Closing Bell: Market Rotation Continues; Cisco Beats Expectations

Key Points

• Markets ended mostly flat, with the S&P 500 up 0.06%, Nasdaq-100 down 0.06%, and Russell 2000 off 0.30%
• Oklo posted a wider-than-expected adjusted EPS loss of $0.20 versus a $0.13 consensus, reported no revenue as it remains pre-revenue
• Cisco beat Q1 earnings expectations with $1.00 per share, raised its annual revenue forecast, and reported $1.3 billion in AI infrastructure orders

Markets closed nearly flat today, with the S&P 500 (SPX) up 0.06% and the Nasdaq-100 (NDX) down 0.06%. Small caps slipped as the Russell 2000 (RUT) declined 0.30%. Leading sectors were Health Care, Financials, and Materials, while Energy and Communication Services lagged.

Oklo Shares Rise Despite Earnings Miss

On Tuesday after the close, Oklo (OKLO) reported adjusted earnings per share (EPS) loss of $0.20, compared to consensus expectations of a $0.13 loss. As the company is still pre-revenue, no revenue was reported. Additionally, the U.S. Department of Energy approved Oklo’s Nuclear Safety Design Agreement (NSDA) for the Aurora Fuel Fabrication Facility (A3F) at the Idaho National Laboratory. This facility will produce the fuel required for Oklo’s first commercial-scale small nuclear reactor.

AMD Surges After Upbeat Outlook

Advanced Micro Devices (AMD) held its first Financial Analyst Day in three years and raised its long-term financial targets, driven by strong AI demand. AMD expects its AI Data Center business to grow at a compounded annual growth rate of more than 80% and believes it can capture over 50% of the server CPU market share within the next 3–5 years.

Cisco Raises Full-Year Sales Forecast

Cisco raised its annual revenue forecast as AI infrastructure demand continues to drive its order backlog. The company reported Q1 adjusted earnings per share of $1.00, beating consensus expectations of $0.98. AI infrastructure orders from hyperscale customers totaled $1.3 billion, while overall product orders grew 13% year-over-year.

Key Market Events for Tomorrow

• 8:00 AM ET: FOMC Member Daly Speaks
• 10:30 AM ET: FOMC Member Kashkari Speaks
• 12:00 PM ET: Crude Oil Inventories
• 12:15 PM ET: FOMC Member Musalem Speaks
• 12:20 PM ET: FOMC Member Hammack Speaks
• 1:00 PM ET: 30-YR Bond Auction

Notable Earnings for Tomorrow

• Premarket: JD, DIS
• Postmarket: AMAT, NU

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