Market Movers

S&P 500 — daily market movers

Macro backdrop

Hawkish Jackson Hole debut. The S&P 500 closed at 7,710 (-0.27%) and the Nasdaq at 26,402 (-0.52%). Fed Chair Kevin Warsh said the Fed will "have work to do" if policymakers are not confident underlying inflation is returning to 2% — his closest acknowledgment yet that hikes may be needed. He noted 54% of PCE components ran above 3% annualized over the past 12 months. Short-end Treasuries sold off: the 2-year yield rose 6.6bp to 4.29%, a one-month high, while the 30-year fell 3bp to 5.16%. The dollar index gained 0.4% to 99.55 and September hike odds jumped to 46% from 35% on Thursday. Bitcoin fell ~3% over 24 hours. The dominant single-stock story was Marvell's post-earnings derating, which propagated through the entire AI hardware complex.

Top 10 gainers

  • 1. WDAY+5.76%
    Workday
    Cloud HR, payroll and financial management software for large enterprises
    Q2 adjusted EPS $2.75 vs $2.61 on $2.65B revenue, with AI driving over 25% of new ACV; Silver Lake takeover chatter added a bid.
  • 2. DPZ+5.40%
    Domino's Pizza
    Franchised pizza delivery and carryout chain plus supply-chain services
    No company news; a technical rebound off oversold conditions at a 20x trailing multiple after a 19% YTD decline.
  • 3. LULU+5.05%
    Lululemon Athletica
    Designs and retails technical athletic apparel, footwear and accessories
    No confirmed catalyst; a bounce from deeply discounted levels ahead of the Sept. 3 fiscal Q2 report.
  • 4. NOW+4.54%
    ServiceNow
    Enterprise workflow and IT service management SaaS platform
    Bank of America raised its target to $150 from $130, citing a broad software re-rating and fading AI-disruption fears; AI ACV crossed $1B.
  • 5. SLB+4.22%
    SLB (Schlumberger)
    World's largest oilfield technology and services provider
    Energy complex strength; no verified single-name catalyst on the day.
  • 6. AMZN+3.97%
    Amazon.com
    E-commerce marketplace, logistics and AWS cloud infrastructure
    AWS capacity expansion and AI investment narrative; analysts reiterated buy ratings and lifted price targets.
  • 7. CHTR+3.57%
    Charter Communications
    US cable broadband, video and mobile services under the Spectrum brand
    No clear catalyst; likely defensive rotation into a low-multiple communications name.
  • 8. BG+3.50%
    Bunge Global
    Global agribusiness: oilseed processing, grain merchandising and edible oils
    Sector-wide agricultural strength; ADM moved +3.08% the same session.
  • 9. EXPE+3.30%
    Expedia Group
    Online travel booking platform for flights, hotels and packages
    No clear catalyst; part of a broader bid in consumer discretionary names.
  • 10. EBAY+3.28%
    eBay
    Online marketplace for secondhand goods, collectibles and refurbished items
    No clear catalyst.

Common Themes

The organizing theme is the enterprise-software re-rating. Workday and Salesforce had already run 47% and 28% over the prior month, and Friday extended that: money is treating ServiceNow and Workday as beneficiaries of enterprise AI rather than victims of it, with the "SaaSpocalypse" thesis visibly unwinding. Both moves had hard catalysts behind them — a Q2 beat plus takeover chatter at WDAY, a BofA target raise at NOW. The second, weaker thread is low-multiple consumer and value names: DPZ, LULU, EXPE, EBAY and CHTR all rose 3-5% with no verifiable single-stock news between them, which reads as rotation out of long-duration growth on a hawkish rates day rather than anything fundamental. SLB and BG round it out on sector strength in energy and agriculture.

Top 10 losers

  • 1. PYPL-12.71%
    PayPal Holdings
    Digital payments and merchant transaction processing
    Bloomberg reported the Stripe/Advent consortium abandoned its $53B, $60.50-per-share takeover pursuit; the deal premium evaporated. Volume 35.9M shares, ~124% above average.
  • 2. MRVL-10.28%
    Marvell Technology
    Data-center networking silicon and custom AI ASICs for hyperscalers
    Beat on revenue ($2.74B, +37% y/y) and EPS ($0.94), but the FY2028 target of ~$18B underwhelmed and the Google deal's economics land in FY29. Priced at ~53x forward.
  • 3. PCG-7.52%
    PG&E
    California-regulated electric and natural gas utility
    California lawmakers blocked Gov. Newsom's plan to shield utilities from insurers in a catastrophic wildfire, ahead of the Aug. 31 legislative deadline. Volume ~387% above average.
  • 4. GNRC-6.84%
    Generac Holdings
    Backup power generation, including large generators for data centers
    Caught in the AI power-infrastructure derating; no company-specific news identified.
  • 5. LITE-6.39%
    Lumentum Holdings
    Photonics, lasers and optical components for hyperscale data-center interconnect
    Profit-taking as the AI optics trade cooled; no earnings, contract or rating change verified. Stock was up ~159% YTD into the session.
  • 6. COIN-6.33%
    Coinbase Global
    Cryptocurrency exchange, custody and blockchain infrastructure
    Bitcoin fell ~3% in 24 hours after touching a three-month high, compounded by the hawkish Warsh read.
  • 7. FIX-5.96%
    Comfort Systems USA
    Mechanical and electrical contracting, heavily weighted to data-center builds
    Sold off alongside the AI construction and power complex; no standalone catalyst.
  • 8. COHR-5.48%
    Coherent Corp
    Optical components, lasers and photonic materials for networking and industry
    Same optics-complex unwind as LITE; no company announcement verified.
  • 9. CIEN-5.35%
    Ciena
    Optical transport and networking systems for carriers and data centers
    Same optical-networking derating; shares a single demand driver with LITE and COHR and reprices with them.
  • 10. LRCX-5.24%
    Lam Research
    Wafer fabrication equipment for etch and thin-film deposition
    Semicap group selloff triggered by the Marvell reaction; KLAC -4.48%, TER -4.59%, AMAT -4.29% moved in lockstep.

Common Themes

Three threads, one dominant. The AI hardware complex derated across its full length after Marvell's report: optics (LITE, COHR, CIEN, plus GLW -2.50%), semicap (LRCX, KLAC, TER, AMAT all -4% to -5%), and data-center power and construction (GNRC, FIX, EME -4.50%, VRT -4.53%, GEV -4.39%). NVDA fell 4.57%, just outside the top ten. These names had run 60-225% YTD, so the simplest reading is profit-taking in an extended group once sentiment turned — Marvell's numbers were fine, but a FY29 revenue payoff does not support a 53x forward multiple on a hawkish rates day. The second thread is rate-sensitivity: Warsh's remarks hit crypto proxies (COIN, HOOD -5.01%), REITs (IRM -4.31%, DLR -3.45%, EQIX -2.98%) and gold miners (NEM -3.26%). Third and separate are the two idiosyncratic blowups — PYPL on a collapsed takeover and PCG on California wildfire-liability legislation, the latter dragging EIX down 4.76% alongside it.

Overall read

Money rotated out of AI hardware and into AI software, and out of long-duration assets into cash-generative value. The market is not repudiating the AI theme — it is repricing which layer of the stack actually captures the economics, and Marvell became the object lesson: strong bookings and a Google win are not enough when the revenue lands three fiscal years out and the multiple assumes perfection. The mirror image is ServiceNow and Workday, previously suppressed by the fear that AI would displace SaaS, now absorbing the flows. Warsh's hawkish turn was an amplifier rather than the cause; it pressured everything dependent on low rates but did not produce an index-level selloff, with the S&P down only 0.27%. Watch inflation prints into the September FOMC and the Aug. 31 California wildfire deadline for PCG and EIX.

Sources