S&P 500 Pulls Back as Gold Hits Record High

The major averages were broadly lower near noon, with the S&P 500 pulling back from record levels as traders continue sell tech stocks on renewed concerns about AI valuations and earnings outlooks.Broader market sentiment has been supported by optimism about the Federal Reserve's rate-cut policy, especially after its recent dovish move and indications that easing could continue into 2026. That has helped drive inflows into equity funds after weeks of net outflows, suggesting investors are increasingly willing to position for further gains even amid pockets of sectoral weakness.Looking to commodities, gold surged to a new record high, with the "safe haven" asset nearing the $4,400 mark. Oil prices were fractionally lower near noon.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Broadcompulled back despite the company reportingand raising its quarterly dividend 10%Lululemonprovided areport for Q3 and announced a $1B stock buybackCostcoreported upbeatRHreportedand provided its outlook for Q4 and FY25President Trump said to aim tothrough an executive order2. WALL STREET CALLS:JPMorganCitito Overweight, seeing the bank benefiting more than peers from a solid economy and strong markets-related activity in 2026Bristol Myersto Buy at Guggenheim ahead of 2026PayPalto Neutral for second time in two daysRobloxto Neutral at JPMorganVeeva Systemsat KeyBanc as recent channel checks find large pharma clients leaning toward Salesforce'soffering3. AROUND THE WEB:Oraclehas delayed the completion for some of the data centers developing being developed for OpenAI to 2028 from 2027,Coinbasewill announce next week that it will launch prediction markets and tokenized equities,The FDA is accelerating its review of Eli Lilly'sexperimental weight loss pill, reducing the internal evaluation period from 60 days to one week under a new fast-track pathway,Nvidiais considering expanding production of its H200 AI chips after Chinese demand quickly surpassed current capacity,Redditfiled a lawsuit in Australia's highest court, looking to overturn the country's social media ban for children,4. MOVERS:Quanex (NX) increases after, with EPS and revenue beating consensusClear Securegains after JPMorganthe stock to OverweightCCC Intelligent Solutionshigher after its board authorized aFermifalls after disclosing its tenantT1 Energylower after announcing a5. EARNINGS/GUIDANCE:Rent The Runwaywith EPS and revenue higher year-over-yearJohnson Outdoors, with CEO Helen Johnson-Leipold commenting, "New product successes drove positive momentum in the second half of the year, resulting in a solid finish to our 2025 fiscal yearFrequency Electronics, with EPS lower year-over-yearCertarafor FY25Perma-Pipe, with EPS and revenue higher year-over-yearINDEXES:Near midday, the Dow was down 0.50%, or 244.71, to 48,459.30, the Nasdaq was down 1.71%, or 403.51, to 23,190.34, and the S&P 500 was down 1.09%, or 75.52, to 6,825.48.