Stocks lose steam after trade tensions reignite |
US stocks spent most of the session bouncing back from steep early losses before careening back into the red late in the day after President Donald Trump posted that the he was considering "terminating business with China having to do with Cooking Oil, and other elements of Trade, as retribution" for "purposefully not buying our Soybeans."
Tech was the worst-performing sector ETF, dragging down the Nasdaq-100. The Russell 2000 still managed to notch a new record close as small caps climbed higher.
Earnings season kicked off with big banks reporting generally positive results, with Wells Fargo and Citi rising. Goldman Sachs and JPMorgan fell, despite Q3 revenue and earnings beats. Stocks that moved higher: |
- Advanced Micro Devices jumped after Oracle said it will deploy 50,000 AMD AI chips in its data centers starting in the second half of 2026.
- US airlines took off with JetBlue, Delta Air Lines, United Airlines, and Southwest Airlines trading higher as oil prices sank amid trade tensions between the US and China.
- Gaming platform Roblox rose following a price target hike from Jefferies to $130 from $126.
- Tiny chip firm Navitas Semiconductor spiked after management unveiled products “purpose-built for Nvidia’s 800 VDC AI factory architecture, delivering breakthrough efficiency, power density, and performance.”
- Small stocks in the critical and rare earth minerals sector continued to rip, as MP Materials, United States Antimony Corp., Critical Metals, and American Battery Technology Co. climbed higher.
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- Data center stocks got knocked back due to exposure to risks of the China-US trade war. For instance, while most of the switches and routers Arista Networks sells are made in Malaysia, Vietnam, and Mexico, it also gets some products directly from China. The company is also reliant on supplies of some critical metals, exports of which China is clamping down on. Hard disk data storage makers Seagate Technology Holdings and Western Digital — also exposed to Asian supply chains — and server maker Dell fell.
- Alibaba slipped following reports that its cloud unit will cut prices of select Elastic Compute Service products by up to 10.2% in overseas markets.
- Japanese public company Metaplanet is the latest bitcoin treasury whose enterprise value has dropped below its bitcoin holdings.
- Grindr fell after confirming that it’s in talks to go private for no less than $15 a share.
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Momentum. Flows. Options activity. Intense retail enthusiasm. It’s all there. Read more. |
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New vehicle prices climbed to more than $50,000 across the auto industry in September, according to Cox Automotive data. Read more. |
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Amazon Prime now has 200 million shoppers in the US, up 6% from last year, according to new data from Consumer Intelligence Research Partners. Read more. |
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