The global tech selloff is weighing on the market
Stocks are lower today amid a global tech selloff. Unsurprisingly, the tech-heavy Nasdaq Composite Index (IXIC) is plummeting, down nearly 550 points and headed for its worst loss since early August. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are also in the red, the latter on track for its worst loss since Oct. 31, while the Cboe Volatility Index (VIX) paces for its best single-session percentage pop since Dec. 18.
Continue reading for more on today's market, including:
- Nvidia is starting to face stiffer competition.
- Big Tech names succumbing to broad-market pressure.
- Plus, BE's put activity; Akero Therapeutics' new trial results; and VRT's plunge.
Bloom Energy Corp (NYSE:BE) stock is 25.2% lower at $22.30 at last check, and seeing tons of bearish options activity. Already, more than 17,000 puts have already been traded -- 13 times the average intraday volume. New positions are being sold to open at the most popular March 15 put. The reason for today's pullback is unclear, but it could simply be Bloom Energy stock correcting from its Jan. 24, more than two-year high of $29.82. Year to date, BE is now up a modest 3.9%
Akero Therapeutics Inc (NASDAQ:AKRO) is one of the top stocks on the Nasdaq today, last seen 107.3% higher at $54.58. The biotech company reported a 39% cirrhosis reversal in its drug efruxifermin, which is used to treat liver scarring caused by metabolic dysfunction-associated steatohepatitis (MASH) - a type of fatty liver disease. Year over year, AKRO is up 140%.
Due to the global selloff in chip stocks, Vertiv Holdings Co (NYSE:VRT) is near the bottom of the New York Stock Exchanged (NYSE) this afternoon, last seen 24.6% lower to $110.27. Should DeepSeek's innovations lead to less spending on AI Infrastructure, it could severely dent Vertiv's outlook. Thanks to today's losses, VRT is now down 5.5% on a year-to-date basis, and has shed nearly 10% over the last three months.