Stocks ended slightly higher after a volatile session driven by sharp oil swings and mixed earnings news. Oil surged to multi-month highs above $110 before dropping to around $101, coinciding with relief on U.S.-Iran diplomacy efforts. The SPX hovered just above its 50-day moving average near 7705, with tech the only lower sector and the other 10 sectors rising. Small caps gained as yields calmed, with the Russell attempting to reclaim its 200-day moving average. The RUT/IWM finished around 5.12%, while the VIX spiked to near 19 before settling around 17.50. Breadth flipped again as healthcare led for the second straight day.
Elice Group plummeted 32% on its KOSDAQ debut, marking one of the worst opening-day drops for a major Korean AI infrastructure IPO. Core Weave (CRWV) rose 2% after shaking off early declines, while General Motors (GM) fell 7% despite beating third-quarter earnings estimates and announcing a $20 billion share-buyback plan. Netflix dropped about 5%, and SPCX rose roughly 2%.
Market watchers noted continued volatility around AI-related names, with Guy and Dan discussing GOOGL positioning and CRWV's debt concerns. Upcoming earnings from Meta, Tesla, Lam Research, and Texas Instruments are expected to drive Wednesday's market moves, with the CME estimating an expected move of about 0.6% for the SPX.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing