Stock Market Update

[BRIEFING.COM] The major averages sit improved from session lows, though broad-based weakness keeps them pinned beneath their flatlines. 

Not even the defensive health care (-1.1%), utilities (-0.8%), and consumer staples (-0.3%) sectors, which have garnered some rotational interest amid the recent weakness in tech names, avoid today's selling pressure. 

Pfizer (PFE 25.18, -1.25, -4.75%) is a laggard after reaffirming its FY25 EPS and revenue guidance and issuing guidance for FY26. The company sees FY26 EPS of $2.80-$3.00, which is slightly lower than the $3.05 FactSet Consensus, and expects revenues of $59.5-$62.5 billion, relatively in line with the $61.6 billion FactSet Consensus. 

The company's 2026 revenue guidance includes the expectation of revenues from COVID-19 products being approximately $1.5 billion lower than what is expected in 2025 plus an expected year-over-year negative revenue impact of approximately $1.5 billion due to certain products experiencing loss of exclusivity. Pfizer expects full-year 2026 operational revenue growth at the midpoint, excluding both COVID-19 and LOE products, to be approximately 4% year-over-year.