Stocks were modestly lower Tuesday on inflation worries. The latest consumer price index numbers come out Wednesday.
Micron Technology dropped 0.8% to $854.05. The stock has declined 12% over the past month and well short of its peak of more than $1,200 reached in late June on concerns about the sustainability of sky-high margins in a typically cyclical business.
Trump Media and Technology Group declined 4.9%. The Truth Social parent reported that a slump in cryptocurrency prices caused its second-quarter loss to widen. The company also said that more than 10 customers have signed up for the real-time feed of top Truth Social accounts.
Rocket Lab dropped 2.3% after the space launch services and technology provider reported a wider loss than analysts were expecting for the second quarter.
SpaceX declined 4.7% and was in danger of ending a three-day winning streak. Shares of Elon Musk's rocket and AI company have advanced 28% over the past three trading sessions, rebounding strongly after selling off on earnings.
Plug Power advanced 6.2% but was well off session highs. The hydrogen technology production company posted strong second-quarter results and raised full-year revenue guidance.
Fermi surged 21% to $7.12. The data-center developer announced late Monday it finally found a tenant for its Project Matador campus and that it has a lease contract for 15 years, with revenue of approximately $6.5 billion over that period, with artificial-intelligence cloud provider TensorWave.
Riot Platforms gained 0.7% to $19.54 after the Bitcoin miner-turned-data center operator revealed it had inked a $9.1 billion deal with a "leading frontier AI" company. That customer is Anthropic, a source familiar with the matter confirmed to Barron's.
Upwork fell 13% after the company late Monday forecast profit for the current quarter coming in well below Wall Street expectations. Upwork also reduced its full-year profit outlook to $1.38 to $1.43 a share from $1.50 to $1.55. The analyst consensus calls for 2026 earnings of $1.54 a share.
AppLovin dropped 5.3% to $321.11 and was the worst stock in the S&P 500. Bank of America Securities downgraded Applovin to Neutral from Buy and cut his price target to $400 from $430.
On Holding sank 20% after the Swiss shoe maker's full-year sales guidance missed analysts' estimates.
Jabil advanced 4.9% to $353.50. UBS upgraded the stock to Buy from Neutral with an unchanged price target of $430 on the belief that the company will continue to receive a major boost from Big Tech's AI investments.