eod-market-recap · Steel and technology rebound as yields rise

Steel and tech shares rose as yields moved up. The close paired gains in chips with fresh calls on cloud, streaming and power stocks.

CLF rose 16.34% to $14.10 on its earnings beat. It posted $612M in adjusted EBITDA, above its $575M guide, and sees about $715M next quarter. Its report came out before the open, not after the close.

Amazon rose 4.98% to $262.45 as Morgan Stanley made it a top pick. The bank raised its target to $350 from $335, kept its overweight view and sees AWS growth of 47% in 2027.

Sandisk rose 5.53% to $1,371.12 on 8.47M shares. CNBC tied the chip gains to traders moving back into tech after the selloff. Memory stocks joined that move, with Sandisk and Micron both among the names that rose.

Tesla rose 3.76% to $368.06 on proxy news and SpaceX deal talk. It seeks new three-year board terms for Musk, Denholm and Straubel at the December 3 vote. The deal talk is still speculation; no deal was announced.

Guggenheim raised its TEAM target to $280 from $165. The quote at the time was $210.65. The old target was below that price and the new one above it. That quote was taken when the news was posted.

BNP Paribas cut CRWV to $117 from $169. Daniel Wang made the call with shares at $61.12 when the news was posted. The new target was still above that quote; the firm's prior target had been higher still.

Seaport cut NFLX to $90 from $102. David Joyce made the call with shares at $69.62 when the news was posted. Both targets were above that quote. The new call lowered the firm's target for the streaming stock.

The 10-year yield hit 5.15% as traders weighed inflation and geopolitics, CNBC said. The Nasdaq rose 1.11% as the Dow fell 0.07%. The S&P 500 rose 0.42%. September consumer prices were up 3.7% from a year earlier.

NVDA led options with 3.36M contracts. TSLA, AMZN, AAPL and MU came next, then SPCX, INTC, CRWV, META and AMD. Nvidia logged 2.17M calls and 1.19M puts. Its put/call ratio was 0.55 in the session's options data.

Seaport cut NRG to $160 from $190; Jefferies cut it to $131 from $160. Shares were $99.23 when the calls were posted. Both new targets stood above that quote, though each firm had lowered its target.

The session ended with tech gains and higher yields alongside those fresh target cuts.

Not financial advice. For informational and educational purposes only.