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It’s been a rougher trading week thus far, after notching all-time closing highs and leading to mixed results on Monday. Today’s session was more assertive — to the down side. We’ve entered the rapid-pace phase of Q3 earnings season — after the Big Banks and most of the Mag 7, but before the Retailers — where results tend to come in more blended than they do for the earlier-reporting sectors.

None of the major indexes spent a split second trading in the green today. The Dow sold -251 points, -0.53% (and just over -1% in the past two trading days), while the S&P 500 sold -80 points, -1.17%. The tech-heavy Nasdaq led the major indexes downward, -486 points or -2.04%, while the small-cap Russell 2000 shed -43 points, -1.78%. The past five trading sessions have begun to illustrate something of a slide.

AI valuations had gotten a bit koo-koo, as most investors acknowledge. Several months in a row of throwing hundreds of billions of dollars in AI build-out across the major tech players, along with private upstart OpenAI, have led market participants to eye further developments in this vein with a bit more wariness. Same goes for crypto, which saw Bitcoin dip below $100K for a short time today.

Q3 Earnings After the Close: AMD, AMGN, RIVN & More
 

One of those tech firms vying for AI business is Advanced Micro Devices (AMD - Free Report), which issued its Q3 results this afternoon with earnings of $1.20 per share — 3 cents above the Zacks consensus — on a strong revenue beat for the quarter: $9.25 billion versus $8.72 billion. The Data Center business grew faster than expected, and revenue guidance was raised for Q4. That said, shares are trading down -2% after gaining over +100% year to date.

Biotech giant Amgen (AMGN - Free Report) easily outperformed expectations in its Q3 report this afternoon: earnings of $5.64 per share zoomed beyond the $5.00 analysts were looking for. Revenues of $9.56 billion surged past the $8.94 billion in the Zacks consensus. Full-year guidance is up on both top and bottom lines, as product sales grew +12% year over year.

EV company Rivian (RIVN - Free Report) posted a better-than-expected level of negative earnings in Q3, -$0.65 per share versus -$0.72 anticipated, and revenues of $1.56 billion outpaced the $1.46 billion in the Zacks consensus. Positive gross profit in three of the last four quarters on strength in sales for software and services have helped lead shares up +3.5% in late trading.

Super Micro Computer (SMCI - Free Report) came out with mixed results in its reported quarter this afternoon, beating on the bottom line to 35 cents per share from 28 cents projected. Revenues of $5.0 billion, on the other hand, was slightly short of the $5.05 billion analysts had predicted. The company said it sees a “rapidly expanding order book,” but this isn’t enough to stop the shares selling off -9% in the after-hours.

Even worse is Pinterest (PINS - Free Report), which logged its fourth-straight earnings miss, 38 cents per share versus 40 in the Zacks consensus, on just-met revenues of $1.05 billion in the quarter. It's now 600 million global active users is better than expected, but the company isn’t translating these into higher overall sales. Shares are down -18% after the close, swinging to a negative for the year to date so far.

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