Index closes
US stocks ended lower. The S&P 500 closed at 7,592, down 0.35%. The Nasdaq 100 fell 0.3% to 28,289. The Dow slipped 0.36% to 52,297. The Russell 2000 was the weakest, down 1.66% at 2,799.
Macro & after the close
Nvidia's drop after CEO Jensen Huang's exit outweighed gains in energy shares. Bond yields jumped in the afternoon. Markets priced in a high likelihood of a Federal Reserve rate hike after its December meeting. Iranian threats against US bases and warnings about the Strait of Hormuz added geopolitical tension, which supported energy shares.
Themes
AI infrastructure & data centers ▼ median −11.30%: NBIS −16.84%, SMCI −11.30%, CRWV −6.86%
Payments ▼ median −5.08%: GPN −12.01%, FIS −6.12%, XYZ −4.04%, FISV −3.76%
Crypto & retail trading ▼ median −4.11%: MSTR −6.49%, COIN −4.11%, HOOD −3.82%
AI infrastructure & data centers: Nebius (NBIS) fell 16.84%, Super Micro Computer (SMCI) fell 11.3% and CoreWeave (CRWV) fell 6.86%. Super Micro dropped after Bloomberg reported a DOJ investigation into whether entities linked to Alice Huang helped smuggle its products into China.
Payments: Global Payments (GPN) fell 12.01%, Fidelity National Information Services (FIS) fell 6.12%, Block (XYZ) fell 4.04% and Fiserv (FISV) fell 3.76%. Global Payments sank after private equity firms Clayton, Dubilier & Rice and GTCR ended their pursuit of a takeover.
Crypto & retail trading: Strategy (MSTR) fell 6.49%, Coinbase (COIN) fell 4.11% and Robinhood (HOOD) fell 3.82%.
