Post-Bell｜Wall Street Ends Lower; Tilray Soared 44%; Lululemon Surged 10%; Tesla Up 3%; Broadcom Down 11%; Micron Down 7%; AMD Down 5%; Nvidia Down 3%

01 Stock Market

The U.S. major indexes closed as follows: Dow Jones down 0.51% at 48,458.05; S&P 500 down 1.07% at 6,827.41; Nasdaq Composite down 1.69% at 23,195.17. A broad tech pullback weighed on the S&P 500 and Nasdaq, even as some EV and consumer names advanced into the close.

Semiconductors and mega-cap tech were under pressure, while select EV and consumer stocks saw notable gains. Broadcom down 11.43% at $359.93; NVIDIA down 3.27% at $175.02; AMD down 4.81% at $210.78; Micron Technology down 6.70% at $241.14; Taiwan Semiconductor Manufacturing down 4.20% at $292.04; Oracle down 4.47% at $189.97. Tesla Motors up 2.70% at $458.96; Tilray Inc. up 44.13% at $12.15; Lululemon Athletica up 9.60% at $204.97. Apple up 0.09% at $278.28; Alphabet down 1.01% at $310.52; Amazon.com down 1.78% at $226.19; Meta Platforms, Inc. down 1.30% at $644.23; Microsoft down 1.02% at $478.53; Netflix up 1.17% at $95.19.

Beyond single names, leveraged tech proxies posted sharp swings: SOXL down 14.51% at $41.71; SOXS up 14.63% at $3.29; QQQ down 1.91% at $613.62; SPY down 1.08% at $681.76; VOO down 1.08% at $626.87. Among other unusual movers: OKLO down 15.13% at $87.42; DXYZ up 2.59% at $37.96; TSLL up 5.35% at $20.28. In U.S.-listed Chinese names, BABA down 0.78% at $155.68; NTES up 2.11% at $139.14; TCOM up 0.96% at $70.80; TAL up 3.69% at $11.51; YSG up 11.31% at $4.33.

02 Other Markets

U.S. 10-year Treasury yield rose by 1.33%, latest at 4.20.

USD/CNH fell 0.0411%, at 7.06; USD/HKD rose 0.0257%, at 7.78.

U.S. Dollar Index rose 0.0407%, at 98.39.

WTI crude futures fell 0.12%, at 57.53 USD/bbl; COMEX gold futures rose 0.39%, at 4329.80 USD/oz.

03 Top News

1. Oracle delayed completion targets for data centers tied to OpenAI projects, with timelines pushed out to 2028 from 2027. People familiar cited labor and material shortages driving the shift. Oracle shares fell more than 5% on the development, reflecting concerns about supply-chain and execution risks on large-scale AI infrastructure builds. The delays may ripple through AI capacity expansion planning.

2. Broadcom flagged lower gross margins due to a higher AI revenue mix despite posting strong revenue and guidance. Management cited a $73 billion backlog expected to ship over the next 18 months while noting margin dilution from AI system sales. Shares dropped as investors weighed the trade-off between AI-led top-line growth and profitability, rekindling questions about the near-term payout from AI spending.

3. Rivian unveiled its in-house Rivian Autonomy Processor (RAP1) and Autonomy Compute Module 3 platform for advanced driver assistance. The Armv9-based RAP1 and ACM3 are designed to deliver up to 1,800 TOPS INT8 inference, enabling heavy camera-processing workloads. The in-house stack positions Rivian to integrate autonomy more tightly in its vehicles and potentially supply other automakers, drawing investor interest.

4. Reports indicated the U.S. administration is preparing to reclassify marijuana as a less-restricted Schedule III substance. Reclassification would move cannabis out of the strictest category and could reduce tax burdens under Section 280E, potentially easing operating pressures. Cannabis equities and ETFs rallied sharply on expectations of regulatory relief and better access to financial services.

5. Nvidia is evaluating expanding H200 production capacity after orders surpassed current output levels. Demand from Chinese clients surged after authorities allowed H200 exports to China with a 25% fee, though domestic approvals in China remain pending. Interest reportedly includes major platforms, underscoring robust AI accelerator demand even amid supply constraints.

6. Fermi said a $150 million funding commitment from a prospective tenant tied to its Texas “Project Matador” energy campus fell through. The company disclosed the tenant terminated the agreement after an exclusivity period expired, though lease negotiations continue. Shares plunged as investors reassessed the financing visibility and timeline for delivering power to AI-focused data centers.

7. Philadelphia Fed President Anna Paulson emphasized greater concern about labor market weakness while viewing policy as still somewhat restrictive. She noted inflation is expected to ease as tariff effects fade and cited recent rate cuts as insurance against labor deterioration. The remarks suggest a cautious stance as the Fed balances employment risks with progress on inflation.

8. Chicago Fed President Austan Goolsbee said he dissented from the latest Fed rate cut, preferring to wait for more data. He argued that holding off until additional inflation and employment figures arrive would have posed little risk to the job market. The dissent highlights internal debate on the timing and pace of further easing as the outlook evolves.

9. FDA leadership pressed internally to accelerate review timelines for Eli Lilly’s oral obesity drug under a new voucher program. Documents show proposals to shorten filing checks to as little as one week, potentially moving up a verdict to as early as March. A faster pathway could intensify GLP‑1 competition with Novo Nordisk while raising scrutiny over review rigor.

10. Lululemon announced its CEO will step down and delivered results that topped profit and revenue expectations. Shares jumped as investors weighed leadership transition alongside guidance and margin execution. The move aims to reset strategy after a challenging period, with the market focusing on demand stabilization and product pipeline.

Sources: Reuters, Dow Jones, Tiger Newspress, public market data

Disclaimer: This content is for reference only and does not constitute investment advice.