A broad risk-off move rattled US equities. The Nasdaq tumbled 4% as chip and memory stocks led declines. AI-linked names bore the brunt. Rising expectations of a Fed rate increase sent bond yields sharply higher. That combo — tighter-for-longer rates plus AI valuation pressure — is a difficult backdrop for growth stocks.
Rocket Companies heads into Wednesday's earnings print against a deepening sell-off. Options traders at Fidelity National Financial turned defensive ahead of its June 10 report. DICK'S Sporting Goods faces short sellers pressing positions as options flow turns bearish into Wednesday's print. Across the board, pre-earnings positioning looks cautious.
Rubrik is the exception. Analysts lifted targets ahead of its Wednesday print. Bulls are leaning in with calls — a rare spot of optimism in the current tape.
The broader earnings season intensifies this week. and report Tuesday and Wednesday respectively. Both are key reads on enterprise AI spending.
Wolfspeed short interest remains extreme at 112% of float. Bears covered 19 percentage points last week. With availability at zero, the squeeze risk stays elevated.
Insider activity at Robinhood Markets stands out. Ribbit Capital and Director Meyer Malka together filed over $50M in fresh purchases. That cluster of buying is hard to ignore.
NVDA Director Mark Stevens filed nearly $200M in sales. That's a large disposal against an already nervous chip tape.
Bitcoin dropped sharply after Strategy's latest sale unnerved crypto traders. The move is being called its worst weekly loss since November 2022.
European stocks slid, with defense the lone bright spot after Ukraine ratified a $105bn EU loan deal. South Korean tech names fell over 5% tracking the US chip selloff. MTN Group's cost to borrow doubled ahead of its June 10 results — a sharp signal of rising bearish pressure on the African telecoms giant.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
