End-of-day recap
Renewed AI-linked share losses, revived by CoreWeave's drop, sent the Nasdaq down 2.14% to 26,140.03, its worst session since June.
A renewed slide in AI-linked shares sent the Nasdaq to its worst session since June on Oct 16, 2026, while energy led every other sector.
The Nasdaq fell 2.14% to 26,140.03, the S&P 500 lost 1.07% to 7,661.22, the Dow slipped 0.34% to 52,002.41 and the Russell 2000 dropped 1.66%. Another drop in CoreWeave revived fears of cracks in the AI trade. The VIX jumped 21.45% to 19.99, its biggest one-day gain in months. Energy rose 2.52%; Technology fell 3.02%.
Goldman Sachs analyst Neil Mehta says Exxon Mobil's trading update implies Q3 EPS above consensus. His $169 target sits below the roughly $177.30 where the stock traded when the note posted.
Roth Capital analyst Leo Mariani upgraded Occidental Petroleum to Buy with a $70 target, citing oil upside, resources and free cash flow. The stock traded near $62.26 when the note posted.
Mizuho analyst Nitin Kumar raised his TotalEnergies target to $108 from $103, with shares near $91.03 when the note posted.
Crescent Energy rose 10.07% to $13.77 on 22.3 million shares, a $4.5 billion company rallying with the broader energy sector.
Micron fell 5.63% to $878.84, leaving its market cap at $994 billion. Renewed competitive anxiety over China's ChangXin Memory Technologies eroded confidence in how long favorable memory pricing can last.
AMD dropped 5.95% to $528.75 as investors rotated out of AI chip stocks on valuation concerns. A Delaware jury's verdict in the Arm-Qualcomm licensing dispute rippled through the chip sector.
Nebius Group fell 12.18% to $165.47, a $39.7 billion market cap, on 34.6 million shares. Morningstar cut targets on CoreWeave and IREN, citing rising debt costs tied to AI data center financing, and the worry extended into Nebius.
Deutsche Bank raised its Q3 revenue estimates for Meta after channel checks and lifted its target to $820. Shares traded near $720.28 when the note posted, then closed down 3.72% at $709.33 in the tech rout.
UBS analyst Gavin Parsons reiterated a Buy on Lockheed Martin with a $653 target, with shares near $548.07 when the note posted.
Tesla led options with 3.62 million contracts, 161% of average daily volume, 2.25 million calls to 1.37 million puts. Nvidia traded 3.35 million at a 0.71 put/call ratio, Apple 2.10 million at 163% of average and Micron 1.43 million at 137%, reflecting hedging around the chip selloff.
With the 10-year yield at 5.09% and AI financing costs in focus, how far does the neocloud repricing run from here?
Not financial advice. For informational and educational purposes only.
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