La-Z-Boy Down 24% After Earnings Miss: Evening Market Recap

US equity futures retain a cautious bias, with S&P 500 down 0.1% below 6,430 and Nasdaq 100 off 0.2% below 23,430. Tech and Communication Services sectors were the biggest losers, while defensive and value plays outperformed. La-Z-Boy down 24% after earnings miss, James Hardie down 24.4%, Alcon down 7%, ZTO Express down 5.4%, and Jack Henry & Associates down 1.6%.

US equity futures retained a cautious bias on Tuesday, with the S&P 500 down 0.1% below 6,430 and the Nasdaq 100 off 0.2% below 23,430 [1]. This cautious sentiment was driven by a mix of factors, including the ongoing earnings season and the anticipation of major economic data releases.

The tech and communication services sectors were notably the biggest losers among the S&P 500 sectors. Investors rotated out of momentum plays, such as Palantir (PLTR) and SMCI (SMCI), which had seen significant gains year-to-date but lost 9% and 6% respectively on Tuesday. Coinbase, which had previously tripled from April lows, also experienced sharp declines as crypto names cratered in line with a steep decline in Bitcoin prices [1].

Conversely, defensive and value plays, including utilities and staples, outperformed. Real estate also showed strength, with Treasury yields at the long end of the curve slipping after three days of uptick. This suggests that investors are seeking safer havens amid market volatility [1].

Several companies reported earnings results that contributed to the market's cautious mood. La-Z-Boy (LZB) was down 23.6% after missing earnings expectations, while James Hardie (JHX) fell 24.4%. Alcon (ALC) dropped 7.0%, and ZTO Express (ZTO) declined 5.4%. Jack Henry & Associates (JKHY), however, reported a 9.9% increase in revenue and a 24.3% increase in earnings per share, although it still lost 1.6% in value [1, 3].

Investors are also closely watching the Federal Reserve's annual symposium at Jackson Hole, Wyoming, scheduled for August 21-23. The meeting will provide insights into the central bank's outlook on the economy and monetary policy, with Fed Vice Chair for Supervision Michelle Bowman expected to voice support for at least three interest rate cuts this year [2].

Overall, the market's cautious bias reflects a mix of earnings concerns, geopolitical uncertainty, and anticipation of key economic data releases. Investors are likely to remain vigilant as the earnings season progresses and the Fed's policy outlook becomes clearer.

References:
[1] https://www.tipranks.com/news/the-fly/closing-bell-movers-la-z-boy-down-24-after-earnings-miss-thefly
[2] https://www.newsmax.com/finance/streettalk/stocks-retail-earnings/2025/08/19/id/1223047/
[3] https://www.nasdaq.com/articles/jack-henry-associates-inc-q4-profit-rises