US stocks drop for second straight day |
US stocks opened higher before quickly falling into the red, where they stayed for most of the session. The S&P 500 and Nasdaq 100 gave back 0.3% while the Russell 2000 underperformed with a 0.9% drop.Energy was the best-performing S&P 500 sector ETF, while materials and consumer discretionary were at the bottom of the leaderboard. Centene and Mosaic were among the day’s bright spots, jumping 5.8% apiece. Freeport-McMoRan led declines, sinking 17% after the mining giant declared force majeure at its Grasberg mine in Indonesia and said it expects lower copper and gold sales. Elsewhere... |
- UniQure soared over 240% after the pharma company released trial results that showed its experimental gene therapy for Huntington’s disease slowed its progression by 75% after three years.
- Alibaba jumped over 8% after the Chinese tech giant announced plans to upsize its investments in AI, a partnership with Nvidia, and its new AI model series Qwen3-Max.
- RedCloud Holdings leapt nearly 63% after the UK-based business-to-business platform announced that “it has joined the NVIDIA Connect program as part of its mission to deliver a new operating system for global trade.”
- Shares of Opendoor reversed course, soaring almost 16% after sinking on Monday and Tuesday as one of the company’s largest shareholders, Access Industries, looks to be in the process of exiting its position in the stock.
- Canopy Growth rallied 8.8% after the cannabis company’s CEO, Luc Mongeau, disclosed an unplanned stock purchase of 27,469 shares on Tuesday.
- Lucid rose more than 3% after the EV maker delivered its first Uber robotaxi (of 20,000) and saw a stock price target bump to $26 from $20 by Cantor Fitzgerald.
- Micron fell 2.8% even after the chipmaker announced strong Q4 results after the bell Tuesday and provided profitability guidance for the current quarter that exceeded Wall Street’s expectations.
- Oracle dipped 1.8% even as the cloud giant announced late Tuesday that it would join OpenAI and SoftBank in expanding Project Stargate with five new AI data center sites.
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— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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- Momentum stocks sputter, weighing on markets
Recent retail favorites like Rocket Lab, Hims & Hers, Palantir, Oklo and SoundHound AI — all members of Goldman Sachs’ thematic basket of “high beta momentum stocks” — were in the red on the day.
- Uber wants customers to bulk buy rides, restaurants to batch cook value meals
The company is already making more trips and deliveries than ever. - Disney+ has gone from one of the cheapest to one of the most expensive streaming services
Since Disney+ launched in 2019, its price has gone up 172%. A combined Disney+ and Hulu app paves the way for future price increases. - GM rose following upgrade, report that Trump administration seeks stake in its lithium mine partner
The Trump administration is said to be in talks to take a 10% equity stake in Lithium Americas, GM’s partner in its Thacker Pass lithium mine.
- Report: Nvidia may lease its chips to OpenAI as part of deal
Leasing Nvidia’s chips would lower the cost of OpenAI’s data center blitz and protect against obsolescence in a rapidly evolving field. - Bitcoin’s price finally breaks past $113,000 but ETFs continue to bleed
“Once bitcoin slipped through key price levels, stop-losses and liquidations snowballed against relatively thin liquidity, which amplified the move,” according to Wave Digital Assets CEO David Siemer.
- American music artists dominate both US and international charts
Still, countries like India, Italy, and Japan overwhelmingly listen to songs from homegrown artists. - Brazilian OranjeBTC becomes South America’s largest bitcoin treasury
Adam Back and the Winklevoss brothers have backed the company, which plans to go public via a reverse IPO.
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