S&P 500 gains while chip stocks drag down Nasdaq 100
In yesterday’s postmarket earnings report, Broadcom failed to move up its goalposts for AI chip revenue, sending AI-linked names lower during today’s trading.
The S&P 500 gained while the Nasdaq 100 fell as underwhelming results from Broadcom dragged chip stocks lower.
Information technology was the worst-performing sector, while healthcare was the best.
Bitcoin slid toward its February lows amid $1.4 billion exiting its ETFs, while ethereum, solana, XRP, and dogecoin all sank, with the tokens falling to lows not seen in over a year.
Stocks that moved higher:
Blue Owl Capital, KKR & Co., Apollo Global Management, and Blackstone bounced back after Wednesday’s drop in private credit-exposed stocks, even as Blackstone moved to restrict fund redemptions.
Pinterest popped after announcing an expanded Amazon partnership with a $4 billion cloud deal to power its visual search features.
Quantinuum opened above its IPO price and continued to rise as Wall Street remained hungry for quantum exposure.
SciSparc surged after announcing the closing of its acquisition of a majority stake in NeuroThera Labs.
Oscar Health gained on an upgrade by Wells Fargo to “equal weight” from “underweight.”
GM edged up after reports it has rehired more than 100 former Cruise employees, 18 months after shuttering its robotaxi unit.
ChargePoint, an electric vehicle infrastructure company, reported Q1 earnings after the bell yesterday, topping analysts’ expectations for first-quarter revenue, though its cash pile dropped by about one-third.
Stocks that moved lower:
Micron and Sandisk sank on a double dose of bad news from Broadcom and SK Hynix.
Despite crushing Q2 estimates and raising its full-year outlook, Ciena Corp. sank as investors took profits on the already well-loved fiber networking stock.
PVH shares plunged on a lowered revenue outlook tied to geopolitical tensions.
CrowdStrike sank despite edging past analysts’ estimates for revenue and earnings in its first fiscal quarter in yesterday’s postmarket quarterly report.
American Airlines fell after suspending six routes as jet fuel costs remain elevated.
Discount retailer Five Below sank despite delivering impressive Q1 earnings, beating out analyst estimates yesterday after the bell.
