Afternoon update
$MRNA fell 10.51% Friday afternoon, as a credit-driven tech selloff pushed money into energy and defensives.
$MRNA fell 10.51% Friday afternoon, the S&P 500's biggest decliner, as a credit-driven tech selloff pushed money into energy and defensives.
- Moderna dropped to an $84.51B market cap after rallying more than sevenfold year-to-date. Investors booked profits ahead of the Oct. 24 ESMO presentation of additional Phase 3 melanoma data for intismeran autogene, developed with Merck.
- Twilio fell 12.42% to $36.73B, the index's single worst performer, as the week's pressure on technology shares extended. The software basket lost 3.05%, with Oracle down 4.52%.
- Micron slid 3.73% to a $1.01T market cap. The VanEck Semiconductor ETF is down about 8% this week, on pace for its worst week since July, amid Chinese competition concerns.
- More than $1 trillion has left 20 leading AI and chip stocks this week. CoreWeave's five-year CDS briefly topped 1,140 bps, and September PPI ran 6.3% against a 5.5% forecast.
- Energy rose 2.08% with 10 of 10 advancing, led by EOG at +3.66%. Technology fell 2.42% with 2 of 18 higher; the S&P 500 lost 1.16% and the Nasdaq 2.12%.
Credit spreads at AI infrastructure names are now driving sector rotation. The direction of those spreads next week will show whether this defensive positioning holds.
Not financial advice. For informational and educational purposes only.
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