01 Stock Market
The U.S. major indexes closed as follows: Dow Jones down 0.34% at 52,002.41; S&P 500 down 1.09% at 7,659.44; NASDAQ down 2.14% at 26,140.03. Broad U.S. equities fell as AI-related credit concerns and higher rates pressured technology shares. The Nasdaq underperformed, while the Dow held up relatively better despite the broad risk-off tone.
Unusual-move stocks were dominated by sharp declines in AI, chip, and data-center names, while a smaller group of lower-priced and China-linked names posted outsized gains. CoreWeave was cited in media as falling more than 10%, while Micron Technology fell 5.63% to $878.84, Intel fell 5.79% to $89.85, AMD fell 5.95% to $528.75, Marvell Technology fell 5.56% to $227.83, and Palantir Technologies fell 7.22% to $186.03. Among the reported movers, Fortinet was down 7.8% at $167.73 in market coverage, while Apple edged up 0.43% to $343.46. On the gain side, Huize Holding rose 20.98% to $1.73, Origin Agritech rose 32.54% to $0.97, Smart Powerr jumped 86.93% to $0.18, and ATA Creativity Global surged 50.76% to $0.95. Other notable gainers included Aurora Mobile up 11.39% at $8.80, MMTec up 13.88% at $6.07, and Jeiayin Group up 4.92% at $1.28.
Several additional names with notable trading moves reflected the same split between high-beta technology pressure and speculative rebound buying. CoreWeave remained in focus after its debt and equity were both pressured in media coverage, and related AI suppliers such as Dell were reported lower by 4.6% to $451.71. On the upside, Huize Holding, Origin Agritech, Smart Powerr, ATA Creativity Global, and Aurora Mobile were among the strongest reported unusual-move names. Several small-cap and micro-cap names also saw sharp swings, underscoring elevated volatility in lower-liquidity stocks.
02 Other Markets
U.S. 10-year Treasury yield rose by 0.22%, latest at 5.10.
USD/CNH fell 0.0372%, at 6.72; USD/HKD rose 0.0075%, at 7.85.
U.S. Dollar Index fell 0.2255%, at 101.77.
WTI crude futures rose 2.63%, at 99.04 USD/bbl; COMEX gold futures rose 0.40%, at 4,186.70 USD/oz.
03 Top News
1. CoreWeave’s credit stress rippled through AI trading. Media reports said investors grew concerned about the cloud operator’s debt burden as it builds AI infrastructure. The company’s bonds sold off sharply, and its stock fell more than 10% in coverage. The move helped drag AI-linked equities lower across the market.
2. SoftBank weighed an $18 billion deal for Allied Universal. Reuters reported that SoftBank is considering acquiring the U.S. security-services provider. The transaction would expand SoftBank’s footprint in AI-adjacent infrastructure and robotics. Deliberations were described as preliminary, with no final decision made.
3. Texas and Temu reached a data-privacy settlement. Reuters reported that Temu agreed to restrictions on how it handles Texans’ personal data. The company also agreed to annual independent product-safety testing and to remove unsafe items. Texas will receive a $3 million payment as part of the settlement.
4. U.S. Treasury data showed the budget deficit widened to nearly $2 trillion. Reuters reported that the annual shortfall rose to $1.99 trillion, the largest in five years. Higher debt-service costs and defense spending contributed to the increase. The figures intensified scrutiny of the fiscal outlook.
5. Microsoft expanded its Maia chip strategy to lower AI costs. Dow Jones reported that Microsoft is broadening work on custom chips for AI inference. The plan is intended to improve efficiency and reduce dependence on expensive external semiconductors. The move underscores the company’s effort to improve AI economics.
6. Wall Street strategists initiated and reiterated several notable stock views. Tiger Newspress reported that UBS reiterated Apple at neutral, while Morgan Stanley reiterated Tesla at equal weight. JPMorgan initiated Praxis Precision Medicines at overweight, StoneX started Toll Brothers at buy, and William Blair initiated Revolution Medicines at outperform. Macquarie also initiated Intuitive Machines at outperform.
7. Canada’s TSX rose as oil stocks benefited from higher Brent prices. Reuters reported that the Toronto benchmark gained while energy shares advanced. Brent touched $110 a barrel on supply concerns tied to Middle East tensions. The move highlighted the market’s sensitivity to energy-price pressures.
8. U.S. earnings season entered a busier stretch with major tech reports ahead. Reuters said analysts expect S&P 500 third-quarter earnings growth to remain strong, with reports from Meta and Netflix approaching. The upcoming semiconductor results are drawing extra attention after recent chip-stock weakness. Investors are watching for whether AI spending will support margins and guidance.
9. Seagate and Western Digital fell on Toshiba competition fears. Dow Jones reported that both hard-drive makers came under pressure after a report that Toshiba may expand production capacity. Wells Fargo still maintained positive ratings but cut price targets. The coverage added to concerns around storage-industry pricing and supply competition.
10. Global hedge funds were hit by the AI selloff. Reuters reported that hedge funds suffered steep losses this week, with Asia-focused managers among the hardest hit. The report said investors questioned whether AI spending can deliver returns quickly enough. The broad unwind reinforced the market’s caution toward crowded AI trades.
Sources: Reuters, Dow Jones, Tiger Newspress, public market dataDisclaimer: This content is for reference only and does not constitute investment advice.
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