Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.7%), and DJIA (+0.2%) are now mostly lower as losses continue to swell across technology names.

The pullback in tech stocks has resulted in some buying interest across more defensive sectors, with the consumer staples sector (+0.7%) now among the better performers after opening weakness.

J.M. Smucker (SJM 113.62, +11.85, +11.64%)  is trading sharply higher following its Q4 (Apr) report this morning.The company beat EPS expectations, while revenue of $2.27 billion was essentially in line and increased 5.8% year-over-year. We also got our first look at FY27, and its EPS outlook appears to be the bigger driver despite softer sales guidance. SJM expects sales to decline 3-4% year-over-year, but EPS guidance of $9.75-10.25 was above expectations at the midpoint. Management noted that while coffee deflation is expected to weigh on reported sales as lower costs are passed through to consumers, it should support margins, alongside productivity savings and lower interest expense from continued debt reduction.