Market Pulls Back as OpenAI Misses Growth Targets
The market rally stumbled on Tuesday as reports of OpenAI missing its internal growth targets weighed on the Tech sector, particularly the Semiconductor space, where VanEck Semiconductor ETFfell about 3%. Likewise, Energy outperformed all other sectors and WTI Crude Oil topped $100 per barrel as a function of the re-heating geopolitical tension, as the White House is expressing reluctance to bend toward compromise on its mission for denuclearized Iran after Tehran proposed to table the nuclear question in exchange for restoring an operational Strait of Hormuz.The narrative could once again flip on Wednesday however, with a spate of high-profile earnings reports re-establishing the vigor of the AI rally. Seagatewas up 16% after blowout results, also pulling up shares of Western Digital, while better than expected results from NXP Semisupported shared of Analog Devices and Microchip. Bloom Energy, the fuel supplier for data centers, also reported blowout numbers, sending shares up double digits.In the opening hour of the evening session, Nasdaq 100 is up 0.2%, S&P e-minis are up 0.1%, and WTI Crude Oil is back below $100 per barrel. Precious metals sustained some losses on Tuesday, with Gold sliding toward $4,600 and Silver now below $74 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Silicon Motion Technologyup 19.3%Rush Street Interactiveup 17.8%Seagateup 16.0%; Western Digitalup 15.7% in sympathyNXP Semiconductors N.V.up 15.5%; On Semiup 6.1,%, Analog Devices, Inc.up 2.6%, Microchip Technologyup 4.0% in sympathyPorch Groupup 13.5%Fair Isaacup 12.6%Bloom Energyup 12.3%ExlService Holdingsup 7.9%Veraltoup 9.9%Starbucksup 5.0%Visaup 4.8%Mondelezup 2.5%Caesarsup 1.5%T-Mobileup 1.2%DOWN AFTER EARNINGS -O-I Glassdown 18.6%Enphase Energydown 11.0%Robinhooddown 9.7%Teradynedown 8.3%Booking Holdingsdown 4.3%Stridedown 3.7%ALSO LOWER -Avis Budget Groupdown 7.6% after disclosing sale by Pentwater CapitalBrown-Formandown 6.2% after terminating Pernod Ricard merger
