
Manic Monday Looks Like the End of the Beginning
To get John Authers' newsletter delivered directly to your inbox, sign up here.
Call it Manic Monday. The US stock market started with another vertiginous crash, with the Nasdaq 100 dropping 4.5% at the open. Then it surged 9.4% on a story the White House swiftly denied that the administration was seriously considering a delay to tariffs to allow for negotiations. Then it fell 6.2%. That was all in the first hour of trading. The index ended the day up a mere 0.2%:

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Insider
a day ago
- Business Insider
Nasdaq 100 Index Today: QQQ Jumps on U.S.-China Trade Developments, Tesla Turnaround
The Nasdaq 100 (NDX) is in green territory on Friday after falling by 0.80% on Thursday. The technology index is rising following positive signs in the U.S.-China trade relationship and a better-than-expected jobs report. Confident Investing Starts Here: This morning, nonfarm payroll job additions for May tallied in at 139,000, well above the 126,000 forecasted by economists. However, May's reading was still below the 147,000 jobs added in April and the monthly average within the past year of 149,000 jobs. Furthermore, the May unemployment rate was 4.2%, which remained unchanged from April and in line with the rate between 4.0% and 4.2% over the past year. In a sign of easing tensions between the U.S. and China, Beijing has granted suppliers of three top U.S. automakers with temporary rare earth export licenses. Rare earth elements are critical in the production of semiconductors, cars, and planes, providing China with leverage in negotiating trade terms given its near-monopoly on them. On top of that, Boeing (BA) has resumed the shipment of commercial jets to China. This morning, a Boeing 737 Max aircraft began its journey to Hawaii, a stop on its way to Zhoushan, China, where the delivery will be finalized. The Nasdaq 100 is up by 1.20% at the time of writing. Which Stocks are Moving the Nasdaq 100? Next, let's dive into TipRanks' Nasdaq 100 Heatmap, which illustrates the stocks that have contributed to the index's price action. Tesla (TSLA) is mounting a comeback with a 5.56% jump after CEO Elon Musk and Trump exchanged blows on social media over the tax and spending bill yesterday. TSLA stock plunged by 14% on Thursday, erasing approximately $150 billion in market capitalization. Palantir (PLTR) is also a top performer within the Nasdaq 100, rising by over 5%. On the other hand, Broadcom (AVGO) is taking a tumble after the semiconductor company reported its earnings. Elsewhere, most stocks within the index are in the green as we head into the weekend. QQQ Stock Moves Higher with the Nasdaq 100 The Invesco QQQ Trust (QQQ) is an exchange-traded fund (ETF) designed to track the movement of the Nasdaq 100. As such, QQQ is rising in correlation with the Nasdaq 100 today. Wall Street has high expectations for QQQ stock. During the past three months, analysts have issued an average QQQ price target of $584.53 for the stocks within the index, implying upside of 10.19% from current prices. The 102 stocks in QQQ carry 88 buy ratings, 14 hold ratings, and zero sell ratings.
Yahoo
a day ago
- Yahoo
Trump-Musk induced Tesla slide points to market risks from massive stocks
By Lewis Krauskopf NEW YORK (Reuters) -The rift between President Donald Trump and Tesla chief Elon Musk has captivated the world as a political drama, but it has also become a Wall Street spectacle, highlighting the risk to equity markets from the world's biggest stocks. Tesla shares slid 14% on Thursday as Musk and Trump feuded largely on social media, including the president threatening to cut off government contracts to Musk's companies. Although the stock modestly rebounded on Friday, Thursday's decline dragged down some of the most closely followed equity indexes, which are more heavily influenced by companies with the largest market values. Tesla's fall accounted for about half of Thursday's declines for both the S&P 500 and the Nasdaq 100, which fell 0.5% and 0.8% respectively, on the day. The S&P 500 is generally considered the benchmark for the U.S. stock market while the tech-heavy Nasdaq 100 is the basis for the Invesco QQQ Trust, one of the most popular exchange-traded funds. "It's a widely held stock," said Robert Pavlik, senior portfolio manager at Dakota Wealth. "When this big-name company that represents a sizable portion of the index sells off, it has an overall effect on the index, but it also has a psychological effect on investors." Tesla's decline points to the risk that many investors have long warned about, of indexes being heavily influenced by a handful of megacap stocks. Tesla is the smallest by market value of a group of massive tech and growth companies known as the "Magnificent Seven," which overall drove equity index gains in 2023 and 2024. The group has had a rockier 2025 so far, but more recently has been rebounding. The Magnificent Seven, which include Apple, Microsoft and Nvidia, had a combined weight of nearly one-third in the S&P 500 overall as of Thursday's close. "If you're an investor and you own the S&P or the Nasdaq 100 ... you just need to be aware that you own a lot of exposure to a very small cohort of names," said Todd Sohn, ETF and technical strategist at Strategas. Tesla's decline on Thursday knocked about $150 billion off its market value, while its weights in the S&P 500 and Nasdaq 100 stood at 1.6% and 2.6%, respectively. Tesla shares rebounded somewhat on Friday, up about 5% in mid-day trade, putting its market value around $970 billion. Microsoft and Nvidia, whose market values exceed $3 trillion, held weights of 6.9% and 6.8% in the S&P 500 as of Thursday. Tesla shares are down some 37% since mid-December, a period that has seen the S&P 500 fall about 1%, meaning its influence in the index has also declined over that time. The shares hold a broad influence among ETFs. Tesla has a varying presence in about 10% of the total universe of about 4,200 ETFs, according to Sohn. Those include the Consumer Discretionary Select Sector SPDR Fund, which sank 2.5% on Thursday, and the Roundhill Magnificent Seven ETF, which dropped 2.6%. "It's very important to know holistically what is in all your ETFs, because a lot of them are overlapping," Sohn said. 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
a day ago
- Yahoo
Trump-Musk induced Tesla slide points to market risks from massive stocks
By Lewis Krauskopf NEW YORK (Reuters) -The rift between President Donald Trump and Tesla chief Elon Musk has captivated the world as a political drama, but it has also become a Wall Street spectacle, highlighting the risk to equity markets from the world's biggest stocks. Tesla shares slid 14% on Thursday as Musk and Trump feuded largely on social media, including the president threatening to cut off government contracts to Musk's companies. Although the stock modestly rebounded on Friday, Thursday's decline dragged down some of the most closely followed equity indexes, which are more heavily influenced by companies with the largest market values. Tesla's fall accounted for about half of Thursday's declines for both the S&P 500 and the Nasdaq 100, which fell 0.5% and 0.8% respectively, on the day. The S&P 500 is generally considered the benchmark for the U.S. stock market while the tech-heavy Nasdaq 100 is the basis for the Invesco QQQ Trust, one of the most popular exchange-traded funds. "It's a widely held stock," said Robert Pavlik, senior portfolio manager at Dakota Wealth. "When this big-name company that represents a sizable portion of the index sells off, it has an overall effect on the index, but it also has a psychological effect on investors." Tesla's decline points to the risk that many investors have long warned about, of indexes being heavily influenced by a handful of megacap stocks. Tesla is the smallest by market value of a group of massive tech and growth companies known as the "Magnificent Seven," which overall drove equity index gains in 2023 and 2024. The group has had a rockier 2025 so far, but more recently has been rebounding. The Magnificent Seven, which include Apple, Microsoft and Nvidia, had a combined weight of nearly one-third in the S&P 500 overall as of Thursday's close. "If you're an investor and you own the S&P or the Nasdaq 100 ... you just need to be aware that you own a lot of exposure to a very small cohort of names," said Todd Sohn, ETF and technical strategist at Strategas. Tesla's decline on Thursday knocked about $150 billion off its market value, while its weights in the S&P 500 and Nasdaq 100 stood at 1.6% and 2.6%, respectively. Tesla shares rebounded somewhat on Friday, up about 5% in mid-day trade, putting its market value around $970 billion. Microsoft and Nvidia, whose market values exceed $3 trillion, held weights of 6.9% and 6.8% in the S&P 500 as of Thursday. Tesla shares are down some 37% since mid-December, a period that has seen the S&P 500 fall about 1%, meaning its influence in the index has also declined over that time. The shares hold a broad influence among ETFs. Tesla has a varying presence in about 10% of the total universe of about 4,200 ETFs, according to Sohn. Those include the Consumer Discretionary Select Sector SPDR Fund, which sank 2.5% on Thursday, and the Roundhill Magnificent Seven ETF, which dropped 2.6%. "It's very important to know holistically what is in all your ETFs, because a lot of them are overlapping," Sohn said.