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S&P 500’s losing streak extends to three

The longest run in the red for the benchmark US stock index in over a month.

9/25/25 3:38PM

The S&P 500 fell 0.5% on Thursday, marking its third straight day in the red for the first time in over a month. The Nasdaq 100 gave back 0.4% and the Russell 2000 fell 1%.

Every S&P 500 sector ETF finished in the red aside from energy, with consumer discretionary and healthcare faring the worst.

Bright spots on the day were led by Intel, which rose 8.8% following a Bloomberg report that the chipmaker approached Apple about a possible investment as it seeks to revive its business. Declines were led by CarMax, which sank 20% after the used vehicle retailer missed Wall Street’s estimates for the second quarter. Elsewhere…

Amazon ticked 0.9% lower after agreeing to pay $2.5 billion to settle a case by the Federal Trade Commission that alleged the retailer tricked people into signing up for Prime and made it hard to cancel.

Quantum stocks including IonQ, D-Wave Quantum, and Quantum Computing sputtered after nearly doubling thanks to the US government calling the technology an R&D priority for fiscal 2026.

Stitch Fix sank nearly 17% after the personal styling platform topped the Street’s Q4 expectations but tepid guidance and declining customer numbers disappointed investors.

Oklo dove 9.2% after an SEC filing showed company director Michael Klein sold some $6.7 million in stock.

Cipher Mining fell nearly 18% after initially popping, following news that Google was taking a 5.4% equity stake in the data center company.

Shares of retail darling Opendoor Technologies jumped over 10% after proprietary trading firm Jane Street revealed a 5.9% stake in the company in a new filing.

BYD leapt 2.5% after the Chinese EV maker outsold Tesla in the EU again in August. Tesla fell 4.4%.

Duolingo popped 4.2% after the language-learning app regained some attention among options-trading retail investors.

Hertz ticked up 0.9% after the company announced an upsized $375 million exchangeable senior notes offering, an increase from the previously announced offering size of $250 million.

Luke Kawa20m

Opendoor has erased all the gains made since September leadership changes as enthusiasm premium fizzles

If you bought Opendoor Technologies when the online real estate company revealed that Shopify COO Kaz Nejatian was coming in to serve as CEO, with cofounders Keith Rabois and Eric Wu joining the board of directors, you are underwater on that purchase.

Shares closed at $5.83 on Monday, below where they ended on September 10 ($5.86) before these management changes were announced after the close. That revelation sparked the biggest one-day gain in Opendoor’s history, with the stock up nearly 80% the next session to hit its highest level since 2022.

Of course, it’s still early days. These new leaders haven’t even reported results for a full quarter in which they’ve been at the helm.

But in looking at the factors that buoyed Opendoor the stock, it seems clear that the enthusiasm (and speculative appetite) that was omnipresent from mid-July through September has petered out. While some of this may be a function of the typically slowed holiday season, trading volumes have dipped to an average of about 62 million over the past 21 sessions, a level not seen since May. Similarly, over the past 21 sessions, call volumes are running at their lowest level since July.

Max Knoblauch22m

Nio climbs as China announces extension of its trade-in subsidy to boost EV buying

China’s trade-in subsidies intended to boost EV and low-emission vehicle purchases will be extended into 2026, according to a notice by Chinese officials on Tuesday. Shares of Chinese EV maker Nio climbed more than 6% on Tuesday morning.

Prior to the notice, China had signaled it would be pulling the plug on many subsidies for its maturing EV sector.

The extended trade-in subsidies will provide consumers up to $2,850 to scrap their older vehicles and purchase a qualifying new energy vehicle. The EV stimulus plan is part of a broader $8.94 billion program intended to boost the purchase of new consumer goods including refrigerators, smartphones, and washing machines.