Stocks Extend Rebound as Coca-Cola Earnings Near 10/02/2026

HOT stories for today

Market wrap:

• US equities opened the week higher, led by megacap technology, while the Dow Jones Industrial Average flirted with another record as investors looked ahead to fresh earnings and a run of delayed economic reports after last week’s turbulence. The S&P 500 rose about 0.5% in Monday trading, the Nasdaq Composite climbed roughly 0.9%, and the Dow was near flat after earlier touching a fresh intraday all-time high. Chipmakers remained in focus. NVIDIA added around 2%, and Broadcom gained about 3%, extending Friday’s advance. Oracle jumped roughly 9% after D.A. Davidson upgraded the stock to buy from neutral, citing optimism about OpenAI and other beneficiaries of the artificial-intelligence buildout. The gains follow Friday’s rebound, when the Dow cleared 50,000 for the first time, snapping back from earlier-week losses sparked by a tech-led selloff that hit software names. Bitcoin also slid during the risk-off stretch before recouping some ground. “Investors are saying, ‘Okay, we had a tremendous bounce back. Does that have staying power?” said Sam Stovall, CFRA Research’s chief investment strategist.
• He highlighted a sharp shift in tech valuations, saying the group has moved from a 17% premium to an 8% discount versus its five-year average on a forward price-to-earnings basis. The market’s rotation away from technology could reappear depending on the results in the days ahead. Coca-Cola and Ford are among the companies slated to report on Tuesday. On the macro front, attention turns to the delayed January jobs report from the Bureau of Labor Statistics, due Wednesday after being pushed back by the partial government shutdown. The shutdown-delayed January CPI report is due Friday, with consensus calling for 2.5% year-over-year inflation.

Micron Slips on Rubin HBM4 Concerns

• Micron fell more than 2% Monday after reports suggested its next-generation HBM4 memory may be left out of Nvidia’s Rubin GPUs during the platform’s first year, raising fresh concerns about competition in the fast-growing AI memory market. Samsung is set to begin mass production of HBM4 chips for Nvidia’s Vera Rubin GPUs this month, while SK Hynix is expected to capture a mid-50% share of supply. Reports indicate Micron could still secure roughly 20% of Rubin’s HBM4 supply, though research firm SemiAnalysis said the company hasn’t yet met Nvidia’s pin-speed requirements for the initial rollout. 
• Mizuho’s Jordan Klein said the stock’s decline appears tied to headlines suggesting Micron’s HBM4 chips may lag rivals, though company executives have previously pushed back on claims of performance issues and could provide updates at a March technology conference. The pullback comes after a strong run for Micron shares this year and against a backdrop of surging demand for AI infrastructure. RBC Capital Markets estimates rising memory prices could account for about one-third of the increase in AI spending among the top hyperscale cloud providers. Memory prices are climbing sharply as supply tightens. DRAM prices are expected to more than double this year, while NAND prices could rise more than 85%, according to TrendForce data cited by RBC. Analysts estimate data-center memory spending could reach $237 billion in 2026, roughly 30% of total capex for major cloud providers, with price changes likely to remain a key wildcard beyond 2027.

Stocks on the move:

• Oracle (ORCL): Shares jumped 9% after D.A. Davidson upgraded the enterprise-software maker to buy from neutral. The firm said a retooled OpenAI could reassert itself as Google’s leading challenger and, backed by new capital, meet its commitments this year, including to Oracle.
• STMicroelectronics (STM): The European chipmaker rose almost 9% after announcing an expanded, multibillion-dollar partnership with Amazon Web Services aimed at supporting cloud and AI data-center infrastructure.
• Kroger (KR): Shares gained 6% after the grocer named former Walmart executive Greg Foran as its next chief executive. Foran previously led Walmart’s U.S. business during a turnaround.
• AppLovin (APP): The mobile marketing platform surged 13% after CapitalWatch issued an apology and correction tied to a money-laundering allegation made in January. AppLovin had demanded the short seller retract its report.
• Novo Nordisk (NVO), Hims & Hers Health (HIMS): Novo rose 3% while Hims & Hers plunged 24% after the telehealth company pulled a copycat weight-loss pill following Novo’s threat of legal action.
• Robinhood (HOOD): The brokerage climbed 5% after Wolfe Research upgraded the stock to buy, citing an attractive risk-reward setup despite a recent pullback in crypto-linked names.

Watchlist: KO, AZN, CVS, DUK, SPOT, HOOD, COIN, STM, NVDA

Key Economic Events Today:

EST time

08:30 am: USD Core Retail Sales
08:30 am: USD Import Prices
10:00 am: USD Business Inventories
12:00 pm: USD FOMC Member Hammack Speaks
01:00 pm: USD FOMC Member LoganSpeaks


Earnings

BMO (Before Market Open): Coca-Cola Comp. (KO), AstraZeneca (AZN), CVS Health Corp (CVS), DUK Energy (DUK), Spotify (SPOT)

AMC (After Market Close): Gilead Sciences (GILD), Welltower (WELL)

 

The TEFS Analyst team wishes you a successful day!