Markets
Luke Kawa
7/30/24

US stocks sink; Nvida’s tumble overshadows financials’ gains

The S&P 500 sank 0.5% and the Nasdaq 100 fell 1.4% as tech stocks dragged down the major indexes. The Russell 2000 was spared any damage, up 0.4% on the day.

Tech was the worst-performing S&P sector ETF, slumping 2.5%. Financials, meanwhile, gained 1.2%. It’s the first time tech was down 2.5% and financials were up at least 1% since December 16, 2021.

Nvidia was a millstone around the neck of the US stock market, slumping 7% for no apparent reason.

Mercifully, there was a lot of news behind some of the session’s other big movers.

First, the good: Better than expected earnings and a boost to its full-year earnings forecast sent shares of Stanley Black & Decker 10% higher. 

Investors also cheered PayPal’s higher earnings forecast and plan to buy back more stock, sending shares 8.6% higher.

Phillips 66 gained 4.8% after the oil refiner crushed Wall Street’s expectations on free cash flow and earnings.

On the other side of the spectrum, Merck was the worst S&P 500 constituent, tanking 9.8% after lowering its full-year profit guidance and citing a “surprising” softness in Chinese sales for its HPV vaccine.

CrowdStrike slump continued, with shares down 9.7% amid reports that Delta Air Lines is seeking damages following its massive outage. The stock is down about 40% since it more or less broke the internet earlier in July.

Consumer staples stalwart Procter & Gamble sank 4.8% after poor sales growth, the latest in a series of companies plagued by increasingly price-sensitive consumers.

Corning nearly gave back all its gains since July 8, when management talked up how AI was enhancing demand for its fiber optic solutions, after providing a third-quarter sales outlook that fell shy of analysts’ projections. The stock fell 6.9%.

Lumen Technologies was the standout positive outside the S&P 500, gaining 38%. The company has booked access to Corning’s fiber capacity to support AI-enabled data centers, one week removed from its partnership with Microsoft.  

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Nia Warfield, Luke Kawa
9/12/25
S&P 500 goes nowhere, Nasdaq 100 hits another record, small-caps tumble

Warner Bros. Discovery led gains for the second day in a row, and only three S&P 500 sector ETFs finished in the green.

Horse Ranch In Zhangye
markets
Matt Phillips
9/12/25

Rocket lab soars to new record close amid rally for retail faves

Rocket Lab ripped by roughly 10% Friday to close at a new all-time high, riding an upturn of retail enthusiasm for a coterie of tech-themed favorites, even as the broader market was more or less flat on the day.

Goldman Sachs’ basket of “retail favorites” — its heaviest weights are Reddit, AppLovin, and Tempus AI — was the second-biggest gainer among the company’s flagship US equity baskets on Friday, rising about 1.6%. The S&P was almost dead flat.

It’s not Rocket Lab’s first retail rodeo, as the money-losing company has more than doubled this year and is up nearly 700% over the last 12 months.

Oracle Wall Street Revisions

Analysts revise up anything and everything they thought about Oracle

After the company’s bombshell earnings this week, Wall Street thinks Oracle’s trajectory has changed.

Matt Phillips9/12/25
markets
Nia Warfield
9/12/25

Six Flags pops after reiterating its guidance as theme park attendance rebounds

Six Flags shares rose more than 7% today after the company reported a rebound in attendance and early season pass sales heading into the fall. The nine-week period ended August 31 saw 17.8 million guests, up about 2% from the same stretch last year, with stronger momentum in the final four weeks. 

More importantly, Six Flags reaffirmed its full-year adjusted EBITDA guidance of $860 million to $910 million, showing confidence that its cost and operations strategy can stay strong for the duration of the year. Riding that wave, Six Flags also said early 2026 season pass unit sales are pacing ahead of last year, and average season pass prices are up about 3%.

The good vibes come despite a drop in in-park per-capita spending, especially from admissions, where promotions and changes to attendance mix (which parks or days guests visit) have weighed. Earlier this week, the amusement giant signed a new agreement that extended its position as the exclusive amusement park partner for Peanuts™ in North America through 2030.

Despite the rally, Six Flags shares are down about 52% year to date.

markets
Max Knoblauch
9/12/25

Rivian turns red on the year, squeezed by a recall and the looming end of the EV tax credit

Shares of EV maker Rivian are down more than 5% on Friday following the company’s recall of 24,214 vehicles due to a software issue. The stock move erases Rivian’s year-to-date gain and turns the company negative on the year.

Rivian’s 2025 model year R1S and R1T are affected by the defect, which was identified after a vehicle’s hands-free highway assist software failed to identify another vehicle on the road, causing a low-speed collision. Rivian said it’s released an over-the-air update to fix the issue.

The recall marks Rivian’s fifth this year, affecting nearly 70,000 of its vehicles.

Rivian’s shares are down more than 20% from their 2025 high, which came prior to the passage of President Trump’s “big, beautiful bill.” Through the legislation, the $7,500 EV tax credit is set to expire at the end of the month.

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