Live Nasdaq Composite: Tech Tumbles as Oil Reclaims Lofty $100 Level
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The Stocks: AppLovin (APP) is under pressure after Meta signaled a more direct competitive push into its advertising software space. Arm Holdings (ARM) received a Needham “buy” rating with a $200 price target. Marathon Digital (MARA) sold 15,133 bitcoin for $1.1 billion and is using most proceeds to buy back roughly $1 billion of convertible notes at a discount.
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The Story: U.S.-Iran tensions are escalating with the Trump administration considering ground troops and large-scale bombing, pushing oil prices higher (Brent crude above $100/barrel, WTI up 3.5% to nearly $94) while stocks slip across the board, though the labor market remains resilient with jobless claims at 210,000.
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Live Updates
Microsoft Hiring Freeze
Microsoft (Nasdaq: MSFT) executives have reportedly told their managerial staff to put any new hires on hold, according to a report in The Information. MSFT stock is down 1% today.
Memory Chip Stocks
Memory chip stocks remain under pressure after Google announced plans to develop a technology that would slash the amount of memory needed for AI algorithms. Memory chip maker Micron Technology (Nasdaq: MU | MU Price Prediction) is down 4.7% today and a steeper 18% over the past week.
Tech Tumble
Seven of the most powerful stocks on Wall Street represent one-third of the S&P 500 index, and not one of them has been spared in the recent selloff.
Microsoft (Nasdaq: MSFT) has taken the hardest hit, shedding nearly a third of its value from its peak, while Meta (Nasdaq: META), Tesla (Nasdaq: TSLA) and Amazon (Nasdaq: AMZN) have each dropped more than 16%.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are pulling back today with the U.S.-Iran conflict showing no signs of cooling in sight. All three of the major stock market averages opened in the red, including a nearly 1% drop in the Nasdaq Composite, dragged lower by Meta Platforms (Nasdaq: META), down 3%, and ASML Holding (Nasdaq: ASML), down 3.6%, as investors flee risk.
President Trump is threatening to escalate after Iran rejected peace talks. The U.S. is reportedly weighing a “final blow” that could involve ground troops and large-scale bombing, according to Axios. Brent crude is on track for its biggest monthly surge since 1990. WTI Crude oil is up 3.5% to almost $94 per barrel. Brent Crude is back above $100/barrel.
On the economic front, the labor market is holding firm, as initial jobless claims came in at 210,000 last week, just under the 211,000 estimate and only slightly above the prior week’s 205,000.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 46,402 Down 0.66%
Nasdaq Composite: 24,140 Down 0.91%
S&P 500: 6,592 Down 0.73%
Market Movers
AppLovin (Nasdaq: APP) is under pressure after comments from Meta (Nasdaq: META) raised concerns about a more direct competitive push into AppLovin’s turf.
Needham analysts have turned increasingly bullish on Arm Holdings (Nasdaq: ARM), lifting the rating to “buy” from “hold” with a $200 price target, reflecting upside potential of 25%.
Bitcoin miner Marathon Digital (Nasdaq: MARA) sold 15,133 bitcoin for roughly $1.1 billion and is putting most of the proceeds to work buying back about $1 billion of its convertible notes at a discount.
Crypto is creeping into the housing market. Fannie Mae will soon accept crypto-backed mortgages, according to the WSJ. Better and Coinbase (Nasdaq: COIN) are teaming up on a product that lets homebuyers use bitcoin or USDC as collateral for a loan to cover the down payment, no need to sell your crypto to do it.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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