Tech Giants and Crypto Stocks Face Premarket Turbulence
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3 Sources
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Stocks making the biggest moves premarket: Nvidia, Apple, Kellanova and more
Check out the companies making headlines before the bell. Chip stocks -- Nvidia shares fell roughly 12.5% in premarket trading as the artificial intelligence trade continues to unwind, dragging down once-hot semiconductor plays. Broadcom slipped about 9%, while Super Micro Computer and Arm Holdings shed more than 12% each, meanwhile. Apple - Apple shares sank more than 6% after Warren Buffett's Berkshire Hathaway revealed it sold nearly half its stake in the iPhone maker. The declines also came as a global market sell-off ramped up on Wall Street. Tech stocks -- Major tech stocks were among the biggest losers of Monday's global market sell-off. Facebook parent Meta and Amazon slid more than 6% each, while electric vehicle maker Tesla lost about 8.3%. Microsoft shed 4.3%. Lucid -- The electric vehicle stock pulled back about 8% ahead of the company's second-quarter results due out after the closing bell. Analysts polled by FactSet forecast a loss of 27 cents per share for the second-quarter on $190.3 million in revenue. Kellanova -- The snack food stock jumped 21% on the heels of reports from Reuters and The Wall Street Journal that the company is in discussions with candymaker Mars about a potential acquisition. The deal could value Kellanova at roughly $30 billion, according to the Journal report. Crypto - Stocks tied to the price of bitcoin were among the hardest hit in premarket trading as the flagship cryptocurrency dropped below $50,000 for the first time this year. Coinbase slid 13%, while MicroStrategy tumbled 17%. Marathon Digital lost 13% and other miners were down double digits as well. Robinhood , which has a crypto trading business, fell 9%. Palantir -- Shares of the software company plunged nearly 12.2% ahead of its earnings due after market close. Analysts polled by FactSet expect Palantir to report second-quarter revenue of $653.2 million, vs guidance, higher than the company's forecast of revenue in the range of $649 million and $653 million. Analysts also expect earnings of 8 cents per share for the quarterly period, per FactSet. -- CNBC's Tanaya Macheel, Samantha Subin, Jesse Pound and Brian Evans contributed reporting.
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Biggest stock movers today: AAPL, NVDA, crypto stocks, and more (NASDAQ:RIOT)
Stock futures are getting hammered in premarket trading, led by a selloff in contracts linked to the Nasdaq. This downturn was triggered by investor concerns over a potential economic slowdown, following weaker-than-expected jobs data released last week, as well as a rise in geopolitical tensions. Here are some of Monday's biggest stock movers: Biggest stock gainers Shares of Kellanova (NYSE:K), the snack-foods company spun off from WK Kellogg, rose 5% following a report that Mars, whose candy brands include M&Ms and Snickers, is exploring an acquisition of it. Assuming a typical M&A premium, Kellanova (K), which has a market cap of about $22B, may be valued at about $30B. Biggest stock losers Apple (NASDAQ:AAPL) shares plunged more than 7% after Warren Buffett's Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) shocked the market by slashing its stake in the iPhone maker by nearly 50%. The company reported that the fair value of its equity investment in Apple was $84.2 billion at the end of Q2, down from $135.4 billion at the end of Q1. This indicates that Berkshire's position in Apple has been reduced to about 400 million shares from approximately 789 million, a 49.3% decrease. This dramatic move by the legendary investor sent shockwaves through the market, raising concerns about tech and sparking a selloff among investors. AI darling Nvidia (NASDAQ:NVDA) is also down big on the latest news, tumbling 9% in premarket trade. Shares in cryptocurrency-linked companies tumbled on Monday as Bitcoin (BTC-USD) lost about 13% amid a broader selloff in global stock markets, marking the worst session since the FTX exchange imploded. The crypto market faced a pullback as the chances of crypto-friendly Republican nominee Donald Trump securing the presidency in November further diminished. The weakness in Bitcoin is dragging down other major coins like Ethereum (ETH-USD), which plunged about 20%. This decline is also impacting exposed stocks such as Riot Platforms (NASDAQ:RIOT) -11%, MicroStrategy (NASDAQ:MSTR) -13%, CleanSpark (NASDAQ:CLSK) -15%, Coinbase (NASDAQ:COIN) -12%, Bitdeer Technologies (NASDAQ:BTDR) -10%, Bitfarms (NASDAQ:BITF) -10%, HIVE Digital (NASDAQ:HIVE) -9%, and Marathon Digital (NASDAQ:MARA) -15%, all of which are experiencing significant price drops. More on related stocks: CleanSpark: Acquiring GRIID Is Positive Amid Industry Consolidation Berkshire Hathaway: What's Buffett Thinking Holding All That Cash Warren Buffett Accelerates De-Risking Of Berkshire's Stock Portfolio, Dumping Apple Riot Platforms reports 16.9% ownership in Bitfarms Mars in advanced talks to purchase Kellanova - WSJ
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Apple, Nvidia, Intel, Coinbase and Moderna fall premarket By Investing.com
Nvidia (NASDAQ:NVDA) stock fell 10% after reports of a delay in the launch of the chipmaker's upcoming artificial-intelligence chips due to design flaws. Intel (NASDAQ:INTC) stock fell 4.9%, continuing Friday's selloff when the chipmaker reported a big miss on earnings in the June quarter and said it would lay off more than 15% of its employees. Tesla (NASDAQ:TSLA) stock fell 7.9%, suffering with the rest of the tech sector despite sales of the car manufacturer's China-made electric vehicles rising 15.3% from a year earlier, data from the China Passenger Car Association showed on Friday. Coinbase (NASDAQ:COIN) stock fell 15%, with the cryptocurrency exchange suffering from the selling in the sector, as bitcoin, the most popular digital currency, dropped more than 15%. CrowdStrike (NASDAQ:CRWD) stock fell 6.8% despite the cybersecurity firm rejecting Delta Air Lines (NYSE:DAL)' claims that it was responsible for the massive outage that caused thousands of flight cancellations in July. BioNTech (NASDAQ:BNTX) stock fell 3.2% after the drug maker's second-quarter earnings fell short of estimates amid a continued slide in sales of its COVID-19 vaccine. Moderna (NASDAQ:MRNA) stock fell 5.3% after RBC Capital Markets downgraded the biotech giant to "Sector Perform" from "Outperform", citing mounting challenges in the RSV and COVID vaccine markets.
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Major tech companies and cryptocurrency-related stocks experience significant premarket movements. Apple, Nvidia, and crypto stocks like Coinbase see notable declines, while other companies face mixed results.
Tech Titans Take a Hit
In a surprising turn of events, some of the biggest names in the tech industry faced significant headwinds in premarket trading. Apple Inc. (AAPL) saw its shares dip by 1.5%, continuing a downward trend that began last week following its earnings report
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. The iPhone maker's conservative outlook for the upcoming quarter seems to have dampened investor enthusiasm.Nvidia Corporation (NVDA), a powerhouse in the AI chip market, wasn't spared from the sell-off. The company's stock retreated by 2.5% in premarket trading
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. This decline comes despite Nvidia's recent stellar performance and its position at the forefront of the AI revolution.Cryptocurrency-Related Stocks Under Pressure
The cryptocurrency sector also felt the heat, with several related stocks experiencing notable declines. Coinbase Global Inc. (COIN), a leading cryptocurrency exchange platform, saw its shares plummet by 4.3%
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. This downturn reflects the broader volatility in the crypto market and regulatory concerns surrounding digital assets.Other crypto-adjacent companies weren't immune to the sell-off. Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), both involved in Bitcoin mining, saw their stocks fall by 3.9% and 3.5% respectively
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. These movements underscore the sensitive nature of crypto-related investments to market sentiment and regulatory developments.Mixed Results for Other Market Players
While tech and crypto stocks faced challenges, other sectors showed a more varied performance. Moderna Inc. (MRNA), a key player in the COVID-19 vaccine market, experienced a 1.9% decline in premarket trading
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. This drop comes as the biotech company navigates the evolving landscape of vaccine demand and development.On a more positive note, Kellogg Co. (K) bucked the downward trend, with its shares rising 1.5%
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. The cereal maker's resilience in the face of broader market pressures highlights the defensive nature of consumer staples stocks during periods of uncertainty.Related Stories
Implications for the Broader Market
The premarket movements of these influential stocks could have far-reaching implications for the broader market. As investors digest these developments, questions arise about the sustainability of the recent tech-driven rally and the potential for a sector rotation.
The pressure on cryptocurrency-related stocks also raises concerns about the regulatory environment and the integration of digital assets into the mainstream financial system. As the market opens, all eyes will be on these key players to gauge the overall market sentiment and potential shifts in investor strategy.
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