Stocks making the biggest moves midday: Home Depot, Intel, Viking Therapeutics, Nvidia and more
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Yahoo
26 minutes ago
- Yahoo
Nasdaq slides again as AI jitters rattle tech investors
NEW YORK (Reuters) -Tech stocks are leading declines on Wall Street, with worries about AI spurring debates about its future. The Nasdaq Composite is down around 2.4% over the last two days, the worst two-day fall since April. The semiconductor index was down 1.5%, while the information technology sector was the second biggest decliner in the S&P 500, dropping 1.1% on Wednesday. Market participants attributed the selloff to a range of factors including a technical pullback after driving much of the stock market's recovery in the weeks after April 2nd "Liberation Day." Analysts also cited deepening concerns of government interference with companies, as the Trump administration looked into taking equity stakes in chip companies such as Intel in exchange for grants under the CHIPS Act. COMMENTS: ART HOGAN, MARKET STRATEGIST, B. RILEY WEALTH MANAGEMENT, BOSTON: "Technology in general is up 40% from its April lows, and the group clearly got ahead of itself. Also, if there's anything to the market consensus that we'll see a Fed rate cut, then there will be room for other things to work as well – and there are 493 other stocks in the S&P 500 that are lagging the Mag 7 right now. So I think there's a bit of a rotation." "I don't know how long it will last, but if it does keep going, well, August and September (are) the weak period seasonally in which it could do so. Also, there are some people who are beginning to question the pace at which we need to be chasing AI capital spending. If you put all this together: when technology stocks take a breather, this is what it looks like. Nvidia and other blue chips in the group are seeing relatively steady drawdowns, but things on the speculative edge are clearly seeing more selling pressure. Palantir has gone from trading at 200 times sales to 150 times its sales, for instance." MICHAEL ASHLEY SCHULMAN, CHIEF INVESTMENT OFFICER, RUNNING POINT, EL SEGUNDO, CALIFORNIA: "Tuesday' s U.S. technology stock swoon and its continuation today looks like multiple compression meeting a little margin math, but the timing makes it hard to ignore the new elephant in the server room. Names that had been sprinting on AI dreams pulled back hard, with Nvidia, AMD, and Palantir Technologies among the drags." "DeepSeek's update landed on Tuesday represents a serious cocktail of capability and availability and traders well remember the original harsh tech-market pullback DeepSeek caused when it was first broadly recognized in January of this year." BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, BROOKFIELD, WISCONSIN: "When you go from rally to rout, it shows how vulnerable the names were to even a scent of bad news. It could have been (Sam)Altman's valuation warning and then Meta restructuring its AI division threw fuel on the fire." PHIL BLANCATO, CHIEF EXECUTIVE OFFICER, LADENBURG THALMANN ASSET MANAGEMENT, NEW YORK: "It's much more about profit-taking and temporary rebalancing here. If you get a Federal Reserve cut or a mention of it on Friday, this will reverse pretty quickly, but this is a lot to do with names pushed up to really lofty levels and profit taking across the board." SETH HICKLE, PORTFOLIO MANAGER, MINDSET WEALTH MANAGEMENT, INDIANAPOLIS: "I think we are starting to see a little bit of rotation. It's always healthy to see a little bit of a pullback to that way, the markets can kind of get re-oriented." "To me, tech was overbought. Maybe it was justified, but it could have been kind of a buy on the rumor, sell it on the news type of thing where we had tech runup into earnings. We had really good earnings, and now it's kind of natural for the market just to sell some of that good news." "I wouldn't be surprised if we see a little bit of rotation into some smaller cap or into healthcare names, or consumer staples. And to me, that's kind of a healthy rotation. But honestly, I don't believe it will be a longer-term trend. It'll probably be a shorter-term trend. I think we'll see money flow back into tech in the next couple months." STEVE SOSNICK, CHIEF STRATEGIST, INTERACTIVE BROKERS, CONNECTICUT "The tech-led selloff that we saw yesterday resumed this morning. That said, dip buyers stepped in around 11am EDT and we've now recovered about half our losses. It's somewhat inevitable to expect them to arrive promptly, though it did take a bit longer than usual." "I believe that some of the early declines are related to profit-taking and risk squaring ahead of (Fed Chair Jerome)Powell's speech on Friday. That is merely rotation and relatively benign, though it gets magnified because of megacap tech stocks' heavy weighting in key indices. But some of the ferocity of the early drop was related to the President's calls for Lisa Cook's resignation." "Note that futures broke through their pre-market lows shortly after he posted on Truth Social. Markets were not perturbed that there are inquiries into the propriety of her personal mortgage applications. She gets a presumption of innocence until proven guilty, like any other person. But when the President weighed in even before the process began, then it raised the specter of politicization. That put markets on the wrong foot early, and negative momentum ruled again – at least for a couple of hours." ADAM SARHAN, CHIEF EXECUTIVE, 50 PARK INVESTMENTS, NEW YORK: "To see a little pullback here after a big move up is perfectly normal and healthy. If the selling gets worse then you'll see a rotation out of tech and into undervalued areas of the market like biotech stocks or healthcare stocks or small cap stocks because those areas have not participated this year." 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Yahoo
an hour ago
- Yahoo
Exclusive: Crypto startup Legion raises $5 million to bring back ICOs—without the scams
The ICO, or initial coin offering, era was notorious. A decade ago, crypto founders raised millions and even billions from small-time traders by selling cryptocurrencies tied to new projects. Many raises, like the one for Ethereum in 2014, were in good faith. Others were outright scams. Regulators cracked down on the practice, and ICOs soon became another chapter in crypto history. Now, the practice appears to be making a comeback, and the crypto startup Legion hopes to create the go-to platform where companies can—responsibly—sell tokens to small-time traders, say cofounders Fabrizio Giabardo and Matt O'Connor. 'Just think IPO-type rigor, IPO-type access, mixing in with, again, crypto rails,' Giabardo told Fortune. On Wednesday, the pair announced that Legion had raised $5 million in a seed round led by VanEck and Brevan Howard Digital. The crypto exchange Kraken as well as the venture arms of the crypto exchanges Coinbase and also participated in the raise, among other investors. Giabardo and O'Connor declined to disclose their startup's valuation. The round was for equity and token warrants, or promised allocations of a yet-to-be-launched cryptocurrency, they said. ICO boomerang Legion's capital injection comes as ICOs are back in vogue in crypto. In June, the stablecoin project Plasma raised $500 million in five minutes through a public token sale. In July, a memecoin factory that's become one of the most profitable projects in crypto, raised $600 million in 12 minutes. And Cobie, a pseudonymous crypto influencer and investor, has launched his own ICO platform called Sonar. The return of the ICO follows a regulatory thaw in Washington, D.C. President Donald Trump's administration has signaled a friendlier approach to crypto than that of former President Joe Biden. Crypto companies, who once were fleeing the U.S. amid a flurry of lawsuits from the Securities and Exchange Commission, are now returning. And some feel more emboldened to try out ICOs as a means to raise funds. But Giabardo and O'Connor believe their platform will help prevent the outright scams that were common a decade ago—when founders would raise millions off the back of a jargon-filled white paper and then disappear in so-called 'rug pulls.' Both founders are crypto veterans. Giabardo, who had stints as a geologist and then consultant, started exploring crypto in 2020 and eventually began working with the crypto analytics platform Delphi Digital. O'Connor comes from traditional finance, where he worked at the asset manager Bridgewater Associates before he found his way to working on Stacks in 2022, a blockchain built on top of Bitcoin. The two eventually crossed paths and decided to work together to bring back ICOs. Their platform is built to comply with recently released regulatory framework in the European Union for early token launches, they said. The statutes require projects to release a 'white paper' that requires issuers to detail, for example, risks involved with the offering and update their white papers anytime there are material changes to the projects. The two cofounders have also met with the SEC to discuss what disclosures the agency should require for public sales, said O'Connor. 'Give people honest, truthful, succinct disclosures that they can fully understand, do some kind of checking that validates that, yes, they do truly understand these things,' he added. 'And then, it's up to them to take the risks realistically.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
U.S. Senator Sanders favors Trump plan to take stake in Intel, others
By Alexandra Alper WASHINGTON (Reuters) -Liberal U.S. Senator Bernie Sanders on Wednesday threw his support behind President Donald Trump's plan to convert U.S. grants to chipmakers, including $10.9 billion for Intel, into government stakes in the companies. "If microchip companies make a profit from the generous grants they receive from the federal government, the taxpayers of America have a right to a reasonable return on that investment," Sanders, an Independent who caucuses with Democrats, said in a statement to Reuters. The awards were part of the 2022 Chips and Science Act, which sought to lure chip production away from Asia and boost American domestic semiconductor output with $39 billion in subsidies. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel and other chipmakers in exchange for the grants, sources told Reuters on Tuesday. Much of the funding for companies such as Micron , Taiwan Semiconductor Manufacturing Co and Samsung has not been dispersed.
