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Nasdaq Index Falls Over 1% Amid Chip Sector Losses
Stock indexes have retreated amid losses for the heavyweight chip sector and fresh deterioration in the macroeconomic backdrop. The Nasdaq was the laggard, falling over 1%, while the Dow pulled back from a record high reached in morning trading. Memory producers sank even though Samsung posted a 19-fold surge in profit last quarter. The surge was in line with the sector's rally this year, but markets appear to be growing increasingly skeptical on whether AI hyperscalers can justify elevated levels of capital expenditure on infrastructure. Yields edged higher after attacks on an LNG tanker in the Middle East tempered hopes of lower energy inflation.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Walmartsaid it wouldon many summer staples following a Truth Social post from President Trump saying the retail giant was doing so at his requestChina's DeepSeek is developing its own AI chip in a push toand Huawei chips, Reuters reportsBig banks have held talks in recent months toowned by Fiserv, Reuters and WSJ reportVertex Pharmaceuticalsannounced anPharmaceuticalsfor $85 per share in cash, for a total equity value of approximately $10BSamsung Electronicsreported, but the AI-fueled earnings still failed to meet high investor expectations2. WALL STREET CALLS:Wall Street rolled outof SpaceX, including Raymond James starting the stock with a Strong Buy rating and $800 price targetScotiabankCloudflareto OutperformBofAAdobeat Underperform with a $190 price target, down from the Buy rating the firm previously heldDeutsche BankFirst Solarto BuyMelius ResearchAmerican Airlinesto Hold3. AROUND THE WEB:Metasaid four states are seeking $1.4T in penalties over accusations it designed its social media platforms to addict young users and misled the public on their safety, Reuters reportsSynopsysplans to no longer offer a suite of manufacturing process control software used by semiconductor makers, Reuters saysAmazonis seeking to raise at least $25B through a U.S. dollar bond sale to fund investments in artificial intelligence infrastructure, Bloomberg reportsPresident Trump is expected to support a potential sale of Lockheed Martin'sF-35 Lightning II jets to Turkey during a visit to Ankara, Reuters saysThe Trump administration is evaluating how to structure a proposed Strategic Bitcoin Reserve, Bloomberg reports4. MOVERS:Digital Oceangains after announcing itto exceed $800MRedwood Trusthigher after highlightingFigma (FIG) increases after BofAwith a Buy ratingRivian (RIVN) lower aftershares of stockUnited States Antimonyfalls afterof a flotation mill5. EARNINGS/GUIDANCE:Interactive Strengthfor FY26Cosmos HealthShellissued anAbbVieprovided itsand cut its guidance for FY26Sealsq (LAES)and backed its guidance for FY26INDEXES:Near midday, the Dow was down 0.38%, or 201.36, to 52,854.55, the Nasdaq was down 1.20%, or 312.30, to 25,808.86, and the S&P 500 was down 0.53%, or 40.11, to 7,497.32.
Trump Supports Lockheed Martin's F-35 Sale to Turkey
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.STRATEGIC BITCOIN RESERVE:The Trump administration is evaluating how to structure a proposed Strategic Bitcoin Reserve, with the Treasury Department and the Department of Commerce both under consideration to oversee it as legal questions remain over which agency has the authority, while the Office of Legal Counsel is working with both departments to determine the legally permissible framework, Bloomberg's Olga Kharif, Jeff Mason, and Jimmy Jenkins. Publicly traded companies in the space include Bit Digital, Bitfarms, Circle Internet, Coinbase, Core Scientific, Greenidge Generation, Mara Holdings, Riot Platforms, Strategy, Stronghold Digital Miningand TeraWulf.WALMART PRICES:In a post on Truth Social, President Trump stated, "Great news! I have just been informed that one of the biggest, best, and smartest Retailers in America, Walmart, will be lowering prices, by a lot, at my Administration's request to celebrate our great Country's 250th birthday. Walmart will, in particular, be dropping the price for a pound of ground beef by almost 15%, among many other products. This is a huge deal for the many millions of Americans who, smartly, shop at Walmart, which is a truly patriotic Company who loves the U.S.A. My Administration is lowering prices that Joe Biden incompetently raised with the worst inflation crisis in history, a total disaster along with the Southern Border, the botched withdrawal from Afghanistan, and many other failures. Just as I promised, Oil Prices are plummeting FAST, and Gas Prices at the pump are dropping too, just like egg and Prescription Drug prices which I am bringing down by historic levels. Walmart is stepping up in a big and bold way, and other Retailers should follow the lead of these absolute Patriots. Together, we will make America stronger and greater than ever before!"F-35 JETS SALE:President Donald Trump is expected to support a potential sale of Lockheed Martin'sF-35 Lightning II jets to Turkey during a visit to Ankara, signaling closer ties with Recep Tayyip Erdogan despite unresolved legal and congressional hurdles, Reuters' Humeyra Pamuk.COAL WASTE GRANT:Core Natural Resourcesannounced that its subsidiary, CONSOL Innovations, has been selected for a multi-million-dollar grant by the U.S. Department of Energy's Office of Critical Minerals and Energy Innovation. The funding is intended to support the development of a pilot-scale facility for the extraction of rare earth elements and critical materials from coal waste tailings at the company's Pennsylvania Mining Complex. The final grant amount is contingent on completing negotiations with the regulatory agency. "We applaud the Trump Administration for its great leadership and support in seeking to unlock the full potential of America's coal resources, and we look forward to partnering with the Department of Energy as we take the next steps in exploring rare earth element and critical mineral extraction at our operations," said Jimmy Brock, Core's chairman and CEO.
Bitcoin Falls 3.6% on Iran Fears
Crypto markets are tumbling as oil surges and after U.S. President Donald Trump's primetime address in which he threatened to hit Iran "extremely hard". Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.BITCOIN FALLS ON IRAN FEARS:Bitcoindropped on Thursday following indications by Trump that he would intensify strikes against Iran in coming weeks, reducing optimism regarding a rapid end to the war and sending risk assets lower, Bloomberg's Suvashree Ghosh, Sidhartha Shukla and Melos Ambaye reported. Digital assets fell across the board with bitcoin dropping as much as 3.6%, Etherfalling as much as 5.7% and Solanasinking by a similar magnitude.GENIUS GROUP SELLS ENTIRE BITCOIN TREASURY:Along with its Q1 earnings, Genius Groupannounced it has restructured its debt agreements,and repaying in full the company's $8.5M in debt. The company said it will recommence building its Bitcoin Treasury when it believes market conditions are more favorable.BITGO LAUNCHES BITGO MINT:BitGo Holdingsannounced thea new capability within the BitGo platform that gives institutional clients a single destination to mint, redeem, and manage supported stablecoins and other digital assets. At launch, BitGo Mint supports minting and redemption for USD1 and SoFiUSD, both of which are supported by BitGo's Stablecoin-as-a-Service offering. "Institutional clients want digital asset infrastructure that is operationally efficient, scalable, and built for control," said Mike Belshe, CEO. "BitGo Mint brings minting and redemption into a unified institutional workflow, helping clients reduce operational complexity while operating within the platform they already use for digital asset operations. Stablecoins have become increasingly crucial, and BitGo Mint gives institutions the control and efficiency they need to operate at scale."SOFI LAUNCHES BIG BUSINESS BANKING:SoFi Technologiesannounced thea new offering that gives enterprise partners the ability to manage both fiat and crypto banking from a single, nationally chartered bank. Over the last year, SoFi has enabled members to buy, sell and hold crypto, launched SoFiUSD, and built the regulated infrastructure connecting traditional and on-chain finance. Big Business Banking brings it all together, enabling any company operating across both traditional and digital finance to hold deposits, move money and settle transactions 24/7 within SoFi's regulated banking platform. "To be competitive businesses today must operate in a global, always-on environment 24 hours a day, 7 days a week, while legacy banks typically still operate 9 to 5, Monday to Friday," said Anthony Noto, CEO. "SoFi Big Business Banking is changing that by combining the strength and regulatory foundation of a nationally chartered bank with the speed, scale, and flexibility companies need to move and manage money or digital assets in real time."BIT DIGITAL PRICE TARGET LOWERED:B. Riley lowered the firm's price target on Bit Digitaltoon the shares. Bit Digital reported FY25 results showing ETH staking revenue of $7M, up from $1.8M in 2024, reflecting its shift to a strategic asset company model focused on ETH as a productive asset and AI infrastructure exposure via majority-owned WhiteFiber, the analyst tells said. Management emphasized building durable cash flow through staking to grow ETH per share and signaled potential M&A to add counter-cyclical cash flow, with agentic AI highlighted as a possible target area, the firm said.BITFARMS PRICE TARGET LOWERED:Alliance Global lowered the firm's price target on Bitfarmstoon the shares. Bitfarms recently announced the completion of its previously announced redomiciliation from Canada to the United States and noted that Keel Infrastructure, now the ultimate parent corporation of Bitfarms, is expected to begin trading on the Nasdaq and the Toronto Stock Exchange under the tickerat the opening of trading on April 6 in substitution for the Bitfarms shares. The company is in the process of receiving the necessary permits to move forward with its three primary HPC/AI projects and is winding down its bitcoin mining operations, the analyst noted. The firm expects finalization of permits on its HPC/AI sites will be the next catalyst.PRICE ACTION:As of time of writing, bitcoin was trading at $66,787, while ether was trading at $2,053, according to price data from TipRanks.
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