Wall Street is is bouncing back Friday after Thursday’s sharp selloff, with investors returning to chip stocks. The Nasdaq Composite (IXIC) is leading the recovery with triple-digit gains, while the Dow Jones Industrial Average (DJI) is hovering above breakeven, and the S&P 500 Index (SPX) is sporting a modest win. The rebound follows the worst single-day losses for all three major indexes since April 2025, fueled by concerns over slower data center construction on the heels of Tuesday's Democratic sweep in Congress. Meanwhile, October’s better-than-expected jobs report offered some relief, though all three indexes remain on track for weekly losses.
Options bears are loading up on Digital Reality Trust Inc (NYSE: DLR) stock. More than 8,700 contracts have changed hands, which is more than four times the amount DLR typically sees at this point, while the December 140 put is leading in the pits. The 100-day moving average held firm pressure throughout the week, though the real estate investment firm is pacing for a third win out of the past four sessions today. At last glance, DLR is trading up 1.5% at $177.36.
Coherent Corp (NYSE: COHR) was last seen up 9% to trade at $185.09 after its fiscal first-quarter earnings of $2.09 per share on $2.37 billion in revenue beat estimates. The optical networking company also guided second-quarter revenue well above analyst expectations. Despite the upbeat results, no fewer than five analysts trimmed their price target on COHR. The shares are now just a chip-shot from the year-to-date breakeven level.
Axon Enterprise (Nasdaq: AXON) is trading sharply lower, last spotted down 17.8% at $314.55, as one of the worst performers on the Nasdaq today, after sharing a top- and bottom-line miss. Investors were also disappointed by fourth-quarter revenue guidance. The shares are trading at their lowest level since August 2024, extending yesterday's pullback. The shares are looking to weigh further on their 44% year-to-date deficit.
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