Stocks pull back as megacap tech slumps |
Stocks fell on Tuesday as the market’s tech titans took a breather after a hot run. The S&P 500 fell 0.6%, the Nasdaq 100 lagged with a 0.7% decline, and the Russell 2000 outperformed, albeit with a 0.2% drop. The Magnificent 7 had their worst day in over a month, down 1.5%, with every constituent falling. Consumer discretionary and tech were the two worst-performing S&P sector ETFs, while energy fared the best. Bright spots on the day were Halliburton and Paramount Skydance, which rose 7.5% and about 6%, respectively. Generac and Vistra were among the biggest decliners, falling more than 10% and 6%, respectively. Elsewhere… |
- Nvidia fell 2.8% even as Wedbush analysts called its recent $100 billion deal with OpenAI a “watershed moment” for the AI revolution. Separately, Bank of America analysts said the chipmaker is poised to generate hundreds of billions in free cash flow.
- Shares of Opendoor sank more than 15% after its third-biggest shareholder, Access Industries, sold 11.36 million shares of the online real estate company through its AI LiquidRE arm.
- Firefly Aerospace also dove more than 15% after the Texas-based space launch startup missed Wall Street's estimates for the company's first quarterly report since its August IPO.
- Plug Power had a wild ride, up double digits in premarket trading before ending down 4.6%, snapping a nine-day winning streak for the hydrogen fuel cell company that was close to becoming longest on record.
- Boeing ticked up another 2% after announcing on Monday Uzbekistan Airways will order up to 22 of its 787 Dreamliner jets.
- IonQ jumped more than 4% after the company announced “a significant technological advancement in its pursuit of scalable quantum networks.
- Shares of Sinclair Inc. rose more than 3% after the self-proclaimed “largest ABC affiliate group” said it will continue to keep “Jimmy Kimmel Live!” off its ABC stations.
- Palantir rose 1.8% after Bank of America analysts hiked their price target on the stock to $215 — the highest among the published price targets tracked by FactSet.
- Kenvue, the company behind Tylenol, gained 1.6% as doctors pushed back against President Trump’s claims about a link between the drug and autism, per Reuters.
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— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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(Liu Yanan/Xinhua via Getty Images) |
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