Markets
Luke Kawa

US stocks sink in biggest tech rout since 2022

The S&P 500 sank 2.7% in its worst day of the year, the Nasdaq 100 gave back 3.8% in its worst session since 2022, and the Russell 2000 fell 2.7%.

The rout in momentum stocks continues to be at the heart of the market’s struggles, though increasing fears about a US economic downturn are causing broader pain.

Tech, consumer discretionary, communication services, and financials were the worst-performing sectors. Financials erased all their year-to-date gains with Monday’s retreat. Utilities were the best-performing sector.

Tesla got slammed in its worst day since 2020 to make it the worst-performing stock in the S&P 500 so far this year. Palantir’s rapid unwind continued, with the stock down double digits.

Airlines continue to be rattled by the overhang from tariffs and fears of a slowing US consumer, with Delta Air Lines, United Airlines, Southwest Airlines, and American Airlines all sharply lower. Gaming stocks were in the same boat, with Nintendo, Sony, and Microsoft falling as levies threaten to push console costs upward.

Semi stocks took another shellacking, with Nvidia and Broadcom each off 5%.

It was also a rough day for crypto-adjacent stocks: Strategy’s plan to accumulate even more bitcoin was not well received given the plunge in digital assets, and Robinhood tumbled partially in sympathy with the crypto space, but also amid a settlement with Finra and S&P’s decision not to add it to the benchmark US stock index, as some had hoped.

(Sherwood Media is an independently operated subsidiary of Robinhood Markets Inc.)

Elsewhere, in gambling, DraftKings was routed as the downdraft in the stock market may weigh on Americans’ appetite for wagers.

Novo Nordisk tumbled after trials for its latest weight-loss shot disappointed.

Traders didn’t love Rocket Companies’ acquisition of real estate listing platform Redfin in an all-stock deal.

Some ports in a storm for investors included consumer staples and defense stocks like Conagra and Northrop Grumman.

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markets
Paige Oamek

Snowflake climbs after Q1 results top expectations, guidance gets a boost

Shares of Snowflake are surging after the company beat Wall Street’s projections in its latest earnings report, delivering on its AI thesis, with Q1 revenue up 33%.

It also announced an acquisition of an AI agent platform.

Snowflake stock soared 30% in after-hours trading. It that move were to hold on Thursday, it would more than erase Snowflake’s nearly 20% decline so far this year.

Here are the numbers:

  • Revenue of $1.39 billion in the first quarter (compared to analyst estimates of $1.32 billion).

  • Adjusted earnings per share of $0.39 (estimate: $0.32).

  • Full-year product revenue guidance for 2027 of $5.84 billion, up from previous guidance of $5.66 billion (estimate: $5.67 billion).

Snowflake is a cloud-based database company — essentially allowing businesses to mine their data for insights, charging for compute and storage along the way.

The company's stock has fallen this year as the company manages competition from hyperscalers like Amazon Web Services as well as the high cost of AI-related build out as they double-down on AI-tools.

Last year, Snowflake — which now calls itself "the AI Data Cloud company" — announced $200 million deal to power its agentic AI with Anthropic's Claude.

Alongside its Q1 earnings, Snowflake also announced it has signed an agreement to purchase Natoma, a platform for securely integrating AI agents with data, like Snowflake's. Terms of the deal weren’t disclosed.

“AI agents will only become enterprise-ready if organizations can govern how they operate across systems, applications and tools,” said Pratyus Patnaik, Co-Founder and CEO of Natoma. “Together with Snowflake, we’re building the governance and connectivity layer that enables enterprises to securely operationalize AI at scale.”

markets
Luke Kawa

Synopsys drops despite better than expected Q2 results, big boost to full-year guidance

Synopsys is falling in postmarket trading despite delivering better than expected quarterly results and boosting full-year guidance by more than analysts anticipated.

For its fiscal Q2, the electronic design automation firm (which helps chipmakers make chips) reported:

  • Revenue: $2.28 billion (estimate: $2.25 billion, guidance for $2.25 billion +/- $25 million)

  • Adjusted earnings per share: $3.35 (estimate: $3.14, guidance for $3.14 +/- 3 cents)

Management boosted its full-year sales outlook to a range of $9.63 billion to $9.71 billion; the consensus estimate matches the low end of that range. On the bottom line, Synopsys now expects adjusted earnings per share between $14.72 and $14.80, which is well about the consensus call for $14.45.

The company has received two high-profile backers since December: Nvidia unveiled a stake in the company that month as part of a partnership to “design, simulate and verify intelligent products.” More recently, Elliott Investment Management took an activist position in the company, reportedly pushing for higher sales and margins closer to its peer, Cadence Design Systems.

Along with these results, management announced that it entered into a cooperation pact with Elliott, and is adding Elliot managing partner Jesse Cohn to the board.

markets
Luke Kawa

Marvell Technology rallies with management “significantly raising” its sales outlook for the next two years

Marvell Technology is higher in postmarket trading after the custom chip and networking company released in-line results while continuing to offer an increasingly optimistic view on future sales.

The key numbers for the opening quarter of its fiscal 2027:

  • Net revenue: $2.42 (estimate: $2.41 billion, guidance for $2.4 billion +/- 5%)

  • Adjusted net income per share: $$0.80 (estimate: $0.80, guidance for $0.79 +/- 5 cents)

For the current quarter, management expects sales from $2.57 billion to $2.84 billion, the midpoint of which is higher than the $2.61 billion consensus estimate. The outlook for adjusted net income per share is $0.93, +/- $5 cents, which is above the $0.90 call from the Street.

It’s deja vu all over again. Marvell had set a high bar for itself coming into this report. The stock surged even after its Q4 results came in broadly in line with estimates in early March, as management issued rosy Q1 guidance and an upgrade to its sales forecast through 2027 (its fiscal 2028).

And that bar is getting even higher:

“We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter,” said Chairman CEO Matt Murphy in the press release, attributing this to “strong demand across a broad set of Marvell solutions.”

To borrow a line from Creative Strategies CEO and principal analyst Ben Bajarin, “All viable compute will be used.”

That sentiment is the loose reason why the stock has more than doubled year to date heading into this release, riding the wave of heavy demand for both compute and connectivity solutions.

Marvell already counts Microsoft and Amazon as major customers (and is reportedly in talks with Google about custom chips). At the end of March, the company got the Jensen Huang seal of approval, receiving a $2 billion investment from Nvidia as part of a partnership to ensure custom chips work seamlessly within Nvidia’s data center architecture.

Tasha Matsumoto
34m
S&P 500 closes flat as traders weigh peace prospects

The S&P 500 managed to just barely eke out a new record closing high as traders digested conflicting reports on US-Iran negotiations.

a sunny field
markets
Luke Kawa

Opendoor surges on news that it’s being re-added to Russell indexes

Shares of Opendoor Technologies are spiking after the company announced it’s been selected for inclusion in the Russell 3000 Index.

Being added to indexes often brings along with it flows from funds that track those benchmarks.

“Inclusion in the Russell 3000 Index typically means membership in either the large-cap Russell 1000 Index or the small-cap Russell 2000 Index, as well as in relevant growth and value style indexes,” per the press release.

These additions will be effective after June 26.

What a difference a year makes: Opendoor was removed from the Russell 2000 at about this time last year because its share price had failed to hold $1. The flows associated with getting booted from the Russell 2000 was cited as a reason for elevated short interest on the stock, which one Redditor (u/gregw134) argued made Opendoor an attractive buy — months before its parabolic surge.

Since then, the company has picked up a horde of investors (the so-called “$OPEN ARMY”), overhauled its management ranks, and appears to be on the precipice of breaking even.

Eric Jackson, the architect of the explosion in retail attention on Opendoor, shouted out that Redditor’s research in an interview with Sherwood News:

“That was a great post. It was a really thoughtful post. Really, really detailed. I think I buy into probably 90% to 95% of what he’s saying. And I didn’t know about the whole ETF unloading, kicking it out of the Russell 2000, as a potential reason why it dipped down to $0.50 a couple of weeks ago.”

It’s also a strong session for stocks geared to the real estate market in general, with the fever in long-term bond yields seemingly well and truly broken.

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