207.52

Volume

1.1M

Avg Vol

52M

Gross Margin

82.37%

SpaceX’s IPO Stakes Rise With Cursor Deal

11:05 am

Elon Musk is positioning SpaceX as a global AI titan ahead of its historic June IPO, securing an option to acquire AI coding startup Cursor for $60 billion. The deal leverages the massive “Colossus” supercomputer—composed of 1 million H100 equivalents—to integrate Cursor’s developer tools into the SpaceX ecosystem. This aggressive expansion, following the recent merger with xAI, aims to justify a projected $1.8 trillion valuation. While SpaceX remains private for now, the move mirrors the strategy of Amazon (AMZN +2.21%), which recently funneled another $5 billion into Anthropic to secure chip dominance.

• Capital Intensity Escalation: AI startups are increasingly trading equity for massive compute access, as seen with Amazon’s reliance on its proprietary Trainium chips to lure high-value partners.
• Valuation Vanguard: If SpaceX achieves its $1.8 trillion listing target, it would immediately rival the market caps of tech stalwarts like Alphabet (GOOG +2.12%) and Meta (META +1.29%).

Masco Paints a Picasso in Q1

10:20 am — MAS +12.8%

By Anthony Schiavone

Shares of Masco (MAS +9.96%) are up more than 10% on Wednesday morning after the paint & plumbing manufacturer delivered a strong first-quarter earnings report. Sales grew 6%. Adjusted earnings per share grew 20%. And the company returned $267 million to shareholders through dividend and buybacks, representing about 2% of its average market cap during the quarter. Sales and adjusted EPS were both better than expected. As Charlie Munger once said, the secret to a happy life is low expectations. Clearly, the market’s expectations were too low for Masco coming into this report.

Today’s Change

(9.96%) $6.65

Current Price

$73.41

Key Data Points

Market Cap

$14B

Day’s Range

$72.93 – $76.10

52wk Range

$56.55 – $79.19

Volume

6.4M

Avg Vol

2.8M

Gross Margin

35.40%

Dividend Yield

1.87%

Google Unveils Custom Chips to Rival Nvidia

10:10 am — GOOG +1.6%

Alphabet (GOOG +2.12%) unveiled the eighth generation of its Tensor Processing Unit (TPU) Wednesday, marking a strategic shift by launching separate processors specialized for AI training and inference. By decoupling these tasks, Google aims to improve efficiency for “AI agents” while challenging the dominance of Nvidia (NVDA +0.94%). The new inference chip, TPU 8i, boasts 80% better performance than its predecessor and utilizes triple the static random-access memory (SRAM) to reduce latency. While Google remains a major Nvidia customer, this $900 billion internal hardware play offers cloud clients a cost-effective alternative to GPUs, with major partners like Anthropic already committing to massive TPU deployments.

• Speed Without the Spend: The new training chip delivers 2.8 times the performance of the previous Ironwood model at the same price point, pressuring margins for pure-play chipmakers.
• Custom Silicon Arms Race: Amazon (AMZN +2.21%) and Microsoft (MSFT +1.98%) are following similar paths, but Google’s decade of in-house design gives it a head start in powering quantitative research for firms like Citadel Securities.

Opening Bell

9:35 am

Wall Street advanced Wednesday as President Trump extended the U.S. ceasefire in Iran, citing a “fractured” Tehran government. The Dow jumped 385 points, while the S&P 500 reached new heights despite news of Iran seizing container ships in the Strait of Hormuz. Analysts suggest the AI-driven productivity boom is providing a structural floor for equities, allowing the S&P 500 to shrug off short-term diplomatic “bumps.” With over 80% of reporting companies exceeding analyst estimates, the “de-escalation rally” continues to push indices toward historic milestones.

Top of the Morning

9:25 am — MANH +10.5% in before-hours trading

By Andy Cross
Motley Fool CIO

Manhattan Associates (MANH +5.37%) reported improving Q1 2026 results with accelerating cloud revenue growth, record future obligations, and expanding AI agent adoption. It also boosted full-year guidance, invested heavily in its sales initiatives, and forward-deployed engineering teams tied to its evolving, and improving, AI strategy.

Once again, and on purpose, Manhattan’s cloud business is driving the way. Growth accelerated to 24.2% from 20% in Q425, while the older software sales continue to dwindle. Revenues increased 7%, but stripping out the legacy software and maintenance business, sales increased 13%. Services revenue increased 4%, another quarter of improvement after declines last year. Win rates continue to be above 70%, and 55% of new bookings are coming from new clients. A new relationship with Google Cloud Marketplace is helping spur growth. RPO, the all-important future obligations, grew 24%.

We’re starting to see a quiet shift in how Manhattan is building and deploying AI through its platform, and it’s showing some wins. 

ASML CEO Vows to Avoid AI Supply Bottleneck

8:15 am — ASML +0.83% in pre-market trading

At ASML‘s (ASML 1.03%) annual meeting on Wednesday, CEO Christophe Fouquet struck a defiant tone, vowing that the lithography leader will “avoid by all possible means” becoming a bottleneck for the AI-driven semiconductor boom. Fouquet emphasized that failing to deliver equipment on time is the firm’s primary threat, as “customers will be strongly tempted to look at other suppliers” if delays occur. While Nvidia (NVDA +0.94%) and TSMC (TSM +5.09%) scramble for capacity, Fouquet dismissed emerging competitors like Substrate and xLight as mere “ideas” rather than viable rivals. Despite looming U.S. export restrictions that could impact 20% of its revenue, CFO Roger Dassen noted that in a world of “undersupply,” lost capacity in China will simply force other regions to “build more than originally planned.”

• AI Supply Constraint: Fouquet warned that supply for advanced memory and logic “will not meet demand for the foreseeable future,” prompting long-term capital commitments from global chipmakers.
• Geopolitical Realism: Management remains cautious on the U.S. “MATCH Act” impact, but Dassen maintains that policymakers recognize the global “need for capacity” remains fixed regardless of regional bans.

Today’s Change

(-1.03%) $-14.97

Current Price

$1444.00

Key Data Points

Market Cap

$562B

Day’s Range

$1378.85 – $1477.87

52wk Range

$651.46 – $1547.22

Volume

97K

Avg Vol

1.8M

Gross Margin

52.60%

Dividend Yield

0.53%

Best Buy Bets on Bonfig to Spark AI Recovery

8:00 am — BBY +0.65% in pre-market trading

Best Buy (BBY 4.82%) is turning to a 25-year company veteran to reverse four years of stagnant sales, naming Jason Bonfig to succeed Corie Barry as CEO on October 31. Bonfig, the current chief customer and fulfillment officer, faces the uphill task of navigating a retail landscape marred by “price-conscious” consumers and high memory costs that threaten PC margins. While Barry led the company through the pandemic’s massive appliance boom and navigated a sharp increase in global tariffs, the stock has struggled to keep pace with the S&P 500. Investors are now pinning their hopes on Bonfig’s expertise in supply chain and digital advertising to leverage the next wave of AI-enabled hardware.

• “Memflation” Headwinds: Goldman Sachs recently slapped a “Sell” rating on the stock, warning that surging memory component costs will likely force laptop prices higher, causing consumers to trade down to cheaper models.
• The AI Recovery Play: Despite the bearish outlook, management expects Bonfig to accelerate the rollout of AI-centric mobile and computing products to recapture market share from rivals like Home Depot (HD 1.63%) and Lowe’s (LOW 2.37%).

Today’s Change

(-4.82%) $-3.21

Current Price

$63.38

Key Data Points

Market Cap

$14B

Day’s Range

$62.84 – $64.56

52wk Range

$59.77 – $84.99

Volume

3.6M

Avg Vol

4.6M

Gross Margin

22.45%

Dividend Yield

5.72%

This Morning’s Breakfast News

7:30 am

Stock market futures were higher this morning, after President Trump said he’s extending the ceasefire until “discussions are concluded, one way or the other” – following a request from peace broker Pakistan, until “leaders and representatives can come up with a unified proposal.” In early trading, S&P 500 futures gained 0.5%, with Nasdaq futures up 0.7%.

• “I have … directed our military to continue the blockade”: There’s no let-up of pressure on ships connected with Iran yet, as the Strait of Hormuz remains closed after Iran accused the U.S. of breaking its commitments.
• “Biggest oil supply disruption on record” – Reuters: Despite the threat of immediate escalation subsiding, oil futures barely moved, held back by the growing uncertainty. Benchmark Brent Crude fell just 0.6% this morning to a fraction below $98, with WTI down 1% at around $89.

ICYMI: Tuesday’s Scoreboard

7:00 am — EME +0.95% in pre-market trading

Emcor Group (EME +2.19%) was the subject of the latest Scoreboard video.

ASTS Rises on FCC Spectrum Approval

6:30 am — ASTS +4.42% in pre-market trading

AST SpaceMobile (ASTS +5.59%) shares gained after the FCC approved 223 satellites to use AT&T and Verizon spectrum for direct-to-cell service. The stock climbed approximately 3.5% as traders viewed the regulatory milestone as reducing commercial risk.

• FCC clears major regulatory hurdle: The approval allows ASTS to operate satellites using carrier spectrum for its satellite-to-smartphone network, unlocking commercial potential tied to existing agreements with major wireless carriers.
• Regulatory milestone reduces overhang: The FCC decision removes a key regulatory uncertainty and advances the company’s plans to provide direct satellite connectivity to standard smartphones without requiring specialized equipment.

Today’s Change

(5.59%) $4.47

Current Price

$84.48

Key Data Points

Market Cap

$23B

Day’s Range

$82.74 – $87.78

52wk Range

$22.07 – $129.89

Volume

777K

Avg Vol

15M

Gross Margin

-14399.31%

Netflix Pivots to Real Estate After WBD Exit

6:00 am — NFLX +0.62% in pre-market trading

Netflix (NFLX +0.76%) is reportedly in negotiations to acquire the historic Radford Studio Center in Los Angeles from a group of lenders led by Goldman Sachs (GS +0.70%). The streaming titan is eyeing a bargain price near $600 million–a steep drop from the studio’s $1.85 billion valuation in 2021–after previous owner Hackman Capital Partners defaulted on a $1.1 billion loan. This “opportunistic” move follows Netflix’s exit from a bidding war for Warner Bros. Discovery (WBD +0.06%), which is now pursuing a $111 billion merger with Paramount Skydance (PSKY +1.64%). By pivoting toward distressed real estate, Netflix aims to scale its internal production capacity as it targets $3 billion in advertising revenue for 2026.

• Asset Repossession Discount: Lenders repossessed the “hit factory” lot after occupancy rates across Los Angeles fell to 62%, allowing Netflix to bid for a fraction of the previous sale price.
• Strategic Cash Allocation: Buoyed by a $2.8 billion breakup fee from the failed WBD deal, Netflix is shifting capital from massive content acquisitions toward permanent infrastructure like its $1 billion New Jersey production hub.

Avis Soars on Massive Short-Squeeze Frenzy

5:15 am — CAR +5.47% in pre-market trading

Avis Budget Group (CAR 36.27%) shares continue their unprecedented rally, with the stock surging approximately 383% in April amid an extreme short squeeze. The rental car company’s stock hit a record high of $723.57, driven by heavy short interest and explosive options activity rather than fundamental business changes.

• Record-breaking surge defies fundamentals: CAR shares have gained roughly 383% from their March 31 close of $145.85, with daily jumps exceeding 20% as the stock trades in extremely overbought territory.
• Short interest fuels squeeze dynamics: Heavy short interest combined with explosive options activity has created GameStop (GME +3.82%)-style dynamics, with options volume reaching seven times typical levels during recent trading sessions.

Today’s Change

(-36.27%) $-258.97

Current Price

$455.00

Key Data Points

Market Cap

$25B

Day’s Range

$450.53 – $845.00

52wk Range

$84.79 – $845.00

Volume

471K

Avg Vol

1.9M

Gross Margin

25.19%

Before the Opening Bell

5:00 am

Stock futures climbed Wednesday morning after President Donald Trump indefinitely extended the ceasefire with Iran, staving off a deadline that many feared would trigger an immediate escalation. While the extension provides a much-needed cooling-off period for the S&P 500, structural risks remain high as peace talks in Pakistan have stalled and the critical Strait of Hormuz remains largely impassable. Despite the geopolitical overhang, oil prices retreated slightly on whispers of a potential easing of the U.S. naval blockade. Market attention is now shifting toward a high-stakes earnings day, with Tesla (TSLA +0.28%), AT&T (T +0.43%), and Boeing (BA +5.22%) all set to report results that will test investor confidence in a high-inflation, high-risk environment.

• Earnings High Stakes: Analysts expect Tesla to post EPS of $0.37 on $22.7 billion in revenue, with the focus squarely on robotaxi timelines rather than delivery misses, while Boeing aims for “demonstrable advancement” despite a projected 68-cent per share loss.
• Telecom and Trade: AT&T reports pre-market with a focus on fiber growth and free cash flow, though the broader sector remains vulnerable to the 70% drop in maritime traffic through the Persian Gulf.