Market Movers

S&P 500 — daily market movers

Macro backdrop

Indices closed green, snapping a two-day slide. The S&P 500 finished higher (~7,667) with all three major indexes up. Dell's blockbuster AI-server results anchored sentiment and lifted AI-hardware names, even as US-Iran geopolitical tension and firm oil lingered. Beneath the gains, a sharp rotation out of high-multiple software/cybersecurity and utilities into AI hardware and cyclical value defined the session.

Top 10 gainers

  • 1. DELL+15.81%
    Dell Technologies
    PCs, servers and storage, including AI-optimized data-center servers
    Blowout earnings: record AI-server backlog (~$95B) and a raised full-year outlook drove one of Dell's largest single-day surges.
  • 2. RDDT+9.31%
    Reddit
    Social/community platform monetized via advertising and data licensing
    High-beta internet name rebounded with the risk-on tape; recently added to the S&P 500. No confirmed standalone same-day catalyst.
  • 3. CHTR+8.74%
    Charter Communications
    US cable broadband and pay-TV (Spectrum)
    Cable/broadband bounce; no clear standalone catalyst on the day, likely rotation or an oversold rebound.
  • 4. SWKS+6.32%
    Skyworks Solutions
    RF and analog semiconductors for smartphones and wireless
    Rode the AI-hardware and semiconductor sentiment lift from Dell's results; part of the chip bounce.
  • 5. XYZ+5.88%
    Block
    Fintech: Square merchant payments and Cash App consumer payments
    Risk-on rotation lifted high-beta fintech; Block bounced with the broader move, no standalone catalyst identified.
  • 6. STLD+5.79%
    Steel Dynamics
    US electric-arc-furnace steel producer and metals recycler
    Steel sector rallied on tariff/trade-protection tailwinds and firmer steel prices.
  • 7. TTD+5.59%
    The Trade Desk
    Demand-side platform for programmatic digital advertising
    Adtech high-beta rebound within the risk-on session; no confirmed standalone catalyst.
  • 8. BBY+5.29%
    Best Buy
    US consumer-electronics and appliances retailer
    Retail/value rotation; earnings were reported Aug 27, so the move is follow-through/rotation rather than fresh results.
  • 9. NUE+4.78%
    Nucor
    Largest US steelmaker, electric-arc-furnace mills and steel products
    Steel-sector strength on tariff tailwinds; moved in tandem with Steel Dynamics.
  • 10. PYPL+4.33%
    PayPal Holdings
    Digital payments platform for online checkout, P2P transfers and merchant services
    Rebounded as investor focus returned to the standalone turnaround plan (~$400M run-rate cost savings) after Stripe/Advent's takeover bid was withdrawn; also supported by a compressed ~10x forward P/E and buying ahead of the Sept 4 ex-dividend date.

Common Themes

The gainers split into two clear threads. First, AI hardware: Dell's blockbuster AI-server backlog (+16%) was the anchor and lifted semiconductors such as Skyworks. Second, cyclical/value rotation and idiosyncratic rebounds: steel (Nucor, Steel Dynamics) on tariff tailwinds, retail (Best Buy), PayPal's standalone-strategy and valuation rebound, plus a risk-on bounce in high-beta internet, adtech and fintech (Reddit, Charter, Trade Desk, Block). Several of the internet/adtech names had no standalone catalyst and simply rose with the risk-on tape.

Top 10 losers

  • 1. PANW-9.28%
    Palo Alto Networks
    Enterprise cybersecurity across network, cloud and AI security
    Post-earnings selloff on margin and integration concerns; part of its worst two-day drop in roughly 2.5 years.
  • 2. DDOG-6.53%
    Datadog
    Cloud observability and monitoring SaaS platform
    High-multiple software de-rating as money rotated out of expensive SaaS names.
  • 3. EIX-6.14%
    Edison International
    Parent of Southern California Edison electric utility
    Continued fallout from California wildfire legislation that omitted a liability cap, weighing on the utility.
  • 4. PLTR-5.81%
    Palantir
    Data-analytics and AI software for government and enterprise
    High-multiple software/AI name pulled back as money rotated toward AI hardware and value.
  • 5. CRWD-5.42%
    CrowdStrike
    Cloud-native endpoint and cybersecurity platform (Falcon)
    Cybersecurity-group weakness; a valuation reset despite ongoing business momentum.
  • 6. PCG-5.19%
    PG&E
    Northern California electric and natural-gas utility
    Same California wildfire-liability fears as Edison weighed on the utility.
  • 7. OMC-5.03%
    Omnicom Group
    Global advertising, marketing and media-services holding company
    Ad-agency weakness; trading lower with no single strong same-day catalyst identified.
  • 8. FTNT-4.52%
    Fortinet
    Network-security appliances and firewalls (FortiGate)
    Fell with the broader cybersecurity-group selloff.
  • 9. CBOE-4.39%
    Cboe Global Markets
    Options and derivatives exchange operator (VIX, SPX options)
    Exchange operator pulled back with no clear standalone catalyst, likely rotation-driven.
  • 10. NOW-4.32%
    ServiceNow
    Enterprise workflow and IT service-management SaaS platform
    High-multiple enterprise-software de-rating alongside Datadog and Palantir.

Common Themes

Two dominant threads. First, a de-rating of high-multiple software and cybersecurity: Palo Alto (post-earnings, -9%), Datadog, CrowdStrike, Fortinet, ServiceNow and Palantir all fell as money rotated out of expensive growth. Second, California utilities (Edison, PG&E) extended losses tied to wildfire-liability legislation that omitted a liability cap. Omnicom (ads) and Cboe (exchange) fell without a strong single catalyst.

Overall read

On a green day for the index, money rotated hard out of expensive software/cybersecurity and defensive utilities and into AI hardware (Dell-led), cyclical value (steel, retail) and a few idiosyncratic value rebounds like PayPal. The tape rewarded tangible AI-infrastructure demand and tariff-sensitive cyclicals while punishing high-multiple SaaS/security and rate- and liability-exposed utilities.

Sources