This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) lost nearly 1% on Monday, and as Tuesday dawns is continuing to slide, down another 0.4% premarket. Media pundits continue to blame investor worries about an over-heated market, and overpriced AI stocks in particular, citing declines in still-pretty-red-hot names such as Palantir (Nasdaq: PLTR), which reported strong earnings earlier this month, and Nvidia (Nasdaq: NVDA), which reports tomorrow after the close.
And not only investors are worried.
This morning Alphabet (Nasdaq: GOOG) CEO Sundar Pichai told the BBC that momentum behind AI stocks this year has been “extraordinary,” but he also sees a certain amount of “irrationality” in AI stock valuations lately. Even more ominously, Pichai warned that if investors decide to rethink the multiples they’ve been paying for tech stocks, “no company is going to be immune, including us.”
And yet, perversely, this morning Alphabet stock is up more than 1% pre-market, while both Palantir and Nvidia are down! For the time being at least, Alphabet does look kind of immune!
Quick Read
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Alphabet CEO Sundar Pichai warns that valuations of AI stocks may have become irrational. Says no stock may be immune to the selloff.
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Home Depot missed on earnings today, but beat on sales, and warned on earnings.
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Earnings
In earnings news, we have a couple of big S&P 500 component companies reporting this morning:
Home Depot (NYSE: HD) missed by a dime today, reporting Q3 profit of $3.74 per share on sales of $41.4 billion. Wall Street only expected $41.2 billion in sales, however, so the news is not all bad. However, for the full year, Home Depot projects sales growth of about 3% with “slightly positive” same-store sales growth, but net profit down 6% at approximately $14.01 per share.
Home Depot stock is down more than 4% premarket.
In contrast, Medtronic (NYSE: MDT) beat earnings by a nickel with fiscal Q2 2026 earnings of $1.36 per share and sales of $9 billion, again better than forecast. Medtronic guided higher than expected, with fiscal 2026 profit expected to range from $5.62 to $5.66, and Medtronic stock is up nearly 4%.
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