Stocks end worst quarter since 2022 with best day since May |
The S&P 500, Nasdaq 100, and Russell 2000 surged and oil prices fell following reports from Iranian state media that Iran's President Masoud Pezeshkian said the country has "the necessary will to end this war," but would only do so with guarantees that "prevent the recurrence of aggression." Despite a banner day, stocks had both a losing month and quarter, with the S&P 500 posting its largest quarterly loss since Q3 2022. Every Magnificent 7 stock rose at least 2.9%, propelling the communications and information technology sectors to each gain over 4%, while energy and utilities were the only decliners. Stocks that moved higher: |
- Marvell Technology surged after Nvidia announced it is investing $2 billion in the custom chip maker. The AI ecosystem as a whole bounced on news, sending shares of Cipher Digital, IREN, Nebius, Applied Digital, and POET Technologies higher.
- Oil sensitive stocks like airlines Delta Air Lines, United Airlines, American Airlines, and Southwest Airlines and cruise stocks Carnival, Norwegian, and Royal Caribbean jumped on the news of the potential for a resolution to the war.
- Memory stocks Seagate Technology Holdings, Micron, Western Digital, and Sandisk bounced after Bernstein analysts called the recent panic over Google's TurboQuant AI algorithm "overdone."
- CoreWeave jumped after closing a unique financing deal to borrow $8.5 billion backed by its chips and Meta's AI compute purchases.
- Snap surged after Bloomberg reported that activist investor Irenic has taken a position in the social media company.
- Virgin Galactic soared after re-opening limited ticket sales for space tourists at $750,000 a pop. Space stocks AST SpaceMobile and Rocket Lab also rose on the news.
- Centessa Pharmaceuticals skyrocketed on news that Eli Lilly is acquiring the company for up to $47 a share.
- Netflix ticked higher as the streamer is reportedly looking to grow its NFL package to four games.
- Hims & Hers soared on news that Novo Nordisk is launching a multi-month subscription program for its weight loss drug Wegovy through its telehealth partners and the possibility that the FDA may lift restrictions on certain peptides, allowing them to be sold by compounding pharmacies.
- SoFi Technologies and Robinhood reversed yesterday's losses after Elon Musk said that reports of SpaceX cutting the brokerages out of its IPO are false. (Robinhood Markets, Inc., is the parent company of Sherwood Media, an independently operated media company.)
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- Constellation Energy tumbled after posting underwhelming guidance. The company's failure to unveil any new data center deals likely added to the sell-off.
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That's less than 1% of its peak market cap about four years ago. Read more. |
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The FT reported that Pete Hegseth's broker attempted a multimillion-dollar purchase of IDEF before the US attacks on Iran. Read more. |
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The US national average gas price hit $4.018 a gallon on Tuesday, crossing the $4 threshold for the first time since August 2022, according to the American Automobile Association. That's roughly a 35% jump, or $1.04 more per gallon, since the Iran war began in late February. Read more. |
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