Staley Da Bear mascot sits in the endzone during the game between the Chicago Bears and the Green Bay Packers at Soldier Field on September 13, 2015 in Chicago, Illinois.

(Jonathan Daniel/Getty Images)

Tech drags down stocks amid continued AI anxiety

Tech led losses while defensive sectors utilities and consumer staples led gains.

The S&P 500, Nasdaq 100, and Russell 2000 all fell as tech was the worst-performing sector. Defensive havens utilities and consumer staples were the best performers. Every Magnificent 7 stock traded lower and bitcoin also dipped. Gold and silver weren’t immune to the sell-off as SPDR Gold Shares ETF and iShares Silver Trust fell.

Today’s economic data was mixed, as January home sales slid but jobless claims fell. Investors await for tomorrow’s delayed January CPI, which is expected to show a 2.5% gain from a year ago.

Stocks that moved higher:

Seagate Technology Holdings, Micron, Sandisk, and Western Digital rose after Japanese chipmaker Kioxia issued strong guidance, saying some customers want to lock in supply through 2028 as opposed to traditional 12-month agreements.
Algorhythm Holdings, a company that previously produced consumer karaoke products, soared after publishing a white paper that says its SemiCab AI platform lets customers scale freight volumes by 300% to 400%.
Fastly skyrocketed after its Q4 results and 2026 guidance crushed estimates.
Crocs surged after strong Q4 results and a much better-than-expected 2026 earnings outlook.
Equinix jumped after issuing a better-than-expected Q1 and full-year sales outlook.
Viking Therapeutics climbed on plans to advance the oral version of its GLP-1 treatment.
McDonald’s rose after reporting Q4 results after the bell yesterday that beat earnings and revenue expectations, as the Grinch Meal helped set new sales records.
Boeing ticked higher as the company touted improvements in its supply chain and progress in its “war on defects.”

Stocks that moved lower:

AppLovin cratered as investors worried about the competitive threat of Meta’s new AI tools and a slower ramp of its new ad portal.
Trucking stocks Old Dominion Freight, JB Hunt, CH Robinson, and Expediators International got pummeled on fears that AI will disrupt the freight forwarding and brokerage industry.
AST SpaceMobile slid after the company unveiled a $1 billion convertible note offering, debt repurchase, and stock sale.
Cisco sank despite delivering a beat-and-raise Q2 result as the surging costs of memory chips weighed on its margins.
Shopify sank as its Q4 report beat on revenue estimates but missed on earnings.
Despite OpenAI investment gains driving its fourth consecutive profitable quarter, SoftBank ticked lower.

Nate Becker24m

DraftKings drops after issuing downbeat 2026 sales, profit forecasts

DraftKings plunged after the sports betting company gave downbeat guidance for the current year.

Shares were down 15% in recent after-hours trading.

It forecast:

Revenue between $6.5 billion and $6.9 billion, compared with analysts’ estimates of $7.29 billion, according to FactSet.
Adjusted EBITDA of $700 million to $900 million, compared with estimates of $981 million.

For the fourth quarter, DraftKings posted:

Revenue of $1.99 billion, in line with Wall Street’s $1.99 billion expectation
Earnings per share of $0.25, compared with a consensus estimate of $0.09.

DraftKings Reports Fourth Quarter Revenue Growth of 43% | DraftKings Inc.

It forecast:

Revenue between $6.5 billion and $6.9 billion, compared with analysts’ estimates of $7.29 billion, according to FactSet.
Adjusted EBITDA of $700 million to $900 million, compared with estimates of $981 million.

For the fourth quarter, DraftKings posted:

Revenue of $1.99 billion, in line with Wall Street’s $1.99 billion expectation
Earnings per share of $0.25, compared with a consensus estimate of $0.09.

Max Knoblauch55m

Rivian climbs after posting better-than-expected Q4 results; sees R2 SUV hitting the market in Q2

EV maker Rivian reported its fourth-quarter and full-year earnings results after markets closed on Thursday. Its shares climbed 13% in after-hours trading.

In the fourth quarter, which coincided with the end of federal EV tax credits in the US, Rivian booked $1.29 billion in revenue, down 26% year over year but above analysts’ expectations of $1.26 billion. The company posted an adjusted loss of $0.54 per share in Q4, compared to the expected loss of $0.68 per share.

Rivian forecast full-year adjusted losses in the range of $1.8 billion to $2.1 billion, compared to the $1.75 billion loss expected by Wall Street.

2026 is set to be a big year for the company, with its upcoming $45,000 R2 SUV planned to begin deliveries in the second quarter. Rivian issued full-year delivery guidance of between 62,000 and 67,000 vehicles, compared to Wall Street’s expectations of 65,700. Analysts polled by FactSet expect 14,700 of those 2026 deliveries to be R2s. Last year, Rivian delivered 42,247 vehicles.

“It’s incredibly exciting to see the early strong reviews of the R2 pre-production builds, and we can’t wait to get them to our customers next quarter,” CEO RJ Scaringe said.

Matt Phillips58m

Arista Networks soars as it beats on Q4 EPS and revenue, gives upbeat sales guidance

Arista Networks, which sells equipment and software used to run and monitor data center networks, reported better-than-expected fourth-quarter earnings and sales after the close of trading on Thursday.

Arista shares were up about 9% in the after-hours session.

Here’s what the switch and router maker reported:

Adjusted earnings per share of $0.82 vs. Wall Street expectations for $0.76, according to FactSet.
Sales of $2.49 billion vs. an expected $2.38 billion, per FactSet data.
A non-GAAP Q4 gross margin, a measure of how profitable a company’s core products are to produce, of 63.4% vs. previous guidance of 62% to 63%.
Guidance for Q1 sales of approximately $2.6 billion vs. the $2.46 billion expected on Wall Street.
Guidance for a Q1 non-GAAP gross margin of between 62% and 63% vs. the 63% FactSet forecast.

Matt Phillips1h

Coinbase posts record stablecoin revenue but falls short of expectations for Q4 sales

Shares of cryptocurrency exchange Coinbase jumped after-hours on Thursday after the company reported record stablecoin revenue, despite Q4 revenue numbers that missed Wall Street expectations.

The stock was up 3.1% in recent trading.

Revenue came in at $1.78 billion vs. the $1.81 billion consensus analyst expectation, per FactSet.
Transaction revenue was $982.7 million vs. a $998 million forecast.
The company reported adjusted earnings per share of $0.66, compared with $3.37 a year earlier.
Stablecoin revenue hit a record $364.1 million, up 61% from the same quarter the previous year.

Earlier Thursday, Coinbase seemingly suffered an outage, saying it was “aware that customers may be unable to buy, sell, transfer on Coinbase.com at this time,” but noting that “your funds are safe.” The company said the issue was resolved just over an hour later.

Coinbase shares — which were added to the S&P 500 last May — have been crushed by the downturn in crypto this year. Through Wednesday’s close, the stock was down by more than 30% in 2026. And that was before the stock caught a double downgrade on Thursday before the report.

Luke Kawa

Applied Materials jumps after posting better-than-expected Q1 results, strong Q2 outlook

The semicap company just reported its Q1 results.

Applied Materials campus in Silicon Valley