TLDR
- Moderna shares fell after a data leak for a cancer vaccine it is developing with Merck.
- AT&T, Verizon and T-Mobile dropped on reports that SpaceX is in talks to secure 80,000 cell towers.
- SK Hynix rose about 5% after scrapping the planned U.S. IPO of its Solidigm unit.
- Meta pointed lower again after a 7% post-earnings drop on Thursday.
- Oil climbed above $114 a barrel as futures pointed lower following a tech sell-off.
The stock market was trying to recover on Friday after a sharp AI sell-off the day before. It was not having much success.
Stock futures pointed lower as oil prices climbed above $114 a barrel. Some of the hard-hit tech names saw a small rebound.
Dow futures fell 0.5%, while S&P 500 futures dropped 0.2%. Nasdaq 100 futures were little changed. Worries over the AI trade lingered after a steep sell-off in tech stocks sparked a move into bonds.
Concerns over rising financing costs and a possible slowdown in capital spending weighed on AI stocks. Neocloud companies such as CoreWeave were already battered. Nvidia and AMD also retreated, along with other infrastructure names.
This week’s earnings headliners, SpaceX, Tesla and Meta, all declined.
Moderna, Telecoms and Deckers Make Big Moves
Moderna fell 4% before the open. That followed a 17.6% slump on Thursday after a data leak for the cancer vaccine candidate it is developing with Merck.
AT&T, Verizon and T-Mobile all fell more than 3%. Reports said SpaceX is in talks to secure 80,000 cell towers as it looks to challenge the wireless carriers.
Cell tower owners moved the other way. Crown Castle jumped 8% and American Tower rose 4%. SpaceX shares rose 2.4%.
Deckers Outdoor was the worst performer in the S&P 500, falling 8%. The Ugg maker cut its revenue outlook when it reported earnings late Thursday.
Some tech names rose, but not enough to erase Thursday’s losses. CoreWeave rose less than 2% after a 10% slump in the previous session. Micron was also up less than 2% after a 6% fall.
Sandisk climbed 2.9% after an 8.5% decline. Meta Platforms pointed lower again after a 7% drop following its earnings report on Thursday.
SK Hynix outperformed, climbing around 5%. The company decided to scrap the planned U.S. IPO of its Solidigm memory-chip unit.
Oil prices stayed near a five-month high on fears of rising tensions in the Middle East. Brent crude touched $113 per barrel, while West Texas Intermediate climbed to near $100.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
