The Nasdaq fell 1.88 percentage points, while the Philadelphia Semiconductor Index dropped 4.3 percentage points, extending its losing streak to six sessions—the longest in a year and a half. The immediate catalyst was September U.S. CPI coming in hotter than expected, with the probability of an October rate hike doubling to 43.7 percentage points.
AI cloud and computing-power stocks plunged: CoreWeave fell over 15 percentage points and Dell fell over 11 percentage points
AI cloud provider CoreWeave plunged over 15 percentage points, Nebius fell over 10 percentage points, Oracle dropped nearly 9 percentage points, Vertiv fell over 6 percentage points, Dell Technologies fell over 11 percentage points, Super Micro Computer dropped over 8 percentage points, and U.S. Gold Corp. and Quantum Corporation fell over 10 percentage points. The optical communications sector led the declines: $AAOIB fell 9.8, $COHR fell 7.8, CIEN fell 7.8, $LITE fell 7.2, and $MRVL fell 5.8 percentage points. Potential new FCC regulations and rumors of price cuts for 1.6T optical modules were the sector's catalysts.
Apple rose 0.5 percentage points against the market to become the second company with a $5 trillion market cap; Lilly and Roche also rose
Apple closed with a market capitalization of $5 trillion, becoming the second publicly listed company to surpass that mark after Nvidia. Lilly, Roche, and Amgen rose over 3 percentage points; Coca-Cola and Sysco gained nearly 2 percentage points; and Chevron and ExxonMobil rose over 1 percentage point. Pharmaceuticals, food and beverage, and oil and gas stocks posted some of the strongest gains as investors favored earnings certainty. AAPL closed at $342.96, with resistance at $347 and $355 and support at $341 and $335. MSFT closed at $536.35, down 1.35 percentage points, with resistance at $545 and $570 and support at $525 and $515. The concentration of market weight in a handful of stocks has reached an historic extreme, making it the market's biggest vulnerability.
Crypto-related stocks plunged: $COIN fell 4.9, $MSTR fell 5.87, and $CRCL fell 6.4 percentage points
Strategy closed at $143.24, down 5.87 percentage points, with resistance at $152 and $156 and support at $141 and $135. Coinbase closed at $172.89, down 4.90 percentage points, with resistance at $180 and $195 and support at $171 and $165. Circle fell 6.4 percentage points, BitMine fell 5.3 percentage points, and SharpLink fell 7.4 percentage points. The correlation between crypto stocks and Bitcoin rose significantly on CPI night, while MSTR's leveraged structure amplified its losses. Samsung Electronics fell 6 percentage points and SK Hynix fell 7 percentage points in premarket trading in South Korea on the 15th, as pressure on Asia's memory-chip supply chain persisted. $BMNRB and $SBET are Ethereum treasury strategy plays and fell notably in sympathy.
AI cloud and computing-power stocks plunged: CoreWeave fell over 15 percentage points and Dell fell over 11 percentage points
AI cloud provider CoreWeave plunged over 15 percentage points, Nebius fell over 10 percentage points, Oracle dropped nearly 9 percentage points, Vertiv fell over 6 percentage points, Dell Technologies fell over 11 percentage points, Super Micro Computer dropped over 8 percentage points, and U.S. Gold Corp. and Quantum Corporation fell over 10 percentage points. The optical communications sector led the declines: $AAOIB fell 9.8, $COHR fell 7.8, CIEN fell 7.8, $LITE fell 7.2, and $MRVL fell 5.8 percentage points. Potential new FCC regulations and rumors of price cuts for 1.6T optical modules were the sector's catalysts.
Apple rose 0.5 percentage points against the market to become the second company with a $5 trillion market cap; Lilly and Roche also rose
Apple closed with a market capitalization of $5 trillion, becoming the second publicly listed company to surpass that mark after Nvidia. Lilly, Roche, and Amgen rose over 3 percentage points; Coca-Cola and Sysco gained nearly 2 percentage points; and Chevron and ExxonMobil rose over 1 percentage point. Pharmaceuticals, food and beverage, and oil and gas stocks posted some of the strongest gains as investors favored earnings certainty. AAPL closed at $342.96, with resistance at $347 and $355 and support at $341 and $335. MSFT closed at $536.35, down 1.35 percentage points, with resistance at $545 and $570 and support at $525 and $515. The concentration of market weight in a handful of stocks has reached an historic extreme, making it the market's biggest vulnerability.
Crypto-related stocks plunged: $COIN fell 4.9, $MSTR fell 5.87, and $CRCL fell 6.4 percentage points
Strategy closed at $143.24, down 5.87 percentage points, with resistance at $152 and $156 and support at $141 and $135. Coinbase closed at $172.89, down 4.90 percentage points, with resistance at $180 and $195 and support at $171 and $165. Circle fell 6.4 percentage points, BitMine fell 5.3 percentage points, and SharpLink fell 7.4 percentage points. The correlation between crypto stocks and Bitcoin rose significantly on CPI night, while MSTR's leveraged structure amplified its losses. Samsung Electronics fell 6 percentage points and SK Hynix fell 7 percentage points in premarket trading in South Korea on the 15th, as pressure on Asia's memory-chip supply chain persisted. $BMNRB and $SBET are Ethereum treasury strategy plays and fell notably in sympathy.