Markets on Edge: Chips Sink, Crypto Bleeds, Bears Hold

Macro Backdrop

Tech stocks took a hit Friday. The Nasdaq tumbled 4% as chip and memory shares led the selloff. Bond yields climbed sharply on rising expectations of a Federal Reserve rate hike. That double blow — higher rates and tech weakness — set a cautious tone heading into the weekend. Bitcoin added to the pressure, falling in what FT called its biggest weekly loss since November 2022.

Earnings in Focus

Apollo Global Management reports Monday. Options activity across six expiries signals active positioning ahead of the print. Short interest runs at 6.8% of free float. This week's bigger calendar dates are Oracle on June 10 and Adobe on June 11. Both are AI-sensitive names. Investors will watch cloud revenue and subscription trends closely.

Short Sellers Stay Busy

Hertz remains the standout short at 39.9% of free float. Borrow availability sits at just 1.8% of SI. That float trap hasn't loosened. Penguin Solutions is another name where shorts are holding firm even as analysts upgraded the stock. Dave Inc. saw the sharpest new short build this week — SI jumped nearly 9 percentage points to 29.2%. Bears are fading the fintech's rally.

Biotech Gets a Boost

Structure Therapeutics drew bullish options flow after Phase 2b obesity data landed in Nature Medicine. Availability is enormous at 2,897% of SI. Bulls are leaning into calls. Corcept Therapeutics also presented new data at the ADA conference, adding to the biotech activity this weekend.

Insider Watch

Silver Lake filed $452M in Dell sales this week. Nvidia director Mark Stevens sold $199M across two days. Against that backdrop, Aurinia Pharmaceuticals CEO Kevin Tang bought $24.8M in stock — a rare aggressive buy in a week dominated by selling.