The equity market saw a tumultuous session as stocks continued their downward trajectory and bond yields plunged. The catalyst for this selloff was a disappointing jobs report that has raised concerns about the Federal Reserve’s delay in cutting interest rates. Investors are now worried that the central bank’s stance could exacerbate economic slowdowns. Let’s dive into the performance of key stocks and sectors that shaped today’s market.

Exxon Mobil: Strong Performance Amid Turmoil

Exxon Mobil emerged as a bright spot in an otherwise bleak market. The energy behemoth reported a robust second-quarter profit, fueled by record production in Guyana and the Permian Basin. The company posted earnings per share of $2.14, surpassing LSEG’s forecast of $2.01. This strong performance led to a slight uptick in Exxon shares during premarket trading, showcasing investor confidence despite the broader market woes.

Intel: A Steep Decline

In stark contrast, Intel faced a harsh day as its shares plummeted 20%. The company delivered weaker-than-expected earnings and revenue for the second quarter, which was compounded by an announcement of significant layoffs. Intel plans to cut over 15% of its workforce as part of a $10 billion cost-cutting initiative. This drastic measure reflects the company’s struggle to navigate a challenging market environment.

Amazon: A Clouded Future

Amazon also disappointed investors, with its stock falling over 8% following its quarterly earnings report. While the company’s cloud division showed a healthy 19% revenue increase, surpassing analysts’ estimates, overall revenue and future forecasts fell short. This mixed performance has raised concerns about Amazon’s growth prospects in the near term.

Clorox: A Surprising Upside

On a more positive note, Clorox shares rose by 1.7%, buoyed by optimistic earnings guidance. The company forecasted fiscal full-year earnings between $6.55 and $6.80 per share, outstripping the LSEG consensus of $6.45 per share. Additionally, Clorox’s fiscal fourth-quarter adjusted earnings of $1.82 per share comfortably beat expectations, demonstrating the company’s resilience in a volatile market.

Apple: Steady as She Goes

Apple shares ticked up 0.3% after the tech giant reported better-than-expected results for its fiscal third quarter. The company posted earnings of $1.40 per share, beating analysts’ predictions of $1.35 per share. Revenue also came in strong at $85.78 billion, surpassing estimates. Apple’s steady performance provides a measure of stability amid market uncertainty.

Coinbase: Modest Gains

Coinbase saw a 1.3% increase in its stock price after reporting a slightly better-than-expected second quarter. The crypto exchange’s revenue of $1.45 billion just edged out the forecasted $1.40 billion, indicating steady interest in digital assets despite market fluctuations.

Booking Holdings: Under Pressure

Booking Holdings faced a more challenging day, with shares slipping over 5% despite surpassing expectations on both revenue and earnings. The company’s guidance for third-quarter adjusted EBITDA fell short of analyst expectations, leading to a dip in investor sentiment. The online travel company’s cautious outlook underscores concerns about the travel sector’s recovery trajectory.

Microchip Technology: Sector Struggles

Lastly, Microchip Technology experienced a 7% drop in its stock price. While the company’s adjusted earnings for the fiscal first quarter exceeded expectations, revenue met forecasts. However, its forward guidance for the second quarter disappointed, with projected earnings per share falling below consensus estimates. The management cited a challenging macroeconomic environment and ongoing inventory corrections as key hurdles.

Today’s market action underscores the heightened sensitivity of investors to economic indicators and corporate earnings. As concerns about the Federal Reserve’s policy decisions grow, market volatility is likely to persist. Investors should brace for a bumpy ride and stay informed on key economic data and corporate earnings reports in the coming weeks.