Markets
Nia Warfield, Luke Kawa

S&P 500 shakes off worst day since May with best day since May

All of Friday’s worries were seemingly washed away over the weekend, with the S&P 500 posting a 1.5% gain in a widespread rally. The Nasdaq 100 gained 1.9% and the Russell 2000 led the way with a 2.1% advance, with the small-cap index the lone one of the trio to completely erase Friday’s drop.

The benchmark US stock index rebounded from its worst day since May with its best day since May, and 10 of 11 sector ETFs finished higher on the session. Energy was the only holdout, while tech and communication services delivered the most upside.

Gains on the day were led by Idexx Technologies, which jumped 27% after the veterinary lab equipment maker reported better-than-expected Q2 earnings and revenue. On Semiconductor led S&P 500 decliners, falling 15.6% after the chipmaker met Q2 estimates but saw weak sales in its two largest business units: automative and industrial.

Tesla shares rose 2.2% after the company’s board approved an “interim” stock award of 96 million shares for CEO Elon Musk, valued at nearly $30 billion at Tesla’s Friday closing price.

Joby Aviation shares jumped nearly 19% after the air taxi company said it plans to acquire the helicopter ride-share business of rival Blade Air for up to $125 million.

Opendoor Technologies shares surged 17% after the online real estate company announced after the close on Friday that it won’t pursue a reverse stock split.

Wayfair shares jumped double digits after the online home retailer delivered a massive Q2 earnings beat and its best revenue growth, even amid a shaky housing market.

Trump Media & Technology Group rose as much as 2% in premarket trading before closing modestly lower after the owner of Truth Social and a swath of crypto assets unexpectedly dropped Q2 results Friday evening.

Outside of earnings…

American Eagle shares soared almost 24% after President Donald Trump praised the retailer’s hotly discussed new marketing campaign with actress Sydney Sweeney.

Spotify jumped 5% after the music streaming giant announced another round of premium subscription price hikes as the company tries to cue up more profits.

Nio shares fell 8% as fierce competition squeezed China’s EV market, with the electric automaker reporting a month-over-month drop in July sales.

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United Airlines rallies after Q4 earnings and Q1 profit guidance top estimates

Shares of United Airlines are rising after the bell on Tuesday, following the release of the carrier’s fourth-quarter and full-year earnings report.

United posted adjusted earnings per share of $3.10 in Q4, above the $2.92 per share expected by Wall Street analysts polled by Bloomberg. Sales of $15.4 billion were roughly in line with the consensus estimate.

The airline also:

  • Forecast full-year earnings per share between $12 and $14, bracketing Wall Street’s call for $13.04. For Q1, management sees EPS between $1.00 and $1.50, the midpoint of which is above the $1.16 expected by Wall Street.

  • Booked $13.93 billion in passenger revenue on the quarter, up nearly 5% year over year.

“Strong revenue momentum has continued into 2026,” according the company’s press release. “The week ending January 4th was the highest flown revenue week in United history, and the week ending January 11th was the highest ticketing week and the highest week for business sales in United history.”

UAL’s premium ticket revenue climbed 9% compared to a 7% increase in basic economy revenue. The “K-shaped economy” has become increasingly visible in travel trends at major US airlines. Last week, Delta’s revenue from first-class and business passengers eclipsed its main cabin revenue for the first time.

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POET Technologies nears multiyear high on strong call demand after flagship product wins award

POET Technologies is surging on heavy volumes and high call demand after announcing that it won a Product Innovation Award at China’s Infostone awards.

The honor went to the optical communications company’s flagship product, the Teralight, which uses light to move data between chips.

“Unveiled less than a year ago at the 2025 OFC Conference, POET Teralight has driven commercial interest in the Company because of its highly integrated design and complete optical system-on-chip architecture that simplifies module development,” per the press release.

This award may be the latest excuse to buy the stock, which is up over 40% year to date.

Call activity is elevated, with nearly 37,000 having changed hands as of 10:55 a.m. ET, well above the 20-day average of 28,030 for a full session. Shares are approaching their multi-year high of $9.41.

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