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NEW YORK — Intuit’s popular accounting software QuickBooks experienced widespread outages on Monday, leaving hundreds of small business owners and accountants unable to access accounts, process payments or manage financial records, according to multiple outage tracking services and user reports.

The disruption, first noted in the early afternoon, affected login attempts, dashboard loading and core functions such as invoicing, payroll and tax filing for many users across the United States. The @status_is_down account on X reported that “QuickBooks is reportedly down for hundreds of users at the moment,” linking to community discussions and prompting numerous confirmations from frustrated business owners.

DownDetector and other monitoring sites showed a sharp spike in reports, with the majority citing problems logging in, error messages, blank dashboards or complete service unavailability. Some users reported being able to log in intermittently only to encounter frozen screens or failed transaction processing.

Customer complaints highlighted the significant inconvenience during a busy workday. Many small business owners described being locked out of essential financial tools needed for payroll, invoicing and tax preparation. The outage appeared to impact both QuickBooks Online and desktop versions, with some users noting similar issues with associated Intuit services like TurboTax.

Intuit has not yet issued an official statement on the cause or expected resolution time. In past outages, the company has typically communicated through its status page, social media channels or in-app notifications once the issue is identified. Users are advised to check Intuit’s official status page or QuickBooks support accounts for updates as the situation develops.

This marks another notable service disruption for Intuit in 2026. QuickBooks serves millions of small businesses and accountants, making its reliability critical for daily operations. Outages like Monday’s can cause significant financial and operational impacts, particularly for users with time-sensitive tasks such as payroll processing or tax filings.

The timing coincided with typical midday business activity, amplifying frustration among users who expected reliable access. Social media platforms filled with reports from affected customers, many expressing annoyance at the lack of immediate communication from Intuit.

QuickBooks is a cornerstone tool for small businesses, offering accounting, payroll, invoicing and tax preparation features. The service’s reliability is essential for users who depend on it for compliance and financial management. Disruptions like this highlight the challenges of maintaining global cloud-based infrastructure at massive scale.

For customers impacted, recommended steps include trying alternative access methods such as the desktop version versus online, clearing cache and cookies, or using different devices. In cases of prolonged outage, contacting Intuit support via phone may provide more direct assistance, though call volumes are often elevated during such events.

The incident underscores the growing dependence on cloud-based business software and the importance of backup systems or contingency plans for temporary service interruptions, particularly for time-sensitive financial tasks.

Intuit has a history of addressing service issues promptly once identified, often with apologies and explanations posted on its status page. Monday’s event may prompt internal reviews to strengthen resilience and communication protocols during outages.

Broader context includes increasing scrutiny on major technology companies’ digital infrastructure reliability. As more businesses shift toward cloud-based tools, users expect high uptime and transparent communication when problems arise.

Monday’s disruption serves as a practical reminder for all QuickBooks users to maintain backup accounting methods and avoid relying solely on online platforms for critical financial tasks. While the service’s core functionality remains strong, occasional outages illustrate the vulnerabilities inherent in cloud-based systems.

Affected users are encouraged to document any significant impacts, such as missed deadlines or financial disruptions resulting from the outage, in case compensation or adjustments become available. Intuit has occasionally offered goodwill gestures following notable service interruptions.

As the situation develops, users should continue monitoring official channels for updates. Alternative accounting software or offline modes may provide temporary relief for those with urgent needs.

The outage also sparked conversations about software redundancy and the importance of having contingency plans for popular business tools. Many users maintain multiple accounting platforms or backup records to mitigate risks from single-point failures in services like QuickBooks.

Intuit, a major player in financial software, continues investing in infrastructure, cybersecurity and user experience enhancements to minimize future disruptions. Monday’s event may accelerate efforts to improve service stability and scalability as user expectations evolve.

For now, users are urged to remain patient while technical teams work toward full restoration. The company’s long history of supporting small businesses suggests a swift resolution is likely, though no specific timeline has been provided.

The incident adds to a growing list of major software service outages in 2026, underscoring the challenges of maintaining 24/7 availability at massive scale. As business operations become increasingly digital, reliability and transparent communication during incidents remain critical for maintaining customer trust.

Users experiencing issues are encouraged to try accessing QuickBooks periodically, as partial restorations often occur before full recovery is announced. In the meantime, documenting experiences can help if formal complaints or compensation requests become necessary.

Monday’s outage serves as a timely reminder for all cloud software users to maintain awareness of backup options and to avoid relying solely on one platform for critical business functions. As the situation evolves, updates from Intuit and user reports will provide further clarity on the scope and resolution of the disruption.

Americans are increasingly reaching a breaking point regarding their household finances.

Despite hopes for a soft landing after years of elevated inflation, consumer pessimism has reached some of its worst levels in years, according to the Federal Reserve Bank of New York’s monthly Survey of Consumer Expectations released Monday.

The percentage of U.S. households that reported being “much worse off” financially than a year ago rose to 13.3% in May, up more than 2 percentage points from April and the highest reading since July 2022.

Additionally, 36% of Americans expect their financial situations to deteriorate further over the coming year, while fewer than 23% expect improvement, resulting in the lowest net optimism since October 2022.

TOP CEOs BRACE FOR DOWNTURN, WARN U.S. ECONOMY WILL WORSEN IN NEXT 6 MONTHS

While overall inflation expectations remained largely unchanged, respondents expected higher costs ahead, including a 5.8% increase in food prices and a 7.4% rise in rent over the next year.

The latest Fed survey aligns with the Federal Reserve’s most recent Beige Book, which summarizes economic conditions across the Fed’s 12 regional districts. Prices “increased at a moderate to strong pace overall, with most Districts reporting higher inflation from the previous report,” according to the Fed’s national summary.

“Districts noted that energy-related costs tied to the conflict in the Middle East were the primary driver of inflationary pressures, with spillovers into shipping, packaging, groceries, and fertilizer,” the report added, with the Cleveland Fed noting increased fuel surcharges.

Consumer concerns were also evident in the labor market, with respondents reporting that their confidence in finding a new job if they lost their current one fell to its lowest level since December 2025. Less than half of workers (43.7%) said they believed they would be able to find a replacement job if laid off.

“Labor market expectations deteriorated somewhat with an increase in layoff expectations and a decline in job finding expectations,” the New York Fed said in its release. 

However, the Bureau of Labor Statistics reported Friday that employers added 172,000 jobs in May, topping economists’ estimates, with unemployment holding steady at 4.3%.

Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management, called the May jobs report a “Payroll Blowout!” and added: “We’ve gained more and more confidence in the last prints that the Fed doesn’t have to be worried about the labor market. Laser focused on inflation and it will all come down to the duration of this war to determine the Fed’s next move. For now, the move is to not move: HOLD.”

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The consumer report also showed that more than 1 in 8 Americans (12.6%) believe they may miss a minimum debt payment over the next 90 days. The increase was driven “mostly” by respondents with at least a high school education and households earning less than $100,000 annually.

Retired Americans older than 60 and workers earning less than $50,000 annually also reported lower spending-growth expectations.

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FOX Business’ Eric Revell contributed to this report.

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Q4: 2026-06-08 Earnings Summary

EPS of $0.33 beats by $0.03

 | Revenue of $67.08M (13.03% Y/Y) beats by $7.13M

Graham Corporation (GHM) Q4 2026 Earnings Call June 8, 2026 11:00 AM EDT

Company Participants

Tom Cook
Matthew Malone – President, CEO & Director
Christopher Thome – Chief Accounting Officer, VP of Finance, CFO & Corporate Secretary

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Conference Call Participants

Russell Stanley – Beacon Securities Limited, Research Division
Robert Brooks – Northland Capital Markets, Research Division
Christopher Glynn – Oppenheimer & Co. Inc., Research Division
Joseph Gomes – NOBLE Capital Markets, Inc., Research Division
Tate Sullivan – Maxim Group LLC, Research Division

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Presentation

Operator

Good evening and welcome to Graham Corporation Fiscal 4Q ’26 Earnings Call. [Operator Instructions].

It is now my pleasure to introduce your host, Tom Cook of Investor Relations. Thank you. You may begin.

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Tom Cook

Thank you, Shamali, and good morning, everyone. Welcome to Graham’s Fiscal Fourth Quarter and Full Year 2026 Earnings Call. With me on the call today is Matt Malone, President and CEO, and Chris Thome, Chief Financial Officer.

This morning, we released our financial results. Our earnings release and accompanying presentation for today’s call are available on our website at ir.grahamcorp.com. You should be aware that we may make forward-looking statements during the formal discussion as well as during the Q&A session. These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated here today.

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These risks and uncertainties and other factors are provided in the earnings release as well as with other documents that are filed by the company with the Securities and Exchange Commission. You can find these documents on our website or at sec.gov.

During today’s call, we will also discuss non-GAAP financial measures. We believe these will be useful in evaluating our performance. However, you should not consider the presentation of this additional information in isolation

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Summit Therapeutics Inc. (SMMT) Goldman Sachs 47th Annual Global Healthcare Conference 2026 June 8, 2026 10:00 AM EDT

Company Participants

Allen Yang – Head of R&D Strategy
Robert Duggan – Co-CEO & Executive Chairman
Mahkam Zanganeh – Co-CEO, President & Director
Manmeet Soni – COO, CFO & Director

Conference Call Participants

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Salveen Richter – Goldman Sachs Group, Inc., Research Division

Presentation

Salveen Richter
Goldman Sachs Group, Inc., Research Division

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Great. Good morning, everyone. It’s my pleasure to introduce the Summit Therapeutics team. With us, we have Bob Duggan, Co-CEO with Maky Zanganeh, Co-CEO; Manmeet Soni, CFO; Allen Yang, CRDSO; and Dave Gancarz, CBSO.

Question-and-Answer Session

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Salveen Richter
Goldman Sachs Group, Inc., Research Division

To start here, a big picture question. Ivo is the leading PD-1 or L1 VEGF asset in development and China-based Phase III frontline lung cancer survival data was just recognized by the plenary at ASCO. Walk us through your overall strategy here, including across the various tumor types and combination approaches as you look to maintain your position and expand upon global development?

Allen Yang
Head of R&D Strategy

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Yes. We’re trying to keep that a little bit close to our chest because every time we announce something, our competitors announce the same thing and say we’re going to do it as well. But when we think about PD-1, VEGF, first of all, I think that PD-1 versus PD-L1 does make a difference. I don’t know if it changes too much your strategy, but it might change your overall baseline efficacy.

But with that said, 3 years ago, when we were looking at this asset, we did the boil the ocean exercise. We looked at all the PD-1 indications, all the VEGF approved indications. There was a lot of sort of history around those 2 targets that they are validated targets. And we looked at where

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An unprecedented concentration crisis in global technology equities has evolved into a structural trap for investors, triggering a violent “Black Monday” unwind that is reverberating across Asian emerging markets, such as Korea and Taiwan. Active portfolio managers are increasingly being forced to dump their best-performing chip heavyweights because these explosive stocks have grown too large for risk compliance limits.

This structural anomaly has distorted regional benchmarks, accelerated a massive migration from active to passive funds, and triggered a historic correction.

The structural breakdown manifested in extreme volatility across the region’s tech hubs. South Korea’s Kospi index plunged more than 8% shortly after the market opened, triggering a mandatory 20-minute trading halt before narrowing its drop as memory giants Samsung Electronics and SK Hynix rebounded from their session lows.

Also Read | Kospi crashes 9%, trading halted for 20 minutes, as chip rout deepens; Samsung, SK Hynix worst hit

The Cycle of Forced Selling

The core of the market distortion lies in a mechanical paradox: As tech giants outperform, active funds are legally or structurally required to trim their holdings to manage concentration risks. Just three mega-cap tech firms—Taiwan Semiconductor Manufacturing Co. (TSMC), Samsung, and SK Hynix—now command nearly a third of the MSCI Asia Pacific ex-Japan Index.

The concentration is even more extreme on a national level. TSMC occupies a staggering 41.5% of Taiwan’s TAIEX, while Samsung and SK Hynix together comprise 55% of South Korea’s KOSPI.

“We have been forced sellers of TSMC, Samsung and MediaTek,” Sam Konrad, investment manager for Asia Equity Income at Jupiter Asset Management, was quoted as saying by Bloomberg. His fund must shed these chipmaking stocks despite explosive year-to-date gains of 52% for TSMC, 159% for Samsung, and 184% for MediaTek.
This mechanism creates an institutional dilemma where strong performance mandates divestment, artificially capping the upside for active portfolios trying to beat their benchmarks.”As equities continue to outperform, funds will find it increasingly difficult to add exposure, reinforcing a cycle of forced selling and enlarging underweight positions even amid strong fundamentals,” Herald Van der Linde, head of equity strategy for Asia Pacific at HSBC in Hong Kong, noted in a research report. HSBC data confirms that TSMC has become the largest portfolio underweight among Asian and global emerging-market funds.

Emerging Market Exhaustion and Fund Outflows

Data from Elara Securities India confirms that the Global Emerging Market (GEM) trade is experiencing its first major phase of sustained exhaustion since its rally began. GEM fund redemptions expanded to $3 billion, the largest outflow since December 2021, marking a clear breakdown in momentum.

The capital flight has extended significantly beyond Korea and Taiwan to hit other major emerging markets. China saw foreign investors pull $3.7 billion, the largest single-week redemption in over a year, while South Korea logged six consecutive weeks of foreign outflows, compounded by a record $27.9 billion foreign portfolio rebalancing outflow.

The systemic nature of the unwind is visible in the broader indices. Goldman Sachs data reveals that while the MSCI Asia Pacific ex-Japan index is up 27% year-to-date, it is actually down 4% when South Korea and Taiwan are excluded.

This regional distortion has accelerated a massive, unprecedented migration from active stock-picking to passive indexing. Over the last five years, Asia’s active funds have suffered $269 billion of cumulative outflows. Meanwhile, passive funds have accumulated $510 billion, with a quarter of that volume arriving in just the last six months.

“The size of recent inflows into the region’s passive funds… has no precedent across the last 10 years,” said William Bratton, head of cash equity research for Asia-Pacific at BNP Paribas Securities.

This phenomenon mirrors the “Magnificent Seven” dynamic on Wall Street, where tech giants account for about a third of the S&P 500. However, concentration in Asia has unfolded at a faster and more extreme pace, turning regional indices into concentrated bets on just one or two stocks and undermining the diversification benefits of benchmark investing.

Broader Trade Implications

The shockwaves from the AI tech unwinding are bleeding directly into structural commodities and the wider electrification ecosystem. Precious metal funds witnessed $2.8 billion of outflows, driven heavily by gold (-$2.1 billion) and silver (-$910 million, a 12-week high redemption), while energy funds recorded their second consecutive week of outflows. These asset classes had operated as indirect beneficiaries of the global AI infrastructure and electrification trade.

Furthermore, Wall Street’s nine-week winning streak concluded abruptly following a hot jobs report that ignited fears of a hawkish policy pivot by the US Federal Reserve, sending technology stocks into their largest one-day decline.

Despite the steep selloffs, which saw South Korean equities slide 12% and Taiwan fall 6% from their record highs, market opinions remain starkly divided on whether this correction marks a peak or a buying opportunity.

Some money managers are exploiting the correction to pivot to alternatives further down the supply chain, like mid-sized semiconductor equipment makers, or shifting money toward cheaper domestic themes like robotics. China’s CSI Robot Index actually bucked the broader market declines, rising 1.4%.

HORAN Wealth LLC is an SEC registered investment advisor that manages investment portfolios for individuals and institutions. Our firm utilizes a disciplined investing approach that should create wealth for our clients over time. Our investment bias is to invest in companies that generate a steady return over time, i.e., singles and doubles. This singles and doubles approach tends to lead to investments in higher quality dividend growth/cash flow growth companies. On the other hand, there are times when a company’s stock price seems to be trading below its fair valuation. Short term gains are possible in these situations. I have been managing investment portfolios for individuals and institutions for over fifteen years and believe investing is like running a marathon and not a sprint. Taking the road less traveled, more often than not, leads to higher returns. Visit: The Blog of HORAN Capital Advisors at (https://horanwealth.com/insights/market-commentary-blog)