2/24/25

Stocks drop again as tech tumbles

The S&P 500 fell 0.5%, closing below its 50-day moving average and near its lows of the day to mark the benchmark gauge’s first three-session losing streak of 2025. The Nasdaq 100 gave back 1.2% while the Russell 2000 declined 0.8%.

Despite the losses, 74 more S&P 500 constituents advanced than declined.

Tech was far and away the worst-performing S&P 500 sector ETF, off 1.4% on the day. Healthcare, a more defensively oriented part of the market, did the best.

Berkshire Hathaway was a particularly bright spot on the tape, up 4% after reporting robust quarterly results and a humongous cash pile.

Price action continues to be market by a momentum unwind: Palantir was down double digits, the worst performer in the S&P 500, while companies levered to AI data centers and power generation, like Arista Networks and Vistra, also got clobbered amid concern that Microsoft is oversupplied in this area. The Magnificent 7, as a basket, are down 3.3% on the year after falling 4.4% in the past three sessions, with Nvidia weighing the most on the cohort to open the week.

Alibaba’s mammoth run reversed hard, with shares off double digits as the company outlined plans to spend over $50 billion on the AI build-out over the next three years.

JPMorgan declined despite a positive day for financials as CEO Jamie Dimon said he is “reluctant” to buy back stock at these levels.

Super Micro Computer got dumped ahead of tomorrow’s deadline to submit filings or be delisted from the Nasdaq.

Rivian sank after Bank of America downgraded shares of the electric vehicle maker, citing a host of challenges ahead.

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Nia Warfield, Luke Kawa

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

14h

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 Phillips16h

markets

17h

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

18h

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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