Luke Kawa12/10/24

US stocks slump as tech and momentum selloff continues

The S&P 500 slumped for the second straight day, dropping 0.3%. The Nasdaq 100 also gave back 0.3%, while the Russell 2000 fell 0.4%.

Real estate, tech, and materials were the worst-performing S&P 500 sector ETFs, each off more than 1%. Communications services was at the top of the leaderboard, thanks to Alphabet.

Google was the best-performing Magnificent 7 stock, up over 5% after its quantum-computing breakthrough. While other quantum-computing-linked stocks initially fell on the news, most recovered later. Notably, Rigetti Computing spiked after announcing that a joint project with Quantum Machines that used AI to automate how a quantum computer is calibrated was successful.

Walgreens Boots Alliance soared following reports that the embattled pharmacy chain may soon be acquired, making it the best-performing S&P 500 constituent.

A judge blocked Kroger’s acquisition of Albertsons, sending the former higher and the latter lower.

Homebuilders had a rough day after Toll Brothers’ mediocre earnings report, with the iShares US Home Construction ETF down 2.3%.

TSMC tumbled 3.6% despite announcing massive sales growth in November

Oracle tanked 6.7% after posting lower-than-expected sales with an underwhelming earnings guidance, its worst day since the company released quarterly results one year ago.

Moderna was the worst performer in the S&P 500, with the drugmaker facing eviction from the Nasdaq 100.

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Tasha Matsumoto

S&P 500 closes lower after notching new intraday high

The Nasdaq 100 eked out a small gain, while the Russell 2000 fell.

CHICAGO, ILLINOIS - NOVEMBER 17: Mascot Staley Da Bear of the Chicago Bears runs onto the field prior to an NFL football game against the Green Bay Packers at Soldier Field on November 17, 2024 in Chicago, Illinois.

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Matt Phillips9h

Blackstone and Invitation Homes get hammered as Trump calls for ban on Wall Street buying single-family homes

Shares of Blackstone and Invitation Homes dove early Wednesday afternoon after President Trump called on Congress to pass a law banning large institutional investors from buying single-family homes.

Blackstone and Invitation Homes are some of the largest owners of private homes in the country. Homebuilders including PulteGroup, DR Horton, and Lennar also stumbled on the news.

Nationwide, institutional investors own a small share — less than 1%, according to the right-leaning American Enterprise Institute — of US single family homes, which has led some to argue that they have had a relatively small impact on housing prices. But their concentration in particular markets, such as Atlanta, Dallas, Houston, and Charlotte, has prompted others, like center-left think tank Third Way, to argue that their purchases can have an effect on specific markets, neighborhoods, or certain types of houses.

Donald J. Trump (@realDonaldTrump)

Blackstone and Invitation Homes are some of the largest owners of private homes in the country. Homebuilders including PulteGroup, DR Horton, and Lennar also stumbled on the news.

Nationwide, institutional investors own a small share — less than 1%, according to the right-leaning American Enterprise Institute — of US single family homes, which has led some to argue that they have had a relatively small impact on housing prices. But their concentration in particular markets, such as Atlanta, Dallas, Houston, and Charlotte, has prompted others, like center-left think tank Third Way, to argue that their purchases can have an effect on specific markets, neighborhoods, or certain types of houses.

markets

Matt Phillips10h

Intel surges amid CES announcements, Mobileye news

Intel surged to a new 52-week high in early trading, though it gave back a large chunk of the early gains by the afternoon. There were few headlines that could clearly explain the run-up of gains, which peaked around 11%.

One potential driver of the move might be optimism surrounding the company’s unveiling of a new line of processors at the Consumer Electronics Show on Tuesday.

Another possible candidate was the reflected glow of a deal announcement from Mobileye, the autonomous driving company that Intel holds a significant stake in.

Mobileye initially rose after buying Mentee — an artificial intelligence robotics company — for $900 million in cash and stock in a deal that’s expected to close this quarter.

(Intel spun off Mobileye in 2022, but retained a controlling stake in the company.)

Finally, news that Qualcomm is perhaps looking to use contractors outside Taiwan for its next-generation chip — though it’s reportedly speaking to Korea’s Samsung for that, not Intel — may be raising hopes that chipmakers looking to diversify away from Taiwan could become customers for Intel’s troubled contract chipmaking division.

But again, there’s no clear reason to point to for its outperformance on Wednesday.

Mobileye Acquires Startup Mentee Robotics for $900 Million

Mobileye Acquires Startup Mentee Robotics for $900 Million

Mobileye initially rose after buying Mentee — an artificial intelligence robotics company — for $900 million in cash and stock in a deal that’s expected to close this quarter.

(Intel spun off Mobileye in 2022, but retained a controlling stake in the company.)

Finally, news that Qualcomm is perhaps looking to use contractors outside Taiwan for its next-generation chip — though it’s reportedly speaking to Korea’s Samsung for that, not Intel — may be raising hopes that chipmakers looking to diversify away from Taiwan could become customers for Intel’s troubled contract chipmaking division.

But again, there’s no clear reason to point to for its outperformance on Wednesday.

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