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Stocks sell off as tech falls and investors question frothy valuations

Stocks tumbled and the VIX rose as investors worried about a broader pullback.

11/4/25 4:04PM

The S&P 500, Nasdaq 100, and Russell 2000 sank as stocks got speed checked by various factors, including a sell-off in Palantir despite an objectively stellar quarter for the software giant, vague warnings from the CEOs of Goldman Sachs and Morgan Stanley about a broader pullback, and a filing showing that Michael Burry of “The Big Short” fame has bet that Nvidia and Palantir will tumble. Tech was the worst-performing sector ETF.

Moving higher:

iHeartMedia surged on reports that Netflix wants its video podcasts in an attempt to compete with YouTube in the streaming wars.
Apple is designing a new sub-$1,000 Mac laptop to challenge Google Chromebooks.

Moving lower:

The negative reaction to Palantir’s positive earnings spread to smaller, volatile segments of the market also beloved by the retail community like fuel cell company Bloom Energy; no-revenues nuclear company Oklo; neoclouds Nebius and CoreWeave; quantum stocks like D-Wave Quantum, Rigetti Computing, IonQ, and Quantum Computing; and other story stocks like SoundHound AI, Rocket Lab, and Opendoor Technologies.
Uber fell after reporting solid earnings but mixed guidance, with its Q4 adjusted EBITDA outlook falling short of estimates. In its earnings call today, the company said markets where it has autonomous vehicles are outperforming markets without them.
Delta Air Lines, United Airlines, American Airlines, and Southwest Airlines sank after Transportation Secretary Duffy said parts of US airspace could close if the government shutdown continues.
Spotify dipped as investors digested the streaming giant’s Q3 earnings, in which the company reported that it added more than 70 million monthly active users, posted revenues that were up 7% from last year, and improved profitability.
Hims & Hers dropped after reporting third-quarter earnings results yesterday that missed Wall Street estimates but revenue that blew expectations out of the water.
Pfizer ticked lower after reporting an earnings beat, as the company is embroiled in a bid-off for obesity biotech Metsera.
Starbucks dipped following news that it’s selling control of its China business for $4 billion.
In crypto news, Bitcoin hit its lowest price since June and meme coins like shiba inu, Cats in a dogs world, Pepe, popcat, pnut, bonk, dogecoin, dogwifhat, Floki , and Moo Deng faced a steep meltdown amid a broad market decline.

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Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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7/2/26

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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7/1/26

Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

Stocks sell off as tech falls and investors question frothy valuations

More Markets

SpaceX gets a wave of bullish ratings from Wall Street analysts

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

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