Tech Stocks Plummet, Block Shares Surge 24%
After a two-day upswing in sentiment, the AI unease and Tech-driven volatility have resurfaced, punishing the broader markets. Technology was by far the worst performing sector in the S&P 500, and while Financials, Industrials, and Materials rallied, the index concentration weighed on the broader markets. Interestingly, Nvidiawas down sharply even though its results overnight were met with unanimously higher price target revisions, while Salesforcebounced by 4% even though the Street unanimously cut its forecasts for the software giant. Against this markets in turmoil "upside down" refrain, price action in Block- up 24% despite announcing a 40% staff cut - speaks volumes to the new reality: reduced levels of investment are rewarded. In the same vein, Coreweave'selevated capex projections accompanying the company's results are being punished to the tune of an 8% decline afterhours.In the opening hour of the evening session, futures suggest more risk aversion on Friday - S&P e-minis and Nasdaq 100 contracts are down 0.3% while Dow Industrials is off by 0.5%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Blockup 23.5%Dellup 10.5%Rocket Companiesup 8.3%PubMaticup 6.4%ALSO HIGHER -Netflixup 10.0% after backing away from Warner Bros., down 1.3%) deal; Paramount Skydanceup 5.7% as likely winning bidderDOWN AFTER EARNINGS -Duolingodown 21.2%Zscalerdown 9.7%CoreWeavedown 8.8%NuScale Power Corporationdown 8.3%Elastic N.V.down 8.2%Flutter Entertainmentdown 7.4%nLIGHT, Inc.down 6.6%Progyny, Inc.down 5.6%Rocket Lab Corporationdown 4.8%Intuitdown 4.6%Monster Beveragedown 3.6%
