Yiwen Lu9/11/24

US stocks post huge comeback; tech fuels gains

The S&P 500 closed up 1.1% on Wednesday after falling more than 1.5% in the morning. It’s the first time the benchmark US stock gauge erased an intraday drop that large to finish up 1% or more since October 13, 2022 – the day the current bull market started.

The Nasdaq 100 was up 2.2% following a similar daily pattern, while the Russell 2000 ended the day with a 0.3% gain.

The stock rally was mostly attributable to the technology sector. The S&P sector ETF advanced 3.4%, and First Solarwas the top performer with a 15.2% gain. This came after Tuesday night’s presidential debate. Solar companies like First Solar are expected to benefit from a Democratic administration that prioritizes the development of renewable energy.

Semiconductor stocks were also up. Super Micro Computer added 7.9%, Nvidia increased 8.2% and Broadcom rose 6.8%. The VanEck Semiconductor ETF was up 5.2%.

Conversely, consumer stapes and energy lost the most.

The core consumer price index for August was above forecasts. The odds of a half-point interest rate by the Federal Reserve in September were lower after the reading.

Two-year Treasury yields rose 4 basis points, while 10-year yields had a more muted increase. Oil futures rebounded after Tuesday’s sell-off, as both WTI and Brent rose more than 2%.

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BEAR NECESSITIES

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

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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

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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.

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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