Tech tumble drags down stocks |
The S&P 500 and Nasdaq 100 fell as all of the stocks in the Magnificent 7 traded lower. The Russell 2000 outperformed, rising 0.7%. Energy was the best-performing sector as tensions in Iran sent crude futures higher for much of the day before dropping sharply in late-afternoon to close lower. Utilities, consumer staples, and healthcare also rose as investors rotated into defensive safe havens. Bitcoin continued to rally following yesterday's better-than-expected CPI report. Earnings season so far has been a mixed bag as Citigroup reported better-than-expected earnings and revenue, and Q4 revenues and net interest income for Wells Fargo came in shy of Wall Street's estimates, with both stocks trading lower today. Stocks that moved higher: |
- Clover Health surged after announcing 53% growth in Medicare Advantage memberships and is expecting full-year positive net income in 2026.
- Viking Therapeutics soared as its CEO said many parties are "circling the space" for acquisition.
- Intel rose again, riding a wave of Trump support and speculation about the prospect of Apple becoming a key customer for Intel's ailing contract chip-manufacturing business.
- Alibaba gained ahead in anticipation of positive AI updates at Thursday's Qwen product event in China.
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- Nvidia dropped as Reuters reported that China has ordered "basically a ban" of H200 imports.
- Broadcom and Fortinet sank after a report that Beijing has told Chinese firms to stop using cybersecurity software made by certain US and Israeli firms.
- Tariff-sensitive stocks Restoration Hardware and Crocs stumbled after the Supreme Court declined to deliver a tariff ruling on Wednesday, which means a ruling in the case won't come until next week at the earliest.
- Netflix dipped as European Commission regulators are reportedly deeply concerned about Netflix's market concentration in the deal with Warner Bros. Discovery.
- Rivian sold off following a UBS downgrade as analysts warn its AI stock boost may have peaked.
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Starting Valentine's Day, Full Self-Driving will be subscription only. Read more. |
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| When it comes to AI spending, "we are going to stay up front, so help us God," Dimon said. Read more. |
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Cryptocurrency scammers stole an all-time high of $17 billion last year, crypto analytics firm Chainalysis estimated in a Tuesday report. The figure is a more than 21% increase from the $14 billion stolen in 2024. Read more. |
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- Wedbush's Dan Ives warns Trump's new focus on household electricity bills risks "slowing down the data center buildouts" at a "crucial time"
Hyperscalers' margins look well positioned to absorb some higher costs, but some have better trends than others. - California AG launches probe into xAI and Grok over sexualized deepfakes of women and children
It's the latest move by lawmakers over sexually explicit deepfakes generated by Grok.
- America's fastest-growing grocery chain, Aldi, wants to open 180 new stores this year
The German grocer is doubling down on its American ambitions, aiming for 3,200 stores by 2028. - Report: Apple staggers Siri AI rollout, with key features pushed to summer
The Google Gemini-backed Siri should be able to answer general questions this spring, while deeper, more personalized features aren't expected to be announced until WWDC, The Information reports.
- Boeing overtook Airbus on aircraft orders in 2025 after years of turmoil
A wave of airline deals pushed the US plane maker ahead of its European counterpart for the first time since 2018. - More Americans are living alone than ever before
As a viral app sparks debate about solo living in China, new Census Bureau data shows that the share of one-person households in the US is reaching record highs. - OpenAI set to air a minute-long Super Bowl ad for a second consecutive year, per WSJ
The ChatGPT maker is expected to take another expensive marketing slot at Super Bowl LX, The Wall Street Journal reported Monday.
- A record 36 million ethereum tokens are now dedicated to staking
The duty to defend the blockchain is referred to as staking, per ethereum cofounder Vitalik Buterin.
- Report: Microsoft on track to spend $500 million per year on Anthropic AI
Microsoft is cozying up to Anthropic, after its $5 billion investment in the company last fall.
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