01 Stock Market
The U.S. major indexes closed as follows: the Dow Jones Industrial Average was down at 0.47% at 47,885.97; the S&P 500 was down 1.16% at 6,721.43; and the Nasdaq Composite was down 1.81% at 22,693.32. Broad-based declines were led by technology and AI-linked names, while a standout healthcare IPO offered a notable counterpoint to the session’s weakness.
Unusual movers were dominated by AI and megacap pullbacks, while Medline’s debut rallied strongly. Medline (MDLN) up 41.38% at $41.00. Nvidia down 3.81% at $170.94; Advanced Micro Devices down 5.29% at $198.11; Broadcom down 4.48% at $326.02; Micron Technology down 3.01% at $225.52. Oracle down 5.40% at $178.46; Tesla down 4.62% at $467.26; Apple down 1.01% at $271.84; Alphabet A down 3.21% at $296.72; Alphabet down 3.14% at $298.06; Meta Platforms down 1.16% at $649.50; Amazon down 0.58% at $221.27; Netflix up 0.23% at $94.79. Taiwan Semiconductor down 3.45% at $276.96; Pinduoduo down 3.69% at $105.00.
Leveraged tech products amplified the downside, and popular index trackers reflected the risk-off tone. Direxion Daily Semiconductor Bull 3X (SOXL) down 11.06% at $36.01; ProShares UltraPro QQQ (TQQQ) down 5.60% at $49.40; Invesco QQQ down 1.85% at $600.41; SPDR S&P 500 ETF down 1.10% at $671.40. CoreWeave down 7.12% at $64.55; Palantir down 5.57% at $177.29. These moves highlight acute sensitivity to AI-capex headlines and regulatory developments, alongside selective strength in new listings.
02 Other Markets
The U.S. 10-year Treasury yield fell by 0.14%, latest at 4.15.
USD/CNH was unchanged at 0.00%, at 7.04; USD/HKD fell 0.0129%, at 7.78.
U.S. Dollar Index fell 0.0193%, at 98.38.
WTI crude futures rose 1.70%, at 56.76 USD/bbl; COMEX gold futures fell 0.02%, at 4,373.10 USD/oz.
03 Top News
Coinbase announced plans to let users trade stocks and event contracts, with tokenized stocks coming soon. The company said it is partnering with Kalshi and aims to offer the broadest set of contracts on one platform. Coinbase added that fragmented state policies around event contracts harm consumers, and it expects existing users to consolidate assets while attracting new ones.
Medline completed a major IPO and shares jumped, signaling strong demand for the medical supply giant. The offering priced at 29 dollars per share, and the stock closed sharply higher, valuing the company above 50 billion dollars. Medline plans to use proceeds to reduce debt and targets lowering its net debt-to-Ebitda ratio, while private-equity sponsors retain significant voting power.
Oracle was reported to have stalled talks with Blue Owl Capital on a 10-billion-dollar data-center project; Oracle disputed the report. A spokesperson said final negotiations with a different partner are proceeding on schedule. The headlines weighed on AI-linked stocks, underscoring investor sensitivity to financing for large-scale compute infrastructure.
Tesla was found by the California DMV to have violated state law with autopilot marketing and was given 60 days to take action. The agency warned that dealer licenses could face suspension if terms are not adjusted. The decision raises regulatory risk for autonomous offerings even as Tesla tests robo-taxis with safety monitors and pursues broader self-driving ambitions.
Micron guided for significantly stronger adjusted profit and revenue, citing tight memory supply and booming AI demand. The company said AI-related demand drives better margins and is refocusing production toward data centers. Shares rose in after-hours trading, with peers Western Digital, Seagate, and SanDisk also reacting positively.
Amazon is discussing a potential 10-billion-dollar investment in OpenAI tied to using Amazon’s Trainium chips. The move would deepen an existing cloud infrastructure partnership and could reduce OpenAI’s reliance on rival chip providers. Increased Trainium adoption may benefit custom chip designers, with potential competitive implications for Nvidia and Broadcom.
Federal Reserve Governor Christopher Waller said policy remains above neutral and there is room to cut rates. He noted there is no rush to reduce rapidly and suggested a steady glide toward neutral amid moderating inflation. This stance supports a gradual policy normalization path contingent on labor market and price data.
Udemy and Coursera agreed to merge, creating a combined online education company with a 2.5-billion-dollar equity value. Udemy holders will receive Coursera stock, with Coursera shareholders owning the majority of the combined entity. The companies expect the deal to close in the second half of next year, subject to approvals.
Jabil beat quarterly earnings and revenue expectations and raised its full-year outlook. Management highlighted strength in intelligent infrastructure, including cloud and data-center networking. The company now anticipates higher revenue and EPS for the year, reflecting accelerating demand across AI and capital equipment.
Pinduoduo dismissed staff after a reported brawl with market regulators, reflecting compliance and governance risk. People familiar said most affected employees were from government relations, including a compliance director citing serious negligence. Police reportedly detained several executives, highlighting the gravity of the incident.
Sources: Reuters, Dow Jones, Tiger Newspress, MT Newswires Live, public market data
Disclaimer: This content is for reference only and does not constitute investment advice.
