Markets
Nia Warfield, Luke Kawa

S&P 500 shakes off worst day since May with best day since May

All of Friday’s worries were seemingly washed away over the weekend, with the S&P 500 posting a 1.5% gain in a widespread rally. The Nasdaq 100 gained 1.9% and the Russell 2000 led the way with a 2.1% advance, with the small-cap index the lone one of the trio to completely erase Friday’s drop.

The benchmark US stock index rebounded from its worst day since May with its best day since May, and 10 of 11 sector ETFs finished higher on the session. Energy was the only holdout, while tech and communication services delivered the most upside.

Gains on the day were led by Idexx Technologies, which jumped 27% after the veterinary lab equipment maker reported better-than-expected Q2 earnings and revenue. On Semiconductor led S&P 500 decliners, falling 15.6% after the chipmaker met Q2 estimates but saw weak sales in its two largest business units: automative and industrial.

Tesla shares rose 2.2% after the company’s board approved an “interim” stock award of 96 million shares for CEO Elon Musk, valued at nearly $30 billion at Tesla’s Friday closing price.

Joby Aviation shares jumped nearly 19% after the air taxi company said it plans to acquire the helicopter ride-share business of rival Blade Air for up to $125 million.

Opendoor Technologies shares surged 17% after the online real estate company announced after the close on Friday that it won’t pursue a reverse stock split.

Wayfair shares jumped double digits after the online home retailer delivered a massive Q2 earnings beat and its best revenue growth, even amid a shaky housing market.

Trump Media & Technology Group rose as much as 2% in premarket trading before closing modestly lower after the owner of Truth Social and a swath of crypto assets unexpectedly dropped Q2 results Friday evening.

Outside of earnings…

American Eagle shares soared almost 24% after President Donald Trump praised the retailer’s hotly discussed new marketing campaign with actress Sydney Sweeney.

Spotify jumped 5% after the music streaming giant announced another round of premium subscription price hikes as the company tries to cue up more profits.

Nio shares fell 8% as fierce competition squeezed China’s EV market, with the electric automaker reporting a month-over-month drop in July sales.

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Luke Kawa
BEAR NECESSITIES
3h
The insanity over the Starbucks “Bearista” cups tells you everything you need to know about the US economy and markets

Upper-income consumers and megacap tech companies are both a) doing well and b) supply constrained.

Bear Roar
markets
Luke Kawa

Retail traders are “skipping the dip” this time

Here’s one noteworthy feature of the recent market downturn that has the S&P 500 poised for its worst week since reciprocal tariffs were announced in early April: retail traders seemingly aren’t eager to buy the weakness in single stocks the way they used to be.

JPMorgan strategist Arun Jain has flagged that retail traders instead appear to be “skipping the dip.”

“In contrast to the behavior observed during the post-Liberation Day selloff, retail investors did not seize the opportunity to buy-the-dip on Tuesday, with a few exceptions such as META,” he wrote of the day where the benchmark US stock index fell 1.2%. “In fact, they scaled back their ETF purchases and turned net sellers in single stocks.”

Then on Thursday, when the S&P 500 fell 1.1%, Jain projected that retail traders sold $261 million in single stocks. Through noon ET on Friday, his daily outflow estimate stands at $851 million.

With that intel, it’s little wonder why the carnage this week has been particularly intense in more speculative single stocks that had been favored by the retail community, including IREN, IonQ, Rigetti, Cipher Mining, Bloom Energy, and Oklo.

Prediction Markets Draftkings

DraftKings rebounds after Wall Street hears its prediction market plans

The company plans to launch its own predictions product in the coming months.

Matt Phillips5h
markets
Max Knoblauch

Archer Aviation plunges on $650 million share sale following its third-quarter results

Air taxi maker Archer Aviation is deep in the red on Friday morning after reporting its third-quarter results after the bell Thursday. The stock is down more than 12%.

Investors don’t appear to be thrilled about the company’s $650 million direct stock offering, announced alongside its results.

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

Matt Phillips
6h
Top AI energy trade Constellation Energy slips on earnings

The largest nuclear power provider in the US has soared on the prospect of relentless demand from data centers.

Constellation Energy reports earnings

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