The megacap growth sectors went from worst (Friday) to first (Monday) as chipmakers snapped an eight-session losing streak, but rising Treasury yields left seven sectors, the Dow Jones Industrial Average, and the equal-weight S&P 500 lower.
Another selloff in AI names broadened to encompass most of Tech, sending the Nasdaq-100 to its worst week since April 2025. Five sectors though would finish the week up 2% or more, as 30-year Treasury yields fell the most since April 2025.
– $TCRT +25.0% (extends its surge after closing a PAH-focused biotech acquisition and securing about $350M of financing)
– $NCPL +19.0% (regains Nasdaq minimum-bid compliance)
– $SITC +18.0% (declares a $3.00 special cash distribution after an asset sale and plans to delist from the NYSE)
– $FFR +9.0% (launches the $2,490 FF Nova humanoid robot and outlines a proposed roughly $200M robotics combination)
– $ASM +6.5% (Roth/MKM upgrades to Buy from Neutral and raises its target to $8)
– $SMTC +4.0% (raises Q3 sales, operating-margin and EPS outlooks at its data-center analyst day)
– $TSLA +3.0% (unveils a redesigned Roadster featuring rocket-style thrusters)
– $STLA +3.0% (better-than-feared Q3 shipment update showed consolidated volumes down just 1% year over year)
– $FRO +3.0% (tanker shares rebound as geopolitical disruption continues to support shipping rates)
– $RBRK +3.0%, $VRNS +2.5% (cybersecurity names rise after VRNS agreed to a $6.3B all-cash acquisition)
– $NOK +2.5%, $AAOI +2.0% (networking and optical names gain after SMTC raised its data-center outlook)
– GUTS -53.0% (REMAIN-1 met its six-month co-primary endpoint, but 5.1% weight regain versus 8.2% for sham and a still-pending one-year co-primary fell short of elevated expectations)
– $JAGX -29.0% (special preferred-stock dividend was paid, with each preferred share set to convert into five common shares on November 2, intensifying dilution concerns)
– $MDXH -17.0% (suspends FY revenue guidance after preliminary Q3 revenue of about $22.7M)
– $TLK -15.0% (Indonesia ADR slumps after a warning that the country could face an emerging-market index downgrade)
– $CRWV -5.0%, $IREN -3.5%, $NBIS -2.5% (AI-infrastructure names extend their selloff on debt-funded buildout and profitability concerns)
– $TRV -4.0% (Q3 beat with lower-than-expected catastrophe losses, but shares sell the news after elevated expectations)
– $SKHY -3.5%, $SNDK -2.5%, $MU -2.5%, $ALAB -2.5%, $WDC -2.0%, $AMD -2.0% (chip and storage names weaken as the AI trade de-risks amid higher-rate concerns)
– $IONQ -2.5%, $ASTS -2.5% (speculative long-duration growth names weaken as rate-hike expectations rise)
– $MSTR -2.5%, $HUT -2.0%, $CRCL -1.5% (crypto-linked shares trade lower amid broad risk-off positioning)
* But more to the left!
The volatility of certain sectors demonstrated yesterday — particularly semiconductors and memory — is growing extreme and (to be honest) I am not sure what it portends for the near or intermediate term.
I do know when Micron ($MU) trades down to $858 and closes at $931 (+$17 on the day) and Sandisk ($SNDK) trades down to $1,276 and closes at $1,391 (-$12) such wide intraday swings render trading difficult to impossible.
This extreme intraday volatility has become routine in a market that now more resembles a casino than a capital market.
As would be said on “American Bandstand” — I give it a 78 I am not sure of the beat but it’s hard to dance to.
American Bandstand – Record Review Beatle Edition
This sort of extreme volatility likely indicates a lot of uncertainty and depending on your risk appetite and profile, most should pass on trading these stocks. And if you are trading the QQQs one might reconsider VAR (“value at risk’) and reducing the size of your trading (and investing) positions.
I know I am.
Position: None
A hotter-than-expected September CPI report and a deepening selloff in AI names sent the S&P 500 down more than 1% for the first time in 54 sessions, with the Nasdaq and small caps falling nearly 2%.
– $VFC +4.0% (Piper Sandler and Truist upgrade as signs of Vans stabilization improve turnaround confidence)
– $GS +3.0% (Q3 beat, led by surging equities revenue and stronger investment-banking fees)
– $UNH +2.5% (Q3 beat and 2026 adjusted EPS outlook raised to at least $20.50)
– $SNDX -17.0% (MAXPIRe Phase 2 axatilimab trial in idiopathic pulmonary fibrosis missed its primary endpoint)
– $S -7.0% ($1.25B convertible senior-notes offering raises dilution and stock-supply concerns)
– $WDC -6.0% (UBS cuts its target on hard-drive capacity and pricing uncertainty, compounding the storage-sector selloff)
– $SNDK -6.0%, $STX -5.5%, $MU -3.5%, $MRVL -2.5%, $AMD -2.0% (memory, storage and chip names slide as reported CXMT advances intensify China-competition fears)
– $JPM -3.5% (Q3 EPS and revenue missed as fixed-income trading weakened despite stronger investment-banking fees)
– $DPZ -3.0% (Q3 beat, but US same-store sales growth slowed sharply, raising demand-recovery concerns)
– $JNJ -3.0% (Q3 beat, but medtech growth was soft and international device sales faced geopolitical disruption)
– $ADBE -1.5% (HSBC downgrades to Hold, citing open-source competition risks)
– $WFC -1.0% (Q3 EPS beat, but revenue and net-interest income missed expectations)
Eight of 11 sectors rose and the Dow Jones Industrial Average gained for a third straight day, but another selloff in chipmakers kept the S&P 500 little changed and the Nasdaq in the red on the lightest volume of the year.
Long-end yields again hit multi-decade highs before a historically strong 10-year auction pulled them back, letting large-caps pare losses.
Storage, networking and optical infrastructure may be less glamorous in the world of AI, but these 8 names keep the traffic moving.
The markets appeared to make a U-turn for the better on Thursday on potential progress with Tehran. Also, where’s the beef with the China summit?
