U.S. equity futures are in the red this morning with the S&P 500 down 0.4%, Nasdaq off 0.7%, and the Russell 2000 dipping 0.2%. The pre-market session is buzzing with earnings-related volatility, as several big names post results or offer updates that are shaking up sentiment across sectors.

One of the most notable moves comes from Super Micro Computer (SMCI), plunging 17% after delivering disappointing preliminary Q3 results. The company cited delayed customer platform decisions during the quarter, which pushed expected sales into Q4, creating uncertainty in the near term.

Snap (SNAP) is also under pressure, tumbling 15%. The social media firm is skipping Q2 guidance altogether, pointing to an unpredictable macro environment as the main reason for withholding its outlook.

Starbucks (SBUX) shares are down 7.5% after reporting weaker-than-expected earnings per share. Comparable sales were underwhelming globally, with the U.S. and North America both missing estimates, highlighting broad-based softness in consumer demand.

On the flip side, Caterpillar (CAT) is up 3% despite an initially weak reaction. The stock turned higher as retail sales in its machinery, energy, and transportation segments rose 3%. The company also maintained its guidance under an alternate scenario that includes the impact of tariffs—an encouraging sign of resilience.

Western Digital (WDC) is surging 12% after posting strong earnings and offering standout guidance for the upcoming quarter. The upbeat tone is lifting investor sentiment in the tech hardware space.

Microsoft (MSFT) is relatively flat, down just 0.1%, but announced plans to boost data center capacity in Europe by 40% over the next two years. While not moving the stock much, the expansion underscores its long-term infrastructure ambitions.

GE HealthCare (GEHC) is gaining 6% after beating on both earnings and revenue and announcing a $1 billion share buyback program—a combination that markets tend to reward.

Norwegian Cruise Line (NCLH) is sinking 9% after a miss on both EPS and revenue. Its full-year profit view was also a letdown, clouding the outlook for the travel sector.

Finally, First Solar (FSLR) is down sharply, off 13%, after missing profit expectations and issuing grim full-year guidance. The solar sector, which had seen some recent optimism, is feeling the sting.

Today’s movers reflect a market grappling with inconsistent corporate performance and a complex macro backdrop. Investors appear to be rewarding strong guidance and punishing even slight misses, especially when future visibility is lacking. Are earnings season surprises setting the tone for a volatile quarter ahead?