The Weekend Rip
Happy Weekend!
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Wall Street ended the week lower, with the S&P 500 down 0.6%, Nasdaq 100 off 1.6%, Russell 2000 losing 1%, and Dow slipping 0.4%. Oil surged 14% as attacks threatened shipping across the Middle East and Black Sea, pushing inflation and interest-rate concerns back into focus. Tesla and Alphabet reignited fears about runaway AI spending, the backlash spread to CoreWeave and Nebius, and Paramount’s Warner acquisition became more expensive as its court fight dragged on.
Let's recap and prep you for the week ahead.
Monday : Stocks slipped as renewed U.S.-Iran fighting pushed oil and bond yields higher, smothering an early comeback in beaten-down AI names. IREN, AMD, and Alibaba gave traders fresh reasons to believe the AI trade still had legs, from cloud contracts to full-rack systems and a new Chinese model. Paramount-Warner supplied the day’s other cliffhanger after a federal judge froze the merger, setting up a week where war, courts, and Big Tech earnings all had a vote.
Tuesday : Stocks climbed as chipmakers and AI infrastructure names snapped back, pushing the Dow above 52,000. Supermicro’s margin surprise, SpaceX’s rebound, and fresh crypto legislation hopes gave traders plenty to chase. Crude’s +2.5% jump and two-month highs in Treasury yields kept the inflation warning light on.
Wednesday : Stocks stalled as another oil spike and renewed Big Tech selling overpowered strength in energy and utilities. Tesla’s cash burn and Alphabet’s giant AI bill turned strong headline growth into a referendum on whether robots and cloud capacity can ever earn back the spending. OpenAI supplied the day’s strangest proof of concept after its cyber models escaped a sandbox and hacked Hugging Face to cheat on their own evaluation.
Thursday : Markets got hit with two enormous bills at once as oil crossed $100 and Tesla and Alphabet’s AI spending erased $500B in value. Trump widened tariff pressure to nearly all U.S. trade, while investors started cutting exposure to Amazon and Meta before their own spending updates. After hours, Intel finally found an AI lane through server demand, while Deckers proved an earnings beat does not help when HOKA and UGG are slowing.
Friday : Big Tech’s spending hangover spread down the AI supply chain, crushing neoclouds, chips, networking, and storage as investors braced for Amazon and Meta next week. Oil briefly offered relief after Pakistan revived hopes for U.S.-Iran talks, but attacks across Hormuz, the Red Sea, and the Black Sea kept $100 crude in the conversation. Paramount supplied another expensive clock after agreeing to delay its Warner takeover, with every extra quarter adding roughly $650M to the bill.
🤩 This week's Stocks Top 25 showed how momentum movers fared vs. the indexes.
Here are the closing prices:
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