Stock Market Down: Weekly Losses & Rising Yields

Are Software Stocks In Store for a Rebound?

FROM 29 minutes ago

THE PHLX Semiconductor Index (SOX) rose more than 1% on Friday, boosted by shares of Micron (IN), Broadcom (AVGO), and Advanced Micro Devices (AMD). Meanwhile, software stocks like Applovin (APP), Palantir (PLTR), and Workday (WDAY) were among the S&P 500’s worst performers.

Friday’s trading widened the chasm between chip makers, for whom the AI data center buildout has been a boon, and software companies, which investors fear could face disruption from AI-native competitors.

But a reversal of fortunes—at least temporarily—could be on the horizon, according to Adam Turnquist, Chief Technical Strategist at LPL Financial.

“Despite semiconductors’ continued long‑term leadership, the software‑to‑semis ratio is now oversold and approaching a major support zone dating back to the early 2000s,” wrote Turnquist in a note on Friday.

“The magnitude of the pullback aligns with prior inflection points over the last 15 years, suggesting the potential for a near‑term rebound in software relative performance — even if a durable trend change is not yet confirmed,” concluded Turnquist.

PNC Financial Stock Hits 4-Year High After Lender Tops Earnings Estimates

FROM 1 hr 45 min ago

Shares of PNC Financial (PNC) rose to a 4-year high on Friday after the regional lender posted better-than-expected quarterly results and said it would up its share buybacks this quarter.

Pittsburgh-based PNC on Friday reported fourth-quarter net income of $2.03 billion, or $4.88 per share on a diluted basis. Net interest income (NII), a key performance metric for banks, increased 2% to $3.73 billion. Analysts surveyed by Visible Alpha were expecting PNC to post earnings of $4.23 a share and NII of $3.70 billion.

“Strong execution across all business lines resulted in record revenue, well controlled expenses and 21% earnings per share growth” in 2025, said CEO Bill Demchak in a statement. “We’re entering 2026 with great momentum and are excited about the opportunities in front of us, including the recently closed acquisition of FirstBank.”

PNC completed its acquisition of FirstBank on January 5, absorbing the lender’s $26 billion of assets, $16 billion of loans, and $23 billion of deposits.

The bank’s provision for credit losses declined to $139 million from $167 million the prior quarter, shrinking the figure’s share of total loans to 1.58% from 1.61%.

PNC said it expects to spend between $600 million and $700 million on share repurchases in the current quarter, up from $400 million last quarter.

PNC shares were up nearly 4% in recent trading, putting the stock on track to close at its highest price since January 2022. The stock has gained nearly 14% over the past 12 months.

The Clarity Act Has Stalled, Denting Crypto Prices

FROM 2 hr 35 min ago

Crypto wants its way—even if it means near-term pain.

Fresh disagreements over how crypto should be regulated have undercut early 2026 “we are so back” vibes. While there was a rally in market prices earlier this week, that more recently has stumbled as the Clarity Act, legislation that seeks to create a regulatory framework for the industry, stalled in Washington.

The almost 300-page bill was a months-long work-in-progress set for a Senate Banking Committee markup hearing this week. That, however, was postponed after Coinbase (COIN) chief Brian Armstrong pulled his support, citing issues including language that would appear to put one of the company’s products at risk. Lawmakers, meanwhile, are debating an ethics issue that would restrict senior government officials, including President Donald Trump, from profiting from crypto.

Shares of crypto companies including Coinbase, Circle (CRCL), and Bullish (BLSH) took hits following the news, but appear to be recouping some ground Friday. Bitcoin and altcoins, including ethereum and solana, also gave back gains from earlier in the week.

Read the full article here.

–Crystal Kim

GE Vernova Jumps, Constellation and Vistra Slump on Trump’s Power Grid Plan

FROM 3 hr 43 min ago

AI power stocks were on the move Friday following reports President Trump intends to urge America’s largest electricity grid to make tech giants pay for new power plants.

The Trump administration and a group of governors intend to urge PJM Interconnection, which coordinates electricity for part or all of 13 mid-Atlantic and Midwestern states, as well as Washington, D.C., to hold an emergency electricity auction in which tech giants will bid on 15-year electricity generation contracts, according to reports. The proceeds would go toward adding an estimated $15 billion worth of new power plants, according to a White House spokesperson.

Shares of GE Vernova (GEV) were up 6% in recent trading on expectations the power plant buildout would be a boon to its gas turbine business. On the other hand, shares of independent power providers Constellation Energy Corp. (CEG) and Vistra (VST), which have both struck deals with tech giants to power their data centers, were down 11% and 7%, respectively.

Electricity bills have soared in the last year, especially in areas with a high concentration of data centers, like Virginia, which PJM services. AI’s electricity consumption and its effect on household expenses has become a hot button topic in the lead up to this year’s midterm elections, in which affordability is expected to be a key issue.

Investors in the tech giants whose data centers are squeezing grids appeared unfazed by the proposal on Friday. Shares of Microsoft (MSFT) and Meta (META) were up about 1% each, while Amazon (AMZN) stock ticked up slightly. Alphabet (GOOG) stock was marginally lower in recent trading.

AST SpaceMobile Stock Soars on Potential ‘Golden Dome’ Contracts

FROM 4 hr 34 min ago

Shares of AST SpaceMobile (ASTS) skyrocketed Friday after the company was named a potential contractor on the U.S. Missile Defense Agency’s “Golden Dome” project.

AST SpaceMobile on Friday said it had been “awarded a contract for the Missile Defense Agency Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) indefinite-delivery/indefinite-quantity (IDIQ) contract,” effectively opening the door for the company to bid on contracts under the SHIELD umbrella.

Shares were up more than 15% in recent trading, bringing their year-to-date return to about 60%.

While the award announced Friday doesn’t guarantee AST SpaceMobile any contracts, it does allow the company, which is developing an entirely space-based cellular network powered by low-Earth orbit satellites, to compete for contracts worth up to $151 billion.

The SHIELD program is one component of the Trump administration’s “Golden Dome” air and missile defense initiative. This week’s contract awards brought the total number of companies eligible to bid on SHIELD projects to 2,440.

“This SHIELD IDIQ contract establishes AST SpaceMobile as an eligible provider to bid directly on future task orders, enabling us to rapidly align our cutting-edge space technology with the critical needs of the Department of War and other U.S. Government entities,” said Chris Ivory, Chief Commercial Officer and Head of Government Business of AST SpaceMobile, in a press release on Friday.

Space exploration has become one of the hottest topics on Wall Street in recent years. Elon Musk’s SpaceX is reportedly exploring going public this year at a valuation of about $1.5 trillion, which would be the largest IPO since Saudi Aramco debuted in 2019. Space has even factored into the AI boom, with some experts advocating for putting data centers in space.

Micron Shares Jump After Director Buys $8 Million of Stock

FROM 5 hr 41 min ago

Shares of Micron (IN) soared on Friday after receiving a vote of confidence from a semiconductor industry veteran.

Mark Liu, a current member of Micron’s board of directors and a former co-CEO of Taiwan Semiconductor Manufacturing Co. (TSM), purchased 23,200 Micron shares earlier this week, according to a regulatory disclosure filed late Thursday. The shares were worth about $7.8 million as of Thursday’s close.

Micron stock popped more than 5% Friday morning, making it one of the best-performing stocks in the S&P 500.

Liu’s purchase comes after a major run-up in Micron stock, making it all the more bullish of a signal for tech investors. Micron shares more than tripled in value last year amid booming demand for memory and data storage devices from the AI data center buildout. That dynamic has kept shares buoyant in the new year, with shares up about 40%.

Sandisk (SNDK), Western Digital (WDC), and Seagate Technology (STX) are among the other stocks benefiting from the memory shortage. Shares of Sandisk are up more than 1,000% since being spun off from Western Digital last February. Western Digital and Seagate stocks have risen about 350% and 240%, respectively, in the past 12 months. Seagate Technology was up about 2% in recent trading, while Western Digital and Sandisk gave up early gains to trade about 1% lower.

Rate-Cut Chances Seem More Precarious as Fed Officials Rally Behind Powell

FROM 6 hr 54 min ago

If the Trump Administration’s investigation into Federal Reserve Chair Jerome Powell was intended to intimidate the central bank into sharply cutting interest rates, it’s not going as planned.

At least four Fed officials who set interest rates spoke out this week in defense of Powell and the Fed’s duty to make monetary policy decisions in the public interest rather than at the White House’s command. Traders subsequently priced in lower chances of rate cuts early in the year.

Trump’s Justice Department issued a subpoena to the Fed last week, seeking information about Powell’s June 2020 Senate testimony in regard to the ongoing renovation of the Fed’s headquarters. Powell denied wrongdoing and said the criminal investigation was part of Trump’s long-running campaign to pressure the Fed to sharply cut its benchmark interest rate, which influences borrowing costs across many types of loans. Trump has denied knowing about the probe before the subpoena went out.

Several Federal Reserve governors and regional bank presidents backed up Powell’s interpretation of events this week and said the Fed’s independence from White House control is essential to its mission of keeping a lid on inflation using monetary policy. The outspoken comments were unusual because Fed officials usually make a point of avoiding commenting on political controversies.

Read the full story here.

–Diccon Hyatt

Stock Futures Mostly Higher as Tech Rally Continues

FROM 8 hr 3 min ago

Futures contracts connected to the Dow Jones Industrial Average were little changed in premarket trading.

S&P 500 futures rose about 0.2%.

Nasdaq 100 futures advanced 0.5%.