Markets
Luke Kawa

US stocks slump as traders ditch the stocks previously immune from the sell-off

Stocks whipsawed as President Trump floated fresh tariffs on Canada, with the S&P 500 ending down 0.8% and the Russell 2000 off 0.3% while the tech-heavy Nasdaq 100 gained 0.2%.

Under the hood, it sure doesn’t seem like tariff talk played too large of a role today — General Motors, perhaps the company most impacted by trade barriers with Canada, actually rose.

Telling the tale of the tape today is relatively easy: if a stock had been getting creamed since February 19, the most recent closing high, through March 10, then it did well today. Conversely, if a stock had been holding up well through the carnage, it ceded ground today.

Said another way, every S&P 500 constituent that’s down 30% since the S&P 500’s record close, like Palantir, rose on Tuesday. And only two stocks of the couple dozen that are up 10% since February 19 rose on Tuesday.

Interestingly, this was the first time during the S&P 500’s retreat from its all-time high where the benchmark index fell and the equal-weight S&P 500 suffered a larger loss than the iShares MSCI USA Momentum Factor ETF (which actually ended higher on the day!). Investors ditched the safer stocks that had been holding up well while beaten-up names caught a bid.

Every S&P 500 sector ETF finished lower, with industrials, communications services, and consumer staples suffering the largest losses.

Kohl’s cratered, losing nearly a quarter of its value as its solid fourth-quarter results were overshadowed by abysmal guidance and a reduction in its quarterly dividend.

Dick’s Sporting Goods told a similar, but less severe, story and sold off after also exceeding its fourth-quarter earnings expectations while offering a dim outlook for 2025.

Shares of software company Oracle fell after posting lower-than-expected earnings and sales after the close on Monday.

Verizon also tumbled after its CRO warned of a “challenging” first quarter for the telecom company.

Southwest Airlines was a particularly bright spot on the tape today, rising 8% after ditching its “bags fly free” policy, a move which passengers will invariably despise.

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Matt Phillips

Space, drone, and satellite stocks continue their Iran war-driven rally

Space, drone, and satellite stocks like Rocket Lab, Redwire, Intuitive Machines, and Planet Labs are both outperforming broader indexes and the thematic baskets of momentum stocks and shares with high retail sentiment with which they are often lumped.

There’s little clear news on the tape to attribute for the move higher. (Though the FAA did announce a streamlining of launch licensing rules that cover a number of these companies, including Rocket Lab and Firefly Aerospace, as well as Tesla CEO Elon Musk’s commercial space giant, SpaceX.)

More broadly, the outbreak of war with Iran has burnished the space, drone, and satellite sector in the eyes of investors, as the conflict underscores the importance of the three technologies to the future of defense. And in a world where nations are growing unsure of traditional alliances, countries across the board will look to boost their own capabilities. (Belgium just announced that it has selected Redwire, for example, to provide its first national security satellite system. Belgium!)

As Goldman Sachs analysts put it in a research note from January:

“Companies with native drone and satellite technology cultures like AeroVironment and Rocket Lab may find themselves particularly well positioned. And in Europe, a remilitarization of the Continent is underway that could require a $160bn investment over the next 5 years just to catch up with Russia.”

Since the start of the Iran war, most of these types of shares have handily outpaced the Nasdaq Composite Index. Rocket Lab, Redwire, and Intuitive Machines are all up more than 12% during that period, compared to a Nasdaq that’s just slightly in the red, as of shortly before 12 p.m. ET on Tuesday.

Jensen Huang GTC 2026 San Jose

Nvidia keeps giving Wall Street everything it wants — without getting rewarded

Yet another case of good financial news from Nvidia failing to generate an enduring positive reaction.

Luke Kawa1h
markets
Matt Phillips

Oklo surges after receiving approval for next phase in the construction of its first reactor

Revenue-free retail favorite Oklo is up in early trading after announcing regulatory updates on its first product, a reactor it calls Aurora, which it has started building at the US Energy Department’s primary nuclear energy research and development center, the Idaho National Laboratory.

Oklo announced that it signed an “other transaction agreement” (OTA) with the Department of Energy early Tuesday. (OTAs are typically used by the federal government to enter into research, prototyping, and production deals with private entities outside of the typical procurement processes.)

Oklo also announced that the DOE’s Idaho Operations Office also signed off on a preliminary safety design review for the reactor, which is expected to be completed sometime in late 2027 or 2028. The company broke ground on the project in September.

Separately, Oklo also announced that the Nuclear Regulatory Commission issued a materials license enabling an Oklo subsidiary to handle, process, and distribute isotopes.

“This is Oklo’s first NRC-issued license and supports the transition from design and planning to real-world execution and progress,” the company said.

Given the close involvement of the federal government in the development of nuclear power plants, Oklo’s close ties to the Trump administration have been seen as an important advantage for the company — but have also drawn scrutiny and criticism.

Energy Secretary Chris Wright was formerly a board member at Oklo, before he was tapped to lead the Trump administration’s Department of Energy.

The department is playing a more prominent role in the nuclear regulatory process under an executive order designed to speed up approval of new nuclear energy technologies.

Separately, Oklo is due to report earnings after the close of trading on Tuesday.

Oklo Announces U.S. Department of Energy Approval for Nuclear Safety Design Agreement of Aurora Powerhouse at Idaho National Laboratory

Oklo announced that it signed an “other transaction agreement” (OTA) with the Department of Energy early Tuesday. (OTAs are typically used by the federal government to enter into research, prototyping, and production deals with private entities outside of the typical procurement processes.)

Oklo also announced that the DOE’s Idaho Operations Office also signed off on a preliminary safety design review for the reactor, which is expected to be completed sometime in late 2027 or 2028. The company broke ground on the project in September.

Separately, Oklo also announced that the Nuclear Regulatory Commission issued a materials license enabling an Oklo subsidiary to handle, process, and distribute isotopes.

“This is Oklo’s first NRC-issued license and supports the transition from design and planning to real-world execution and progress,” the company said.

Given the close involvement of the federal government in the development of nuclear power plants, Oklo’s close ties to the Trump administration have been seen as an important advantage for the company — but have also drawn scrutiny and criticism.

Energy Secretary Chris Wright was formerly a board member at Oklo, before he was tapped to lead the Trump administration’s Department of Energy.

The department is playing a more prominent role in the nuclear regulatory process under an executive order designed to speed up approval of new nuclear energy technologies.

Separately, Oklo is due to report earnings after the close of trading on Tuesday.

Luke Kawa
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markets
J. Edward Moreno

Eli Lilly receives its only sell rating as HSBC downgrades, citing smaller market for weight-loss drugs

Eli Lilly slipped in early trading after analysts at HSBC gave the pharmaceutical darling at the center of the obesity drug boom a rare downgrade.

Analysts at the bank cut their rating to “reduce” from “hold.” They cut their price target to $850 from $1,070. The stock closed at $989 on Monday.

“We think Lilly shares are priced to perfection, are uncomfortable with working capital trends, and think medium-term earnings trends are optimistic,” the analysts said.

According to Bloomberg, this is the only sell rating on Lilly among the 38 analysts who cover the stock.

The company has rallied more than 20% in the past year as its obesity drug sales continue to rise, far outpacing its top rival, Novo Nordisk.

But the space is getting increasingly crowded with new entrants and new products from Lilly and Novo, putting downward pricing pressure on their products. HSBC noted that the emergence of cash-pay channels for their drugs makes them subject to economic cycles and seasonality.

And while the introduction of oral options has expanded the market, HSBC analysts said they think “the compliance and persistence of these drugs might disappoint.”

“Whilst the momentum in the launch might be positive, we think oral drug launch expectations for Lilly are too high,” they said.

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