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Reddit's shares surged 12% on Monday afternoon. The catalyst? A headline announcing "Google expands Reddit partnership," which appears to have originated from Reuters. The problem? The news was more than a year old. After traders realized this wasn't a post for /TodayILearned but more for /confidentlyincorrect, the stock sharply fell and lost all its gains and then some. The S&P 500 fell 1.1%, the Nasdaq 100 dropped 1.7%, and the Russell 2000 gave back 0.9% yesterday as the tech and momentum-heavy selling returned on Wall Street. Health care was the lone S&P 500 sector ETF to finish positive; consumer discretionary, tech, and communication services were the worst performers. Alphabet closed at a 2025 low after announcing an agreement to buy Wiz for $32 billion in an all-cash deal. |
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If the GPU Technology Conference was the "Super Bowl of AI," then Nvidia is this year's Kansas City Chiefs. Shares of the chip designer hit their highs of the day as Jensen Huang stepped on stage to deliver his keynote address at GTC, paring a 4% loss to a decline of less than 0.5%. Nothing he said was able to fuel any additional rally in the stock. Not news about its cute little supercomputer getting a big brother, nor building the engine for GM's autonomous fleet, not even positive updates on its Blackwell Ultra and new Rubin chips. Huang also rolled out Groot N1, a humanoid "generalist" robot that Nvidia says can think "fast and slow." Similar to earnings, expectations for the keynote were sky-high, with analysts predicting Huang would deliver "a wake-up moment for the tech bulls," but instead the speech was light on major surprises and investors showed their disappointment by sending the stock to end down 3.3% on the day. They wanted wow moments, not AI that helps people order tacos faster. That said, will this really make Wall Street analysts change their views on Nvidia? This chart shows how unlikely that is. |
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There wasn't anything bad, per se, in today's event, just a lack of desperately desired surprises. Huang delivered on advancements in GPUs and its partnership with GM expands its customer base, which is a good thing! But as the AI trade fizzles, investors were looking for a Hail Mary to turn the tide and get the AI crowd cheering — and spending — again. |
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Interest rates can impact all financial companies. Why continue to take single stock risk? |
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For years, investors have followed the Magnificent 7, a loose collection of technology and chip stocks that have defined the ups and the downs of the American stock market, serving as the blue-chip bellwethers of the tech industry. Named as an allusion to the rag-tag team of desperados who came together to defend a town in 1960's "The Magnificent Seven," that film is perhaps for the first time relevant to the fate of these seven securities. Because, and spoiler alert for a 65-year-old Western film, in the movie, not all of the Magnificent Seven make it. Eventually, the survivors of the Magnificent Seven split up and go their separate ways. It appears we are drawing towards that fateful conclusion now. The Mag 7 stocks have been less of a group and have moved in increasingly different directions as the fundamentals of their unique tech businesses (cars, software, retail, phones, chips) are no longer plowing ahead in the same direction. Yesterday was one of the first times in recent memory most of them moved as one, and the direction they moved was down. |
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"It will take more than just an oversold market to get more than a tradable rally," wrote Mike Wilson, a top equity watcher at Morgan Stanley. Here's the sign he's looking for. |
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Hylio: America's Answer to Foreign-Made Drones is Open to Investors! |
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Yesterday's Big Daily Movers |
- SoundHound faces a pack of circling short sellers as pressure on the company is growing and the stock continues to sink.
- Funky glasses maker Warby Parker's stock saw red yesterday, tumbling 12.5% on tariff concerns.
- Discover's stock shrugged off antitrust concerns over its acquisition by Capital One and rose 3.8% yesterday.
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- Solana pulled an ad after huge backlash. Was it "brilliant marketing" or "idiotic"? You decide.
- Tesla rival BYD launched superfast charging tech that could provide EVs ~250 miles of range in 5 minutes.
- Porch pirates used bribes in a sophisticated scheme to steal thousands of packages.
- What happened to the "ivy" plant that lived in the oval office for 50 years? The Washington Post went deep and found out.
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- Earnings expected from General Mills
- Fed rate decision
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Advertiser's disclosures:
2 Please read the offering circular and related risks at https://www.startengine.com/offering/hylio.This is a paid advertisement for Hylio's Regulation CF Offering. This Reg CF offering is made available through StartEngine Primary, LLC. Past performance is no guarantee of future results. Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities. This was a paid for ad. Sherwood Media has been compensated for this ad by the Hylio Reg CF Campaign hosted on StartEngine. |
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more |
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