Markets
Nia Warfield, Luke Kawa
7/1/25

S&P 500 dips as traders ditch high-flying stocks and go bargain hunting

The start of the third quarter was marked by a vibe shift: an intense rotation from the market’s winners into value stocks. Alas, since value stocks often get that title from underperformance, making them smaller members of a benchmark, this shift in allocations saw the S&P 500 end 0.1% lower despite advancers outnumbering decliners by 255. Until today, the S&P 500 hadn’t declined during a session in which this many of its constituents rose in all of 2025.

The Nasdaq 100 fell 0.9% while the Russell 2000 rose 0.9%.

Top performers in the S&P 500 included casino stocks Las Vegas Sands, Wynn Resorts, and MGM, which were all up over 7% on the back of strong June Macao gaming numbers. On the flip side, GE Vernova and Axon Enterprise fell 4.3% and 6.3%, respectively, leading the day’s declines.

Target shares rose 5% as bullish call option activity surged, part of the broader factor rotation where traders are pivoting from high-flyers to beaten-down names.

Ford and GM jumped 4.7% and 5.7%, respectively, after both posted solid Q2 vehicle sales. Ford’s sales rose over 14%, while GM’s climbed more than 7%.

Tesla slipped 5% after President Trump threatened to have “DOGE take a good, hard look” at EV-friendly government subsidies — a critical part of Elon Musk’s business.

AI trade names like Meta, Palantir, and Cloudflare, along with chipmakers Nvidia, AMD, and Broadcom, all declined in this factor rotation, also weighed down by Senate Republicans scrapping a bill provision that would have banned state-level AI regulation.

AMC sank 9% after the movie theater chain and meme stock favorite struck a debt-for-equity swap and settled litigation with creditors.

Rivian shares dipped 1.9% while Lucid’s fell 3.7% as the Senate worked to advance a version of Trump’s “big, beautiful bill,” which would slash a number of EV benefits and charger network budgets.

Warner Bros. Discovery dropped over 4% after the Newhouse family — longtime media moguls and Condé Nast owners — sold $1.1 billion worth of shares.

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markets
Nia Warfield
19m

Warner Bros. Discovery jumps after Wells Fargo ups price target on dealmaking buzz

Warner Bros. Discovery shares popped 7% Tuesday after Wells Fargo raised its price target on the media giant to $14 from $13, while keeping an equal-weight rating.

The bank’s optimism stemmed largely from the media giant’s potential for dealmaking. In June, WBD announced that it would would split its operations into two companies, with the Streaming & Studios division (home to Warner Bros. Television, DC Studios, HBO, and Max) standing alone from the networks side (CNN, TNT Sports, and Discovery).

That separation could make the Streaming & Studios unit more attractive to buyers, the analysts said. They valued the segment at about $65 billion, which could translate to a takeover price north of $21 a share. Potential suitors range from Amazon and Apple to Sony and Comcast, though analysts flagged Netflix as the “most compelling” option despite its limited acquisition track record:

“While NFLX has historically not been acquisitive, [streaming and studios’] $12bn in annual content spend + library + 100+ acre studio lot offers a lot. It kickstarts a theatrical IP strategy, quickly scales video games and most importantly provides premium content to members.”

At Goldman Sachs’ Communacopia Conference this week, CEO David Zaslav also highlighted growing traction at HBO Max and hinted at future crackdowns on password sharing.

WBD shares are up 26% year-to-date, and up over 93% over the past 12 months.

markets
Matt Phillips
26m

Duolingo up on bullish note, hopes for a user rebound

Duolingo rose by the most in nearly a month, as an analyst note painted a more bullish picture of the gamified language learning company despite a dearth of news otherwise.

A quick check-in with analysts covering the stock on Wall Street found most of them otherwise flummoxed on the reason behind the uptick Thursday.

Some, however, suggested the rise may reflect optimism that the company has been able to reverse a months-long downturn in daily active user metrics — a slump that set in after a social media backlash to a somewhat inartful LinkedIn post from the company about its AI first strategy.

The bullish analyst note, published Thursday by Citizens JMP, suggested Duolingo could be a big beneficiary from a change to Apple’s rules governing its App Store driven by a ruling on a Federal antitrust case against the company. The analysts wrote:

Apple’s recent changes to U.S. App Store rules that allow developers to steer payments to the web where fees are similar to typical credit card fees rather than Apple’s 30% fee for in -app purchases and 30% fee on subscriptions for the first year and 15% thereafter, we expect mobile app companies including Duolingo, Life360, and Grindr Inc. to unlock meaningful cost benefits.

At any rate, the next big event on the company’s calendar is its Duocon 2025 conference on Tuesday, where analysts are hoping to hear more hard information on all of the above topics.

markets
Max Knoblauch
59m

Jeep maker Stellantis surges as CEO says the automaker is in productive tariff talks with the US

Shares of Jeep and Dodge maker Stellantis are up more than 8% in Thursday afternoon trading, following comments from the automaker’s new CEO, Antonio Filosa, at a European auto conference.

On tariffs, Filosa said that Stellantis has had a “very productive exchange of ideas” with the Trump administration on the company’s manufacturing footprint and that the environment around the levies is “getting clearer and clearer.”

The US is Stellantis’ top priority, according to Filosa, and the company has taken efforts to turn things around in the market, where it’s struggled with sales in recent years. To fuel the turnaround, Stellantis is bringing back its popular Jeep Cherokee, which it discontinued in 2023.

As of 12:45 p.m. ET, Stellantis’ trading volume was at more than 140% of its average over the past 30 days.

markets
Matt Phillips
3h

Tempus AI jumps on FDA clearance of AI-enabled tool to analyze cardiac MRIs

Tempus AI, a midcap medical diagnostics company that’s highlighted a push to incorporate AI technology into its products, surged on Thursday after announcing the FDA had issued a “510(k) clearance” of a new AI-enabled tool to analyze cardiac imagery from MRIs.

A 510(k) clearance — used for devices that are considered relatively low risk — essentially allows a product to be sold in the US.

While the company has never turned a profit, even on an adjusted basis, its sales are growing rapidly and the stock has had a great year, rising more than 160% in 2025.

For more on the company, check out our interview with its CEO, Eric Lefkofsky.

Tempus Receives U.S. FDA Special 510(k) Clearance for Updated Tempus Pixel Device

While the company has never turned a profit, even on an adjusted basis, its sales are growing rapidly and the stock has had a great year, rising more than 160% in 2025.

For more on the company, check out our interview with its CEO, Eric Lefkofsky.

markets
Luke Kawa
4h

Micron surges as Citi boosts price target to $175

Micron is on the move this morning, gapping higher and continuing to trade up double digits after Citi boosted its view on how much the shares can run.

Analyst Christopher Danely raised his price target on the memory chipmaking specialist to $175 from $150, while maintaining a “buy” rating. The average analyst price target of $151 has now been shattered by Micron’s rise today, and the stock is trading at its highest level since June 2024.

This continues Micron’s advance as OpenAI’s dogged determination to burn through cash to enhance its AI capabilities provides a broad lift to the space, punctuated by Oracle’s massive gain on Wednesday.

Call demand is running hot: just 13 minutes into the session, volumes are running at 106,157 compared to a 20-day average of 88,888.

Micron is slated to report quarterly results on September 23.

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