US stock futures fell sharply as Federal Reserve Chair Jerome Powell signaled no rush to lower interest rates, adding pressure to an already jittery market. Meanwhile, unease over President-elect Donald Trump’s cabinet appointments further dampened investor sentiment. Contracts for the S&P 500 suggested a second day of losses, and Nasdaq 100 futures dropped 0.8%.

Here’s a closer look at key stocks making headlines today:

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Applied Materials (AMAT): Shares Sink on Weak Guidance

Shares of semiconductor equipment manufacturer Applied Materials tumbled over 8% after issuing revenue guidance below Wall Street expectations for the upcoming quarter. The company forecasted revenue of $7.15 billion for its fiscal first quarter, falling short of analysts’ estimates of $7.224 billion (as per LSEG data).

Despite the weaker guidance, Applied Materials posted better-than-expected results for its fiscal fourth quarter and provided an optimistic outlook for adjusted earnings per share. Still, the revenue shortfall weighed heavily on investor sentiment, sparking the sharp decline in its stock price.

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Alibaba (BABA): Profit Beats, Sales Disappoint

Alibaba shares rose over 3% after the Chinese e-commerce giant exceeded profit expectations for its fiscal second quarter. The company reported a 58% year-on-year increase in net income, buoyed by strong equity investment performance. However, its revenue of 236.5 billion yuan ($32.4 billion) grew just 5% year-on-year, missing analysts’ forecast of 238.9 billion yuan.

The mixed results reflect Alibaba’s ongoing challenges amid weaker consumer spending in China, as the economy grapples with a sluggish recovery. Investors appeared encouraged by the profit beat, but the revenue miss underscores the difficulties the company faces in driving growth in its core business.

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Moderna (MRNA): Under Pressure Amid Controversial Cabinet Pick

Moderna shares slipped 1.8%, extending losses from the previous session following news that President-elect Donald Trump nominated Robert F. Kennedy Jr. to lead the Department of Health and Human Services. Kennedy, a vocal critic of vaccines, is a polarizing choice, and his nomination has raised concerns about the future direction of U.S. public health policy.

The news has created uncertainty for Moderna, a biotech leader in vaccine development, as the company continues to navigate evolving challenges in the post-pandemic landscape.

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Broader Market Outlook

The market downturn reflects a confluence of uncertainties. Powell’s signal that the Federal Reserve is in no hurry to cut rates dashed hopes for near-term monetary easing, while concerns over Trump’s cabinet choices added another layer of unpredictability. Traders will be closely watching economic data and corporate earnings in the coming weeks to gauge the market’s direction.