Anfernee Simons #2 of the Chicago Bulls dribbles during the second half of their NBA game against the Toronto Raptors at Scotiabank Arena on February 5, 2026 in Toronto, Ontario, Canada.

(Cole Burston/Getty Images)

Stocks bounce back powered by tech rebound

Tech rose amid AMD and Meta’s chip deal, and software stocks recovered as investors shook off yesterday’s dystopian AI report.

Tasha Matsumoto

2/24/26 4:03PM

The S&P 500, Nasdaq 100, and Russell 2000 each rose as stocks bounced back amid abating AI anxiety.

Today’s rally lifted shares in all sectors except for energy and healthcare. Consumer discretionary was the best-performing sector, lifted by gains in Amazon and Tesla, followed by industrials, then tech. Alphabet was the only Magnificent 7 stock to close in the red.

Bitcoin stabilized after falling below $63,000 early this morning, a 50% drop from its October 6 all-time high.

Stocks that moved higher:

Advanced Micro Devices soared as it struck an AI infrastructure deal with Meta valued at over $100 billion.
Beleaguered business software stocks IBM (which suffered its biggest one-day drop since 2000 yesterday), Salesforce, ServiceNow, and Oracle bounced up as Anthropic announced a series of new plug-ins tying Claude Cowork into third-party platforms like Salesforce’s Slack, Google’s apps, LegalZoom, and DocuSign, among others.
Taiwan Semiconductor hit a new all-time high as Apple plans to purchase “well over 100 million” chips from TSMC’s Arizona facility this year.
Nuclear power plant operator Constellation Energy rose after reporting better-than-expected earnings and revenue this morning. The company declined to give full-year 2026 guidance until a call slated for the end of March.
Keysight Technologies skyrocketed after raising its outlook on strong AI demand.
Despite announcing disappointing Q4 results after the bell yesterday, Cipher Digital soared.
Klaviyo jumped on news of a partnership with Google aimed at autonomous customer experiences.

Stocks that moved lower:

Sandisk fell as Citron Research, short seller Andrew Left’s firm, announced it was short the stock. The shares fell further after a product release failed to live up to the hype.
Budget carriers Frontier Airlines and JetBlue dipped as Spirit Airlines reached a deal with lenders to emerge from its second bankruptcy.
Hims & Hers ticked lower after issuing soft full-year guidance and disclosing after the bell yesterday that it is under investigation by the SEC.

Max Knoblauch9h

Alaska Air expects higher fuel costs to add $600 million in expenses in Q2

Alaska Airlines on Monday kicked off a big week for airline earnings, reporting its first-quarter results after the bell. The stock ticked down after hours.

Alaska Air reported:

An adjusted loss of $1.68 per share, compared to Wall Street estimates of a loss of $1.65 per share.
$3.3 billion in revenue, compared to estimates of $3.29 billion.
A 17% year-over-year increase in fuel costs to $796 million.

Looking ahead, Alaska said it expects a second-quarter loss per share of $1, deeper than the Wall Street consensus (-$0.15). The company expects April fuel costs of $4.75/gallon and for fuel across the second quarter to add $600 million in expenses.

“Absent the fuel price spike, we would have guided to a solidly profitable quarter,” the airline said in its release.

Alaska Air, like the rest of the commercial airline industry, has been pummeled by fuel costs since the beginning of the war in Iran. Along with Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, and JetBlue, the carrier recently hiked its bag fees to offset higher fuel costs.

Luke Kawa

10h

Amazon to invest up to $25 billion more in Anthropic; Claude developer to spend more than $100 billion on AWS AI technology

This is the latest edition of a frenetic dash for AI compute to power Claude, which is undergoing some problems of success.

Tasha Matsumoto

11h

Stocks close lower as Trump says Strait of Hormuz will remain closed until deal is signed

Oil raillied and stocks closed lower, paring steeper losses.

Luke Kawa

COUNTERPOINT

14h

The stock market makes just as much sense as it usually does right now

Does the stock market make sense right now? I don’t know. But it doesn’t not make sense.

J. Edward Moreno18h

Fermi plunges after CFO, CEO depart

Fermi is down more than 18% in premarket trading after it disclosed in regulatory filings that its now former CEO, Toby Neugebauer, and its CFO, Miles Everson, departed on Friday and Monday, respectively.

The company dubbed its executive shake-up as “Fermi 2.0.” In addition to ousting Neugebauer and Everson, Fermi added Marius Haas as chairman of its board and Jeffrey S. Stein as director of the board.

Fermi, which was cofounded by former Energy Secretary Rick Perry, plans to build nuclear energy infrastructure to power data centers. But the cost to build out its power site is mounting while it still doesn’t have any customers secured, according its annual report released on March 30.

In September, Fermi announced that it had entered into a nonbinding letter of intent with a tenant to lease a portion of its Project Matador power grid site in Amarillo, Texas. That contract was terminated in December.

The company, which went public in October, is down about 75% from its IPO through Friday’s close.

Stocks bounce back powered by tech rebound

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Alaska Air expects higher fuel costs to add $600 million in expenses in Q2

Fermi plunges after CFO, CEO depart

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