F5, Brinker International, Starbucks, and More

U.S. equities were mostly lower at midday as the market waited for the latest comments from the Federal Reserve about the future of interest rates, which are coming later today. The Dow Jones Industrial Average was little changed, while the S&P 500 and Nasdaq fell.

F5 (FFIV) was the best-performing stock in the S&P 500 when the cloud-solutions provider reported record results and gave strong guidance as market demand increased and IT spending became more stable. Its shares traded at an all-time high, as did those of Brinker International (EAT), which pointed to booming sales at its Chili’s locations as it beat profit and sales forecasts and raised its guidance.

Starbucks (SBUX) shares gained when the biggest coffee retailer exceeded earnings and revenue expectations and new CEO Brian Niccol expressed optimism the company’s turnaround plan is working.

Nvidia (NVDA) shares declined as the chipmaker warned that it may not be able to meet demand for its latest graphics cards set to be released tomorrow.

Packaging Corporation of America (PKG) shares slumped after the maker of shipping materials missed profit forecasts as sales of its paper products slowed.

Shares of Manhattan Associates (MANH) sank when the supply-chain and commerce software solutions provider said its 2025 profit outlook would be less than in 2024 because it faced a “turbulent macro environment.” 

Oil futures dropped. Gold prices were up. The yield on the 10-year Treasury note was little changed. The U.S. dollar advanced on the euro and pound, but lost ground to the yen. Most cryptocurrencies traded higher.