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US IT Hardware Stocks Tumble as Morgan Stanley Flags Slowing Demand

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U.S. IT hardware stocks fell sharply after Morgan Stanley downgraded the sector, warning that corporate demand is weakening as companies rein in spending amid economic uncertainty and rising component costs.

The brokerage cut its industry outlook to “cautious,” citing a “perfect storm” of slowing demand, input cost inflation, and elevated valuations. Analysts said technology leaders are dialing back hardware investment plans, adding pressure to a sector already grappling with supply bottlenecks.

Shares of Hewlett Packard Enterprise and Dell Technologies dropped as much as 5%, while HP Inc fell about 2.5%. U.S.-listed shares of Logitech and NetApp slid between 4% and 5.5% after Morgan Stanley cut both to “underweight.”

The sector-wide selloff dragged the U.S. IT hardware index lower, reflecting broader market weakness. Morgan Stanley’s latest survey showed hardware budgets are expected to grow just 1% year-on-year in 2026, the weakest reading outside the COVID period in roughly 15 years.

While artificial intelligence-related spending has supported some hardware demand, uncertainty linked to tariffs under U.S. President Donald Trump and rising memory costs continue to cloud the outlook. Analysts warned that higher costs and price-sensitive demand could lead to further earnings downgrades into 2026.

DoorDash Shares Surge 13% on Strong Q2 Revenue Performance

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Shares of DoorDash surged 13% in extended trading on Thursday after the company reported second-quarter results that exceeded analysts’ expectations for revenue.

Key Figures:

• Loss per share: 38 cents (compared to the expected loss of 9 cents)
• Revenue: $2.63 billion (compared to $2.54 billion expected)

DoorDash’s revenue increased 23% from $2.13 billion a year earlier. The company narrowed its net loss to $157 million, or 38 cents per share, from $170 million, or 44 cents per share, in the same period last year. The delivery service reported 635 million total orders in the quarter, up 19% year-over-year. The Marketplace GOV (Gross Order Value) was $19.71 billion, marking a 20% increase from the previous year.

For the third quarter, DoorDash expects Marketplace GOV between $19.4 billion and $19.8 billion, with analysts’ expectations at $19.51 billion.

DoorDash expressed satisfaction with its Q2 2024 financial performance, highlighting strong growth and improved unit economics driven by years of investment and product focus.

DoorDash will hold its quarterly call with investors at 5:00 p.m. ET.