Isn’t it ironic that the same day we get an internet blackout and college students are ranting on Reddit about how, if ChatGPT, Grok, and Claude don’t come back online, they’re gonna fail their essays… the Dow decides to return to its natural form?
Meanwhile, tech stocks kept auditioning for my brand-new working title: The AI Bubble (yes, I’ll be accepting royalties).
As for the damages, the Dow dropped 328 points (-0.7%), the S&P 500 slid 0.4%, and the Nasdaq dipped 0.6%… all while pretending this wasn’t its fourth straight losing session. (Spoiler: it was. That’s the longest slide since August, friends.)
“What caused it?” Nothing new… just a full market freeze while everyone waits for Nvidia’s earnings tomorrow, which investors are treating with the seriousness of a sentencing hearing. Nvidia fell another 1% today and is now down 9% this month. Amazon (-3%) and Microsoft (-2%) also joined the walk of shame down the Mag 7 staircase.
And if you’ve been waiting for a good time to buy some Bitcoin, you’re in luck… digital gold dipped below $90k today before hitting resistance and bouncing back above $91k as all the basement dwellers followed through with their “Hold The Line” chants.
On the consumer front, Home Depot flopped on earnings and lowered guidance, citing weaker demand for big-ticket items like appliances and outdoor upgrades. Consumers have officially transitioned into “repair mode,” not “remodel mode,” which is never the energy you want walking into the holiday quarter.
Don’t worry though… Walmart and Target report tomorrow, and those two will give us the real temperature check on how cooked the consumer actually is.
As for Zuck’s long-lasting battle with courtrooms… Meta scored a clean W against the FTC in its long-running antitrust case.
Judge James Boasberg essentially said: “FTC, you didn’t prove squat.” Meaning: Instagram and WhatsApp are now officially safe from being forcibly un-bundled… until the next antitrust headline drops, which should be in about 6 minutes.
And if you’ve been keeping up with our Stock Prophet Watchlist, unfortunately we were BIGLY affected by the Cloudflare outage, so that set us behind… but we did end up issuing two alerts. One being CGTL at 9:41 a.m. that ended up spiking 15% before the shorts kicked in and sent it to the basement.
But again, any green in a red day is a good day. So with that said, make sure to stay tuned in the aftermarket and tomorrow morning.
If you read all of this, congrats for having a 10 second attention span (better than me). As always, here’s our heatmap for today.
At the time of publishing this article, Stocks.News holds positions in Amazon, Microsoft, Meta, and Bitcoin as mentioned in the article.
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