Major Indices Decline for Fourth Day, Tech Stocks Hit Hard
Wednesday's trading saw major indices declining for the fourth consecutive day, with outsized selling seen in Tech and Communication Services sectors as sentiment continued to sour on AI-themed names after FT reported that Blue Owl was backtracking from its Oracledata center investment. The company sought to contain the fallout with response that the investment was still on track, but the spillover reverberated across the space - Nvidiawas down 4%, Googlefell 3%, Broadcomslipped 4.5%, and Oracle was down by over 5%.In the opening hour of the evening session, U.S. equity futures are modestly higher however thanks in large part to strong results out of Micron- S&P e-minis up 0.1% and Nasdaq 100 up 0.2%. In commodities, WTI Crude Oil remains bid toward $57 per barrel as Venezuela blockade is magnifying supply concerns while Metals are seeing a renewed breakout in Silver above $66 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -MillerKnollup 7.8%Micron Technologyup 7.0%; Flash/NAND memory names Sandiskup 3.5%, Western Digitalup 2.6%ALSO HIGHER -Enphase Energyup 1.9% after Goldman Sachs upgrade to NeutralDOWN AFTER EARNINGS -Enerpac Tooldown 7.8%ALSO LOWER -Insmeddown 19.2% after announcing Phase 2b BiRCh study of brensocatib did not meet endpointsMaplebear Inc.down 6.4% after Reuters report FTC probes Instacart over AI-driven pricing tool
