Big Tech — Microsoft up 2.9%, Alphabet down 10%, ServiceNow…

Big Tech — Microsoft up 2.9%, Alphabet down 10%, ServiceNow down 18% after hours; Marvell eyes Lumentum

Wednesday's regular session was constructive before the earnings. The S&P 500 rose 0.28% to 7,743.98, the Nasdaq-100 gained 0.55% to 29,813.16, and the VIX eased 3.48% to 16.91. Chips led, with SOXX up 2.13% and SMH up 1.74%, while software sat out (IGV +0.12%, CLOU -0.20%). Among the singles, the memory ETF DRAM jumped 7.13% to 54.12, CoreWeave rose 7.32% to 63.93 and Nebius 6.96% to 182.34.

The Morning 10

Big Tech — Microsoft up 2.9%, Alphabet down 10%, ServiceNow down 18% after hours; Marvell eyes Lumentum

1 Big Tech — Microsoft up 2.9%, Alphabet down 10%, ServiceNow down 18% after hours
2 Optics — Marvell reported in talks to buy Lumentum for around $83B; Lumentum +8.6%, Marvell -8.4% after hours
3 Chips — SOXX +2.1% and DRAM +7.1% on Wednesday, software sat out; neoclouds gave it back after hours
4 Fed — held 10 to 2 with two votes for a hike, December hike now about 86% priced
5 Asia — Kospi gives back 1.2% as Samsung falls 5%; Nikkei up for a second day, BOJ decides Friday
6 Futures — Nasdaq-100 down 1.1% on the Alphabet and ServiceNow drag; VIX 16.9, Money Temperature 52
7 Rubin 100 — up 2.6% on Wednesday, but 115 of 130 names are still losing strength
8 AI indices — Ecosystem up 4.5% on the week leads; HALO flat, AW40 lags
9 Today — ECB at 13:15 UTC, Eli Lilly before the open, Amazon after the close, Cadence graded at the close
10 Outside View — Dan Niles · Niles Investment Management

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On the tape

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