A hotter-than-expected reading of July’s producer price index put stocks, and particularly small caps, on the back foot to start the day.
The S&P 500 and Nasdaq 100 managed to bounce back, with the former closing marginally higher and the latter fractionally lower, while the Russell 2000 fell more than 1% on the day.
Health care and financials were the best-performing S&P 500 sector ETFs, while materials was at the bottom of the leaderboard with a decline of 1%.
Amazon continued to be a standout positive performer among megacaps, with analysts applauding its expansion into free same-day grocery delivery nationwide for Prime members.
Palantir dipped as Andrew Left, head of short-selling firm Citron Research, said he was betting against the company in light of its lofty valuation.
CoreWeave tanked 15% ahead of its lockup expiry, which allows major shareholders to begin potentially taking profits following the IPO as of now.
Bumble also cratered 15% after two major shareholders — Blackstone and the dating app’s founder and CEO, Whitney Wolfe Herd — announced that they were selling what amounted to roughly one-fifth of shares outstanding.
Intel popped late in the day on a Bloomberg report that the Trump administration was mulling the potential for the government to take a position in the embattled chip company.
TeraWulf posted a massive gain, up nearly 60%, after announcing multi-billion dollar AI hosting deals and news that Alphabet would acquire an 8% stake in the company.
Chinese gaming company NetEase slumped almost 4% after posting underwhelming second-quarter earnings.
