Markets
markets
Luke Kawa

US stocks just suffered one of their most stunning reversals in 32 years

Only four times in the more than 32-year history of the SPDR S&P 500 ETF has the fund opened at least 1.5% higher only to end the session down 1.5% or more.

And one of those days was today, with early enthusiasm over Nvidia’s strong earnings report turning into a wave of selling as speculative assets, chief among them bitcoin, cratered and dragged everything down with them. The S&P 500’s winners in particular saw heavy selling. Among the 15 stocks in the index that are up at least 70% year to date, the average performance on Thursday was down 5.6%.

The other occasions where US stocks have suffered such a violent turnabout:

April 8 of this year (the bottom, year to date!), when the White House said tariffs on China were going up to above 100%, kneecapping a nascent bounce-back attempt after a 10% drubbing in the three days after the Rose Garden tariff announcements. President Donald Trump would go on to announce that he was slashing reciprocal tariffs for 90 days the following session.

And the other two such instances both occurred in October 2008 (on the 7th and the 9th), as the fallout from the unfolding financial crisis was spreading after the prior month’s collapse of Lehman Brothers and the VIX Index, Wall Street’s so-called “fear gauge,” was routinely above 50, making immense volatility par for the course.

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markets
Max Knoblauch

JetBlue takes off on bullish options activity

Low-cost airline JetBlue is up more than 8% on Tuesday, on pace for its biggest daily gain since August. If the price momentum holds, Tuesday will mark JetBlue’s sixth-best trading day of the past 52 weeks.

The carrier is being propelled by bullish options activity, with more than 53,000 call options changing hands as of 12:14 p.m. ET, nearly 4x the 20-day average for a full session.

JetBlue closed up 4.6% on Monday, as traders appeared to price in medium-term oil supply relief due to the possibility of Venezuela’s reserves getting more developed amid tensions with the US.

markets
J. Edward Moreno

Moderna rallies after BofA raises its price target to $24 from $21

Moderna rose on Tuesday after Bank of America analysts raised their price target for the ailing biotech behind the COVID-19 vaccine, painting a rosy picture of the products in its pipeline.

BofA kept Moderna’s “underperform” rating but raised its price target to $24 from $21, which now accounts for “refreshed revenue builds for lead assets.” Analysts said the company’s cost-cutting measures, paired with potential new revenue from its investigatory oncology vaccines, could bring it back to profitability in the coming years.

Moderna is best known for being tapped by the US government to quickly develop a vaccine for COVID-19 in 2020, a product that remains its single source of revenue. The company has yet to bring new products to market and is now faced with a second Trump administration hostile to that product.

markets
Max Knoblauch

Roblox drops following overnight outages and a lowered price target from TD Cowen

Gaming platform Roblox fell as much as 7% on Tuesday, following reports of widespread outages overnight and a lowered price target from TD Cowen.

Downdetector, a monitoring service that uses “signals from its own websites, social media platforms and other sources” to analyze outages, tracked roughly 22 outage reports per second at peak overnight Monday into Tuesday.

Meanwhile, TD Cowen issued a new research note on Roblox Tuesday, lowering its price target on the stock to $70 from $77. Analyst Doug Creutz wrote that user engagement with the platform’s biggest hits, including “Grow a Garden” and “Steal a Brainrot,” declined 52% between mid-September and mid-December. The firm lowered its fiscal year bookings estimate from $8.48 billion to $8.09 billion.

markets
Matt Phillips

Data storage stocks surge as Nvidia CEO calls the market “completely unserved”

Sandisk soared in early trading, leading the pack of data storage stocks that topped the market last year — including Western Digital, Micron, and Seagate Technology Holdings — sharply higher Tuesday.

Despite little news on Sandisk itself, its shares were trading at a furious rate. Shortly before 10 a.m. ET, roughly 4.1 million had changed hands, more than 3x as much as normal for that stage of the session.

Besides benefiting from a broad upswing in AI-related trades on Tuesday, memory chip and data storage makers have soared, alongside prices for their products, in an rally that started late last year.

Closely watched comments from Nvidia CEO Jensen Huang at the Consumer Electronics Show underscored the strong outlook for demand from the AI industry for data storage.

“This market will likely be the largest storage market in the world, basically holding the working memory of the world’s AIs,” he told analysts at the trade show Monday, who called storage “a completely unserved market today.”

That demand seems set to continue to push prices up in early 2026, according to Morgan Stanley analysts.

In a note published Tuesday, tech hardware analysts at the bank wrote that prices for DRAM memory, which Micron makes, are expected to increase 40% to 70% quarter over quarter in Q1.

Similarly prices for NAND flash memory — a crucial form of memory for long-term storage and the heart of Sandisk’s products — are expected to increase 30% to 35% in Q1 2026, Morgan Stanley analysts said, citing industry estimates.

markets
Luke Kawa

Nvidia’s partners really want you to know they’re involved with Vera Rubin, too

Everybody’s trying to get on the Vera Rubin rocket ship.

Nvidia CEO Jensen Huang’s confirmation that its new flagship AI chips are in “full production” sparked a flurry of announcements from partners reminding us that they’ll also be involved in this rollout, sending their stocks meaningfully higher on Tuesday, before most pared gains.

  • Nvidia-backed Nebius “will deploy the NVIDIA Rubin platform through Nebius AI Cloud and Nebius Token Factory, unlocking next-generation reasoning and agentic AI capabilities for customers starting H2 2026.”

  • Also Nvidia-backed CoreWeave said it expects “to be among the first cloud providers to deploy the NVIDIA Rubin platform in the second half of 2026, offering its customers greater flexibility and choice as AI systems scale.”

  • Server company Super Micro Computer announced “expansions in manufacturing capacity and liquid-cooling capabilities, in collaboration with NVIDIA, to enable first-to-market delivery of data center-scale solutions optimized for the NVIDIA Vera Rubin and Rubin platforms.”

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