Stocks rebound from yesterday’s dip to post fresh closing highs
The S&P 500 and Nasdaq 100 notched new record closes.
Stocks rebounded from yesterday’s dip to fresh records, as the S&P 500 and Nasdaq 100 both posted new closing highs. The Russell 2000 also rose, coming just shy of Monday’s record close.
The minutes from last month’s Fed meeting hinted that a narrow majority of officials support what traders have been betting on: two more rate cuts by the end of the year. Gold also continued its rally.
Higher movers:
After dipping yesterday following The Information’s report saying Oracle’s GPU rental business had a fairly low profit margin, the stock rebounded as not a single brokerage polled by Bloomberg changed its rating or price target in the wake of this news.
POET Technologies saw record volumes and call activity thanks to retail traders.
Shares of Tempus AI surged to an all-time high.
Satellite operator AST SpaceMobile rocketed after announcing a deal with Verizon in which the telecom giant will use AST’s satellites to provide cellular broadband service “when needed for Verizon customers starting in 2026.”
Lower movers:
Semiconductor equipment stocks ASML and KLA Corp slid after US lawmakers accused the companies of boosting China’s semiconductor market, raising the threat of export controls.
Crypto miner and AI compute provider IREN dropped after the Australia-based, US-listed company said late yesterday that it would sell $875 million in convertible senior debt.
Joby Aviation slid after the electric air taxi company announced a $500 million overnight share sale.
The freshly resurrected Roundhill Meme Stock ETF, an actively managed fund that uses volumes, option-implied volatility, and social media momentum to piggyback on names where retail traders see high potential, dipped on the first day of its relaunch.
Roughly a week after it was first reported, GM’s plan to extend the now expired $7,500 US federal EV tax credit to customers through a leasing program was scrapped, sending shares lower.
