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CNBC
26 minutes ago
- CNBC
Santoli's Wednesday market wrap-up: Highest-momentum stocks remain under pressure
(These are the market notes on today's action by Mike Santoli, CNBC's Senior Markets Commentator. See today's video update from Mike above.) Another flurry of treacherous rotation roiled the tape, though by the closing hour the swirling currents were showing signs of slowing. The highest-momentum, most-expensive, most-crowded stocks — the sort that drove the Nasdaq-100 up 40% and the S & P 500 High Beta ETF (SPHB) up 60% over four months – remained under pressure, peaking at midmorning. While largely mechanical and tactical, the action coincides with a moment of broad reconsideration of the trajectory of the AI-investment theme and the assumptions underlying it. Meta Platforms is now down nearly 5% on the week, as it again is said to be reorienting its AI efforts. Chat GPT5 has been deemed largely underwhelming. Perhaps most relevant, though, the AI trade became pretty crowded. Strategas here shows flows into AI-specific ETFs having shot higher in recent weeks. For now, the reallocation is relatively orderly, and has not undercut the stability of consumer cyclicals, financial stocks or industrials, and thus would seem to be saying little about the macroeconomic setup. This is largely how the market tries to relieve extremes in concentrated positioning, rapidly racing from leaders to laggards, the crowded to the neglected. Several similar episodes in recent years were sometimes hazardous but only a minority of the time resulted in a sizable, broad index correction. VIX flat today suggest little real stress. Minutes from the Fed's July meeting were somewhat hawkish, though the bond market quickly moved on given that meeting was before the jarring Aug. 1 payroll report that caused odds of a September rate cut to soar above 80%. The market is holding this stance, though presumably Fed Chair Powell on Friday in Jackson Hole will stop short of fully endorsing any September move, not wishing to front-run another jobs report in early September. It remains debatable whether the economy "needs" a rate cut, but the market would gladly take one. Big picture, stocks are near highs, valuations full, credit spreads tight, market-based yields and oil prices unchallenging. A rate cut into such conditions is typically more than investors would dare ask for, although the cadence of the recent economic and monetary cycles has been unusual. So far this week, the equal-weighted S & P 500 is up 0.5% with the market-cap-weighted version down 0.8%. A small measure of "broadening" that so many seem to root for, even if it comes with a bumpier ride along the way.
Yahoo
36 minutes ago
- Yahoo
Why Appian (APPN) Shares Are Trading Lower Today
What Happened? Shares of low-code automation software company Appian (NASDAQ:APPN) fell 3.3% in the afternoon session after the major indices continued to pull back, with technology stocks accounting for most of the market's largest decliners. A key reason for this trend is that much of the recent market gains were concentrated in the "AI trade," which includes these large technology and semiconductor companies. So this could also mean that some investors are locking in some gains ahead of more definitive feedback from the Fed. Despite the downturn, some analysts viewed this as an opportunity to own some of the "Core AI winners." Dan Ives of Wedbush Securities commented, "In our view, the tech bull cycle will be well intact for at least another 2-3 years, given the trillions being spent on AI infrastructure/software/chips/power/apps looking ahead. This remains our tech playbook and investor roadmap." Additionally, mixed earnings reports from retailers, such as Target, have added to the market's weakness. Investors are closely monitoring these reports for insights into the broader economic health and the potential impact of new tariffs on inflation. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Appian? Access our full analysis report here, it's free. What Is The Market Telling Us Appian's shares are very volatile and have had 21 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was 7 days ago when the stock gained 3.3% on the news that the SaaS sector continued to rally as favorable inflation data bolstered hopes for a Federal Reserve interest rate cut. This optimism was largely driven by a benign July Consumer Price Index (CPI) report, which solidified investor expectations for a Federal Reserve interest rate cut. Following the release of the inflation data, which showed a year-over-year increase of 2.7%, the probability of a rate cut in September surged to over 96%. Lower interest rates are typically beneficial for growth-oriented technology stocks, as they can reduce borrowing costs and increase the present value of future earnings. Adding to the positive sentiment was a 90-day delay in the imposition of higher tariffs on Chinese goods, which reduced trade-related uncertainty for the technology sector. Appian is down 12.9% since the beginning of the year, and at $28.90 per share, it is trading 30.5% below its 52-week high of $41.56 from November 2024. Investors who bought $1,000 worth of Appian's shares 5 years ago would now be looking at an investment worth $538.38. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story. 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
36 minutes ago
- Yahoo
OpenAI CFO says these 3 things will help your company stay competitive in the AI era
OpenAI CFO Sarah Friar shared some strategies to remain competitive in the evolving AI landscape. Companies should focus on automating real-world problems, she said. They should also focus on securing unique data sets from universities or companies. Building a competitive moat in the AI era isn't easy. AI is advancing so quickly that many companies struggle to plan more than a few months ahead, making it difficult to build a lasting advantage. OpenAI CFO Sarah Friar has three key tips for companies looking to stand out. First order of business is for companies to ask themselves whether they're solving a real problem, she said on CNBC's Squawk Box on Wednesday. "It sounds really trite, but sometimes I think people try to solve problems that don't really exist in the world." Instead, they should focus on automating complicated tasks that are necessary for real-world operations. There are a lot of complex business processes, especially in areas like finance, that can be automated with agents, she said. Lastly, she said that companies should focus on securing unique data sets. "90 plus percent of the world's data sits behind closed doors," she said. "It sits in university settings, and company settings, and so on. And so, can you access that in an appropriate way? That's what I think builds a competitive moat." The hunt for unique data is so fierce that even leading AI companies are pushing boundaries — sometimes at the risk of copyright violations. Meta considered acquiring publisher Simon & Schuster as a solution. Anthropic collected and scanned millions of pirated books while training its Claude model, which a district judge ruled in June did not constitute fair use. Finding proprietary data that isn't publicly available, and getting permission to use it, could be a legally sound foundation for a new AI company. Friar joined OpenAI last year along with Kevin Weil, now the company's chief product officer. She previously served as the CEO of Nextdoor and the CFO of Square. She has also worked at Goldman Sachs, McKinsey, and Salesforce. Read the original article on Business Insider Sign in to access your portfolio
