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Stocks sink as the war escalates; Russell 2000 enters correction territory |
Stocks sank and oil prices rose as the war in the Middle East escalated, with the US deploying more troops and warships. All stocks in the Magnificent 7 fell for the second consecutive day. Financials was the best-performing sector.
The S&P 500 closed lower for the fourth consecutive week. The Russell 2000 officially entered correction territory.
Bitcoin remained stuck in the $70,000 level, and bitcoin ETFs experienced their second consecutive day of outflows yesterday with a $90 million exodus. Altcoins also continued their slide.
The inflationary pressure pushing the Fed away from further rate cuts continued to hit precious metals and miners. Gold and silver both fell, and producers like Newmont and Freeport-McMoRan also continued to drop.
The market seems to be pricing in some chance of an unpleasant replay, with short-term interest rates spiking and prediction markets broadcasting a 39% chance the central bank hikes rates in July.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.) Stocks that moved higher: |
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Super Micro Computer plummeted after its co-founder was charged with allegedly smuggling AI chips to China.
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Rivian gave up gains from Uber’s robotaxi investment as planed autonomy spending pushed back its 2027 profitability target.
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Nintendo dipped on reports that the company is planning a “right to repair" compliant Switch 2 for the European market.
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First Solar dipped after Reuters reported that Tesla is in talks with Chinese firms to buy $2.9 billion worth of solar equipment.
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Figma extended its losses after Google launched the AI “vibe design” platform, Stitch.
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Micron tumbled as the red-hot stock continued its post-earnings slump.
- Momentum shares beloved by retail traders, Rocket Lab, Hims & Hers, and Western Digital, took a particular shellacking.
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AI energy plays like Vistra, Constellation Energy and NRG dove.
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There was a pronounced push by traders away from anything tied to the data center boom from memory sellers like Seagate Technology Holdings, to chip-machinery companies like ASML and Lam Research, to cable and optics companies like Coherent, Lumentum and Corning.
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Construction companies such as Comfort Systems USA and Quanta Services fell after a recent AI-driven rise.
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Maybe Meta execs are just picking out a nice $80 billion plot in the Big Tech graveyard. Read more. |
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If you pay close attention to what the Tesla and SpaceX CEO says, he’s increasingly describing his companies in the same way. Could they actually become the same company? Read more. |
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What we know about Tesla’s Semi truck as production nears
Musk says “high-volume production” will start this year. Wall Street thinks that’s more like 5,000 to 15,000 trucks. -
Amazon is making a new smartphone more than a decade after its Fire Phone flop
Everyone needs a personal AI device. -
White House releases AI legislative framework
The Trump administration would like very little if any AI regulation, but it wants to prevent states from passing their own rules. -
China’s EV startup trio have all become profitable
XPeng and Nio each posted their first-ever quarterly profit in Q4. -
Google testing Gemini app for Mac, aims to compete with Claude Cowork and Codex
The beta version of the Gemini Mac app features Desktop Intelligence, which gives Gemini the ability to view items on a user’s screen and could enable deeper computer automation. -
The Labubu movie is just the latest toy story hitting the big screen
After smash-hit Barbie, Lego, and Transformers movies, Pop Mart’s viral dolls will now get the Hollywood treatment. -
WSJ: OpenAI rolling everything into one desktop “superapp”
The startup is reportedly merging ChatGPT, Codex, and the Atlas browser into one app to rule them all, as it seeks to focus on productivity tasks, eliminating “side quests.”
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