Today’s Market Movers: Fortinet Surges, Arm Drops, and Stocks Edge Higher on AI Optimism

TLDR

• Stock futures edged higher Thursday on AI optimism and hopes of a U.S.-Iran peace deal
• Fortinet surged 13% after beating earnings and raising its full-year revenue outlook
• Arm dropped 5.7% despite solid earnings, citing uncertainty over meeting new chip demand
• Whirlpool tumbled 17%, swinging to a loss and suspending its dividend
• Snap fell 10% and Fastly dropped 20% on weak guidance despite revenue growth

Stock futures moved higher on Thursday morning as investors responded to growing optimism around a potential U.S.-Iran peace deal and continued enthusiasm around artificial intelligence.

Brent crude fell toward the $100 mark as energy markets stabilized on news that Tehran was expected to respond to a U.S.-backed peace proposal.

Fortinet was the standout performer in early trading, surging 13%. The cybersecurity company reported first-quarter adjusted earnings per share of $0.82 and revenue of $1.85 billion, up 20% year-over-year, both beating analyst expectations.

Fortinet, Inc., FTNT

Fortinet also raised its full-year 2026 revenue outlook to between $7.71 billion and $7.87 billion, up from its prior range of $7.5 billion to $7.7 billion. The strong results helped ease concerns that AI is disrupting the software sector.

Arm fell 5.7% in premarket trading despite reporting solid fiscal fourth-quarter earnings. The British chipmaker said there was some uncertainty about whether it could meet surging demand for its newest chip.

Chip Stocks Split

Advanced Micro Devices slipped 0.6% after a massive 19% gain the previous session, which pushed its market cap above $600 billion and set a record closing high.

Apple slipped 0.2% after closing at a record $287.51 on Wednesday. The stock has rallied since the company reported strong earnings and revenue guidance the previous week, easing concerns about inflation’s impact on consumers.

DoorDash jumped 10% after beating analyst expectations for first-quarter earnings and delivering solid guidance, even though it missed on revenue.

AppLovin climbed 3.7% after posting better-than-expected first-quarter earnings and revenue. The stock had fallen 44% over the first three months of 2026, weighed down by an SEC probe and short seller reports.

Losers Take a Hit

Whirlpool tumbled 17% after swinging to a first-quarter loss. The company blamed the Iran war for hitting demand, cut its full-year forecast, and announced plans to suspend its dividend. Whirlpool also said it would raise appliance prices.

Snap dropped 10% despite reporting first-quarter revenue growth of 12% to $1.53 billion. Investors were concerned about pressure from large North American advertisers and ongoing Middle East uncertainty. Snap guided second-quarter revenue to between $1.52 billion and $1.55 billion.

Fastly fell 20% even after beating first-quarter expectations. Revenue rose nearly 20% year-over-year, but investors focused on softer guidance and concerns about growth sustainability.

Cross Country Healthcare surged 27% after announcing it would be acquired by Knox Lane in a $437 million all-cash deal at $13.25 per share, a roughly 31% premium to its prior close.

Shell slipped after reporting strong first-quarter earnings but flagging a drop in production. Falling oil prices tied to peace deal hopes added further pressure.

McDonald’s added 0.9% ahead of its first-quarter earnings report, with analysts expecting profit growth driven by its value meal strategy.

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