Tech Stocks Take a Step Back.
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What Happened in Markets Today?
Partly, stocks in the tech sector recovered. The Nasdaq was the top performer of the day Friday, up 1.1%. The S&P 500 ended up 0.3%, but the Dow declined 0.5%. Some of the biggest losers since the election were among the top gainers Friday. Advanced Micro Devices, Intel and CoreWeave were the other top gainers with 11%, 7.7% and 6.3% gains respectively. But, during the same period, the Nasdaq fell 3.4%.
Now, the Anthropic IPO is facing a questioning. The tech rout has woken up investors to the fact that the mega-offering, which they previously believed in, is not going to happen. According to the Wall Street Journal on Thursday evening, bigger potential investors are now proposing to doubt its ability to move forward at the projected valuation of $1.5 trillion. Anthropic could reduce the amount of funding raised or the target valuation, the report said.
Good riddance to the Cybertruck! Tesla will phase out the car, which has been a polarizing success, next year, according to Elon Musk on Friday. This is the most recent sign of Tesla’s mission to move away from car ownership to robotics and self-driving cars. Tesla has jumped 4.2%, but has fallen over 10% in the week.
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Fort Bend District Clerk Richmond Tx
Trump named Stephen Miller his new chief of staff. This will replace Susie Wiles, one of the main links between corporate America and the White House. The shift may represent a belligerent tone to the Democrats of the next administration after the midterm elections and Miller’s reputation is built on being tough on immigration.
The day following the election, energy stocks and oil prices crashed, consumer stocks surged and of course, one day of the most bullish predictions on one of their biggest days in years. Gridlock is good! Green energy will be back on the rise! Defense stocks are at their “peak”! All that Elon is about to fall!
Then the next day, tech stocks were all slashed as investors started to bail out of any and all AI or data center exposure due to the prospect of blue wave restrictions.
The rational thing to do is “calm down.” Among the most crucial investing rules is to allow your rules – not the headlines – make your investing choices for you.
What’s Coming Up
Consumer price index in October and producer price index on Friday next week will be closely watched for signs of inflation.
Next week’s earnings reports from companies include KKR, Constellation Energy, Cisco Systems, Applied Materials and Bending Spoons.
Know what to expect during the trading day: Register for Markets A.M.
About Us
Markets P.M. brings you the most impactful movements in the markets for the day, after the closing bell. This email is from the editor of Heard on the Street, Wall Street Journal’s home for financial analysis and commentary, Aaron Back. Please send any feedback to me by replying to this e-mail. Got a tip for us? Here are the instructions on how to submit.