Stocks slide as investors await Nvidia earnings to assess the AI trade |
The S&P 500 fell for the fourth consecutive session, its longest losing streak since August. The Nasdaq 100 also fell, while the Russell 2000 bucked the trend to post a gain. Losses were heavily concentrated in tech and consumer discretionary, which was the worst-performing sector ETF, dragged down by Amazon. While many investors seem to have trepidation over tomorrow's earnings report from Nvidia, which comes at a tenuous time for the company and the AI trade as a whole, JPMorgan is optimistic for an earnings beat and upward move, recommending a bull call spread. Bitcoin bounced back a bit after sliding below $90,000 yesterday night for the first time since April, extending a month-long rout that has now erased all of its 2025 gains. Stocks that moved higher: |
- Air taxi maker Archer Aviation ticked higher after yesterday's announcement of a deal to supply private defense contractor Anduril with its electric power train, marking the first time Archer will make that tech available to a third party.
- Shares of HBO and CNN parent Warner Bros. Discovery climbed on a report that rival Paramount Skydance is prepping a $71 billion bid for the entertainment giant.
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- Rothschild & Co Redburn analyst Alexander Haissl downgraded Microsoft and Amazon saying GenAI economics are "far weaker than assumed."
- LifeMD plunged after it reported earnings results on Monday that missed Wall Street estimates, which it attributed in part to "fierce competition from low-price compounded GLP-1 providers."
- Home Depot fell after it reported earnings that missed Wall Street expectations and slashed its full-year guidance.
- Cloudflare, an IT behemoth that supplies tools to protect websites from cyberattacks and helps users connect and load content online, dipped as investors reacted to reports of outages affecting ChatGPT, X, and other websites.
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\Waymo is aiming to pull further ahead of Tesla, which currently only has service in two markets. Read more. |
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Peter Berezin, of Chief Global Strategist at BCA Research, suggests four areas one might watch for indications that it's time to hit the eject button. Read more. |
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Painvember is real — the crypto market has lost more than $1 trillion in overall market cap since early October and now sits at $3.2 trillion, down from $4.3 trillion on October 6, when bitcoin hit its all-time high. Read more. |
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- Fund managers are worried about AI overinvestment. Bank of America is worried about fund managers overinvesting.
For the first time ever, fund managers surveyed by Bank of America think companies are investing too much.
- Google releases Gemini 3 AI model
The major update to Google's flagship model features better reasoning, multistep agentic tasks, and stronger "vibe coding." - Meta wins in FTC antitrust trial
The five-year long case results in another big win for Big Tech as companies evade aging antitrust laws. - Microsoft, Nvidia investing in Anthropic; Anthropic to buy $30 billion in Azure computing capacity
The Platonic ideal of a circular AI deal.
- Apple takes 25% of the Chinese market, up from 19% last year, on strong iPhone 17 sales
October smartphone sales were up 8%, thanks to Apple's 37% year-over-year growth.
- Meta's Vibes AI video feed has 2 million daily active users
For Meta that's not a lot.
- Intuit strikes $100 million partnership with OpenAI
The multiyear deal will bring Intuit's apps to ChatGPT, and the company will increase use of OpenAI's models internally.
- Google's CEO on AI bubble: "I think no company is going to be immune, including us"
CEO Sundar Pichai said Alphabet would weather the storm.
- Analyst: Sandisk a candidate for S&P 500 after surge
The Western Digital spin-off is up more than 400% over the last three months.
- Fidelity and Canary Capital roll out spot solana ETFs, joining Bitwise, Grayscale, and VanEck
The price of solana is trading around $140, more than 50% away from its all-time high set in January.
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