Markets Mixed as Tech Rebounds, Dow Falls Again, Bitcoin Slides

Equity markets finished mixed on Friday as investors weighed a selective rally in technology stocks against persistent weakness in other segments and caution around corporate outlooks. The Dow Jones Industrial Average retreated for a second straight session, underscoring the uneven nature of the market move even as growth names showed signs of recovery.

Traders cited a combination of earnings season digestion and pockets of corporate news that have market wide ramifications. In corporate actions that drew attention to brand strategy and leadership succession, Under Armour, the Baltimore based athletic company, said it "plans to separate Curry Brand from Under Armour." The company added it "will release the Curry 13—the final Curry Brand x Under Armour shoe—in February 2026 as planned, with additional colorways and apparel collections available through October 2026." Investors will be watching how the carve out affects Under Armour's revenue mix and margins, particularly given that the separation could create near term costs while potentially unlocking a different growth trajectory through brand licensing or independent capitalization.

Walmart moved markets as well with a planned leadership transition that has implications for retail strategy and investor confidence. CEO Doug McMillon will retire on January 31, 2026, and will be succeeded the next day by John Furner, the chief executive of Walmart U.S. Furner, 51, "began his Walmart career as an hourly associate in 1993," the company said, and will join the board immediately upon assuming the top role. McMillon, 59, has run the company for more than a decade. Company finance leadership signaled that investors should expect formal forward guidance soon, as CFO Connie James told investors during the earnings call that management plans to issue a 2026 outlook when Walmart reports fourth quarter results in about three months. That guidance will be material for markets given Walmart's outsized role in consumer spending data and its sensitivity to inflationary pressures.

In a notable earnings disclosure from the ticketing industry, StubHub reported a net loss of $1.3 billion in the third quarter, but said much of the loss reflected a one time charge of about $1.4 billion tied to awarding stock to employees as it completed its public listing in the period. Revenue grew to $468 million, up 8 percent from the same quarter last year when the company was privately held. The results underscore how accounting for IPO related stock awards can swing headline profitability even as underlying top line momentum remains positive.

Meanwhile bitcoin slid to its lowest levels since May, reinforcing the return of risk off dynamics that can pressure cyclicals and high multiple names. Crypto weakness tends to amplify flows into safe haven assets and can reduce liquidity in more speculative pockets of the market.

With major retailers preparing to issue guidance and technology names attempting to regain footing, market direction in the coming weeks will hinge on earnings details, consumer spending readings, and any fresh signals from central banks about the path of interest rates. Investors seeking durable positions will be watching profitability trends, leadership plans, and balance sheet adjustments as determinants of longer term sector performance.