Markets
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Luke Kawa & Nia Warfield

Stocks pull back as megacap tech slumps

Stocks fell on Tuesday as the market’s tech titans took a breather after a hot run. The S&P 500 fell 0.6%, the Nasdaq 100 lagged with a 0.7% decline, and the Russell 2000 outperformed, albeit with a 0.2% drop.

The Magnificent 7 had their worst day in over a month, down 1.5%, with every constituent falling.

Consumer discretionary and tech were the two worst-performing S&P sector ETFs, while energy fared the best.

Bright spots on the day were Halliburton and Paramount Skydance, which rose 7.5% and about 6%, respectively. Generac and Vistra were among the biggest decliners, falling more than 10% and 6%, respectively. Elsewhere…

Nvidia fell 2.8% even as Wedbush Securities analysts called its recent $100 billion deal with OpenAI a “watershed moment” for the AI revolution. Separately, Bank of America analysts said the chip designer is poised to generate hundreds of billions in free cash flow.

Shares of Opendoor sank more than 15% after its third-biggest shareholder, Access Industries, sold 11.36 million shares of the online real estate company through its AI LiquidRE arm.

Firefly Aerospace also dove more than 15% after the Texas-based space launch startup missed Wall Street’s estimates for the company’s first quarterly report since its August IPO.

Plug Power had a wild ride, up double digits in premarket trading before ending down 4.6%, snapping a nine-day winning streak that was close to becoming the longest on record for the hydrogen fuel cell company.

Boeing ticked up another 2% after announcing on Monday that Uzbekistan Airways will order up to 22 of its 787 Dreamliner jets.

Satellite stocks like AST SpaceMobile, Planet Labs, and Rocket Lab climbed on elevated activity, especially in the options market.

IonQ jumped more than 4% after the company announced “a significant technological advancement in its pursuit of scalable quantum networks.”

Shares of Sinclair Inc. rose more than 3% after the self-proclaimed “largest ABC affiliate group” said it will continue to keep “Jimmy Kimmel Live!” off its ABC stations.

Palantir rose 1.8% after Bank of America analysts hiked their price target on the stock to $215 — the highest among the published price targets tracked by FactSet.

Kenvue, the company behind Tylenol, gained 1.6% as doctors pushed back against President Trump’s claims about a link between the drug and autism, per Reuters.

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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.

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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.

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