Tech rebound propels stocks to best day since May |
The S&P 500, Nasdaq 100, and Russell 2000 all climbed higher as the AI trade was back on. Every sector moved higher except for consumer discretionary and communications, which were dragged down by Amazon and Alphabet, respectively. Tech was by far the best performer, climbing 4%. Crypto rebounded from its recent selloff as bitcoin, ethereum, Dogecoin, and solana climbed, with XRP bouncing back faster than its peers. Also, an arbitrary collection of 30 stocks closed above 50,000 for the first time ever. Stocks that moved higher: |
- Amazon's larger than expected capex was good news for AI upstream stocks, such as chips Nvidia, Advanced Micro Devices, and Broadcom; data center/neocloud companies Applied Digital, Cipher Mining, CoreWeave, and Nebius; racks Super Micro Computer and Dell; and power plays Plug Power, Oklo, and Nuscale.
- Despite missing on Q4 earnings, Strategy soared as bitcoin bounced back.
- The crypto comeback also sent bitcoin miners CleanSpark and IREN higher in spite of yesterday's earnings misses.
- Roblox surged as its guidance for full-year bookings was stronger than expected. The company also said that it was "innovating aggressively in AI."
- Novo Nordisk and Eli Lilly rose as the FDA issued an "illegal copycat drugs" warning. Though FDA Commissioner Marty Makary didn't single out specific companies, shares of Hims & Hers, which recently rolled out a copycat of Novo Nordisk's Wegovy pill, traded lower.
- Galaxy Digital soared on a $200 million stock buyback plan.
- Airlines Alaska Airlines, Delta Air Lines, Allegiant, JetBlue, American Airlines, United Airlines, Frontier Airlines rose as US-Iran talks may foreshadow some oil supply relief.
- Bloom Energy rose after reporting better-than-expected Q4 earnings and sales after the bell yesterday as the stock received positive chatter from analysts.
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- Amazon slid after a reporting a Q4 earnings miss after the bell yesterday. The tech giant also forecast it would spend $200 billion on capex in 2026, which rattled investors, but not analysts.
- Molina Healthcare tanked after reporting earnings results that missed Wall Street expectations while also giving disappointing full-year guidance.
- Stellantis cratered after announcing a €22 billion (~$26 billion) charge related to its EV pullback.
- Homebuilders DR Horton, Lennar, and NVR ticked lower on news that the Trump administration is considering an antitrust probe into industry.
- Doximity plummeted after providing a disappointing Q4 outlook.
- Reddit dropped despite a solid Q4 earnings beat, with strong Q1 guidance to match.
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Apple is the only Big Tech company whose capex declined last quarter |
If you've been following the Big Tech companies' earnings reports, you know that they're pouring more than ever into capital expenditure to pursue their AI futures. But of the Big Tech companies, just one stands apart this earnings season. Read more. |
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Tech evangelists are hailing a Claude-fueled seismic shift in computer-based work. Investors are, by and large, selling AI stocks. Read more. |
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The figure, disclosed on Roblox's fourth-quarter earnings call, represents 50% growth from 2024. Read more. |
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