Starbucks, Novo Nordisk, and major tech companies have all found themselves in the earnings spotlight this week, sparking major market moves and reshaping investor sentiment.

Starbucks reported its fiscal Q2 results, revealing persistent challenges in its U.S. business. The coffee giant saw comparable store sales in the U.S. decline by 2%, mirroring the previous quarter’s drop but beating some of Wall Street’s more pessimistic expectations. Global comparable store sales also fell 1%, while international markets provided a modest lift, helped by steady sales in China. Despite a 3% year-over-year increase in overall revenue to $8.8 billion, earnings per share came in well below forecasts, missing estimates by a noticeable margin. The company’s operating income took a significant hit, plunging 35% from last year as margins faced continued pressure. In response, Starbucks unveiled its “Back to Starbucks” strategic plan aimed at revitalizing the core customer experience and boosting operational efficiency. The success of these initiatives will be closely watched in the coming quarters, as the company seeks to regain financial momentum and rebuild investor confidence. Shares initially dropped over 6% in after-hours trading following the release.

Elsewhere, Novo Nordisk’s stock experienced a steep decline, rattling investors who have grown accustomed to steady gains from the pharmaceutical giant. The selloff came on the heels of earnings that failed to impress, underlining the high expectations priced into the stock.

Looking ahead, attention shifts to the large technology firms slated to report next. With Big Tech stocks heavily influencing the broader market, their earnings will be pivotal in setting the tone for the weeks to come. Investors remain cautious, scrutinizing results for signs of resilience or vulnerability as the earnings season unfolds.