10/23/24

US stocks fall amid big tech selloff

The S&P 500 fell 0.9% on Wednesday. The tech-heavy Nasdaq 100 underperformed, slumping 1.6%. The Russell 2000 dropped 0.8%.

Most S&P sectors retreated, but the consumer discretionary and technology sectors lost the most at 1.6% and 1.4%, respectively. Both were dragged down by a sell-off in the world’s largest technology companies, as all Magnificent Seven stocks were down. Nvidia lost 2.8%, while Meta plunged 3.2%. Among consumer discretionary stocks, Amazon was down 2.6% and Tesla fell 2%.

Utilities and real estate were the only two sectors that advanced on the day.

Treasury yields rose again. 10-year Treasury yields climbed four basis points to 4.24%. Oil futures fell, and gold futures lost for the first time after six straight positive sessions.

In corporate news, Packaging Corp. of America was one of the top S&P 500 performers on Wednesday, up 5.5%, after delivering stellar earnings thanks in part to strong growth in e-commerce. AT&T added 4.6%, despite slow sales of the iPhone dragging down revenues slightly.

McDonald’s fell 5.1% after the Centers for Disease Control and Prevention said that its Quarter Pounder hamburgers were potentially linked to an E. coli outbreak. The stock saw one of the most active days by trading volume in the options pit. Enphase Energy sank 14.9% after an earnings miss, making it the biggest S&P laggard of the day.

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15h

Rocket lab soars to new record close amid rally for retail faves

Rocket Lab ripped by roughly 10% Friday to close at a new all-time high, riding an upturn of retail enthusiasm for a coterie of tech-themed favorites, even as the broader market was more or less flat on the day.

Goldman Sachs’ basket of “retail favorites” — its heaviest weights are Reddit, AppLovin, and Tempus AI — was the second-biggest gainer among the company’s flagship US equity baskets on Friday, rising about 1.6%. The S&P was almost dead flat.

It’s not Rocket Lab’s first retail rodeo, as the money-losing company has more than doubled this year and is up nearly 700% over the last 12 months.

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After the company’s bombshell earnings this week, Wall Street thinks Oracle’s trajectory has changed.

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markets

18h

Six Flags pops after reiterating its guidance as theme park attendance rebounds

Six Flags shares rose more than 7% today after the company reported a rebound in attendance and early season pass sales heading into the fall. The nine-week period ended August 31 saw 17.8 million guests, up about 2% from the same stretch last year, with stronger momentum in the final four weeks.

More importantly, Six Flags reaffirmed its full-year adjusted EBITDA guidance of $860 million to $910 million, showing confidence that its cost and operations strategy can stay strong for the duration of the year. Riding that wave, Six Flags also said early 2026 season pass unit sales are pacing ahead of last year, and average season pass prices are up about 3%.

The good vibes come despite a drop in in-park per-capita spending, especially from admissions, where promotions and changes to attendance mix (which parks or days guests visit) have weighed. Earlier this week, the amusement giant signed a new agreement that extended its position as the exclusive amusement park partner for Peanuts™ in North America through 2030.

Despite the rally, Six Flags shares are down about 52% year to date.

markets

19h

Rivian turns red on the year, squeezed by a recall and the looming end of the EV tax credit

Shares of EV maker Rivian are down more than 5% on Friday following the company’s recall of 24,214 vehicles due to a software issue. The stock move erases Rivian’s year-to-date gain and turns the company negative on the year.

Rivian’s 2025 model year R1S and R1T are affected by the defect, which was identified after a vehicle’s hands-free highway assist software failed to identify another vehicle on the road, causing a low-speed collision. Rivian said it’s released an over-the-air update to fix the issue.

The recall marks Rivian’s fifth this year, affecting nearly 70,000 of its vehicles.

Rivian’s shares are down more than 20% from their 2025 high, which came prior to the passage of President Trump’s “big, beautiful bill.” Through the legislation, the $7,500 EV tax credit is set to expire at the end of the month.

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