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Wall Street Today: S&P 500, Nasdaq Comp and DJIA Sink as Big Names Like Palantir, Tesla and Nvidia Fall

Jerry Kronenberg joined discussion · Nov 4 15:35

The Nasdaq Composite and S&P 500 both sank 1% to 2% Tuesday as investors suddenly soured on Big Tech darlings like Palantir, Tesla and Nvidia and stocks in other popular sectors like crypto, quantum computing and nuclear energy.

The $Nasdaq Composite Index (.IXIC.US)$ shed 486.09 points (2%) to a 23,348.64 finish, while the $S&P 500 Index (.SPX.US)$ gave back 80.42 ticks (1.2%) to 6,771.55. Meanwhile, the $Dow Jones Industrial Average (.DJI.US)$ lost 251.44 points (0.5%) to 47,085.24.

Macro

The three indexes fell as hitherto popular stocks like $Palantir (PLTR.US)$ and $Uber Technologies (UBER.US)$ pulled back despite quarterly earnings beats.

PLTR gave up 8% even though its quarterly results and forward guidance exceeded analyst expectations, while UBER shed 5.1% despite earnings and revenue beats of its own.

Meanwhile, "Magnificent Seven" stock $Tesla (TSLA.US)$ losr 5.2% in part on word that Norway's $2 trillion sovereign wealth fund plans to vote no on Thursday on CEO Elon Musk's proposed 10-year, $1 trillion pay package.

The fund, which is a major TSLA investor, seemed unmoved by speculation that Musk could either spend less time on Tesla or even leave the firm if the big payout fails to win shareholder approval.

Meanwhile, $NVIDIA (NVDA.US)$ sank 4% following news that Michael Burry of "The Big Short" fame had taken out puts against the chip giant and Palantir. Burry correctly predicted the 2008 U.S. housing crash, as depicted in the book and movie "The Big Short."

Adding to Tuesday's dour mood, Bitcoin and other cryptocurrencies fell – sparking a sell-off among several crypto-related stocks.

$Bitcoin (BTC.CC)$ shed 5.6% to $100,714.04 as of shortly before 4 p.m. ET after earlier dropping below $100,000 for the first time since June. $Ethereum (ETH.CC)$ likewise gave back 11.4% to $3,184.80 as of shortly before 4 p.m. ET.

Moo-vers

The broad market's weakness spread to the "Magnificent Seven" stocks, all but one of which ended Tuesday's session lower.

$Tesla (TSLA.US)$ and $NVIDIA (NVDA.US)$ led the decliners with their aforementioned losses of 5.2% and 4%, respectively. Other Mag-7 names to lose altitude included $Alphabet-A (GOOGL.US)$ (off 2.2%), $Amazon (AMZN.US)$ (1.8% weaker), $Meta Platforms (META.US)$ (which gave back 1.6%), and $Microsoft (MSFT.US)$ (0.5% lower).

Only $Apple (AAPL.US)$saw any gains Tuesday among the Mag-7, ending 0.5% higher.

Elsewhere on Wall Street, the session's other noteworthy percentage gainers included:

-- $Denny's (DENN.US)$, up 50.4%. DENN soared to $6.18 on word that private equity firm TriArtisan Capital Advisors has agreed to take the restaurant chain private at $6.25 a share in cash.

-- $iHeartMedia (IHRT.US)$, 37.1% better. IHRT rallied after Bloomberg News reported that $Netflix (NFLX.US)$ has opened talks with the satellite-radio firm about licensing some of its podcasts.

Meanwhile, Tuesday's significant percentage decliners included:

-- $Navitas Semiconductor (NVTS.US)$, down 14.6%. The semiconductor firm fell on poorly received quarterly results and forward guidance.

-- Quantum-computing stocks, which lost ground on a combination of Tuesday's risk-off sentiment and a B. Riley downgrade Monday of Rigetti Computing to "Neutral" from a previous "Buy." Tuesday's decliners included $Quantum Computing (QUBT.US)$ (10.9% lower), $D-Wave Quantum (QBTS.US)$ (which gave back 10.12%), $Rigetti Computing (RGTI.US)$ (10.07% weaker) and $IonQ Inc (IONQ.US)$ (off 8.6%).

-- Select crypto-related companies, which fell amid the market's risk-off mood and lower prices for cryptocurrencies. Major decliners included $Bitmine Immersion Technologies (BMNR.US)$ (7.9% weaker), $Coinbase (COIN.US)$ (7% lower), $Strategy (MSTR.US)$ (off 6.7%) and $Circle (CRCL.US)$ (5.6% softer).

-- Certain nuclear-energy stocks, which dropped in the wake of Tuesday's risk aversion. Losers included $NuScale Power (SMR.US)$ (off 12.7%), $Oklo Inc (OKLO.US)$ (down 11.4%) and $Energy Fuels (UUUU.US)$ (4.4% weaker).

Wall Street Today: S&P 500, Nasdaq Comp and DJIA Sink as Big Names Like Palantir, Tesla and Nvidia Fall

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