In yesterday’s postmarket earnings report, Broadcom failed to move up its goalposts for AI chip revenue, sending AI-linked names lower during today’s trading.
The S&P 500 gained while the Nasdaq 100 fell as underwhelming results from Broadcom dragged chip stocks lower.
Information technology was the worst-performing sector, while healthcare was the best.
Bitcoin** slid toward its February lows amid $1.4 billion exiting its ETFs, while ethereum, solana, XRP, and dogecoin **all sank, with the tokens falling to lows not seen in over a year.
Stocks that moved higher:
Blue Owl Capital,KKR & Co.,Apollo Global Management, andBlackstonebounced back after Wednesday’s drop in private credit-exposed stocks, even as Blackstone moved to restrict fund redemptions.Pinterestpopped after announcing an expandedAmazonpartnership with a $4 billion cloud dealto power its visual search features.Quantinuumopened above its IPO price and continued to riseas Wall Street remained hungry for quantum exposure.SciSparcsurged after announcing theclosing of its acquisition of a majority stake in NeuroThera Labs.Oscar Healthgained on an upgrade by Wells Fargo to “equal weight” from “underweight.”GMedged up after reports it hasrehired more than 100 former Cruise employees, 18 months after shuttering its robotaxi unit.ChargePoint, an electric vehicle infrastructure company, reported Q1 earnings after the bell yesterday,topping analysts’ expectations for first-quarter revenue, though its cash pile dropped by about one-third.
Stocks that moved lower:
MicronandSandisksank on adouble dose of bad newsfromBroadcomand SK Hynix.Despite crushing Q2 estimates and raising its full-year outlook,
Ciena Corp.sank as investors took profitson the already well-loved fiber networking stock.PVHsharesplunged on a lowered revenue outlooktied to geopolitical tensions.CrowdStrikesank despiteedging past analysts’ estimates for revenue and earningsin its first fiscal quarter in yesterday’s postmarket quarterly report.American Airlinesfell aftersuspending six routesas jet fuel costs remain elevated.Discount retailer
Five Belowsank despite deliveringimpressive Q1 earnings, beating out analyst estimates yesterday after the bell.