Despite a tech tumble, stocks rise on hopes that the government shutdown will end soon
Every sector was higher except for tech, which dragged down the Nasdaq 100.
The S&P 500 and Russell 2000 moved higher on hopes that the longest government shutdown in US history may soon end. Every sector ETF moved higher, except for tech, which dragged down the Nasdaq 100 to finish in the red. The AI trade was under pressure as Nvidia dipped amid news that SoftBank has sold its $5.8 billion stake in the chip designer.
Stocks that moved higher:
Paramount Skydance rose after saying its direct-to-consumer streaming business will be profitable this year. The company also said that it now expects annual opex savings from the merger of $3 billion a year, up from previous estimates for $2 billion of cost savings.
Opendoor Technologies rose after CEO Kaz Nejatian pledged to buy $1 million in company stock at the opening bell today.
Stocks that moved lower:
CoreWeave slid despite blowout beats on Q3 sales and operating profit, as delays to its data centers weighed on 2025 guidance.
Meta dropped on a report that Chief AI Scientist Yann LeCun is leaving to found his own startup.
Plug Power fell after the on-again, off-again meme stock and hydrogen fuel cell company reported Q3 results a bit ahead of estimates after the bell yesterday.
Rigetti Computing tumbled after reporting a Q3 sales miss along with a modestly smaller-than-expected loss.
Beyond Meat continued to drop after the plant-based meat maker reported a bigger Q3 loss and lower outlook for fourth-quarter sales on Monday than what Wall Street was expecting.
Nebius fell after the company reported underwhelming Q3 results, despite announcing a fresh $3 billion deal with Meta to deliver AI infrastructure over the next five years.
Fermi tumbled after it reported a steeper-than-expected loss in its first quarterly earnings report since the company’s initial public offering last month.
