Market Movers

S&P 500 — daily market movers

Macro backdrop

Risk-off, higher-for-longer session. The S&P 500 fell about 0.47% and the Nasdaq dropped roughly 1.25%, while the Dow eked out a gain of about 0.10%. Hawkish September FOMC minutes pointing to a possible rate hike before year-end lifted Treasury yields, and WTI crude jumped more than 5%, together fueling a defensive rotation. Money moved out of the AI-capex complex (chips, optical, servers and AI-power) and into energy and beaten-down IT-services/software, as renewed AI-spending and funding doubts added pressure.

Top 10 gainers

  • 1. CSGP+8.01%
    CoStar Group
    Real estate data and analytics platforms for commercial and residential property markets
    No clear standalone catalyst; caught a broad rotation/oversold bid after trading near multi-year lows, with real-estate data peers also higher.
  • 2. CMG+6.21%
    Chipotle Mexican Grill
    Fast-casual restaurant chain serving Mexican-inspired burritos, bowls and tacos
    Outperformed on takeover/M&A speculation; a beaten-down name catching a bid amid the day's rotation into consumer names.
  • 3. GDDY+6.15%
    GoDaddy
    Domain registration, web hosting and online presence tools for small businesses
    No specific same-day catalyst; rode the rotation into beaten-down software/services as money left AI-hardware trades.
  • 4. ACN+5.96%
    Accenture
    Global IT consulting, systems integration and digital and cloud transformation services
    Extended its post-earnings rebound; the Oct 1 results and upbeat FY27 outlook eased AI-disruption fears and keep lifting IT-services names.
  • 5. IT+5.19%
    Gartner
    IT research, advisory and benchmarking services for enterprises
    Rallied with the IT-research/services group as investors rotated into asset-light AI beneficiaries; no fresh standalone catalyst.
  • 6. CTSH+5.15%
    Cognizant
    IT services, consulting and business-process outsourcing for global enterprises
    Continued its post-Accenture re-rating as AI-disruption fears eased; part of the broad IT-services rotation bid.
  • 7. FDS+5.04%
    FactSet Research Systems
    Financial data, analytics and research software for investment professionals
    Rose with the financial-data/IT-services complex on the rotation into asset-light software; no fresh same-day catalyst.
  • 8. LDOS+4.99%
    Leidos Holdings
    Defense, intelligence and IT services for US government and health agencies
    Advanced with the IT-services group; defensive, government-tied revenue looked attractive in a risk-off, higher-yield session.
  • 9. MPC+4.77%
    Marathon Petroleum
    Largest US oil refiner, with fuels production, midstream logistics and retail
    Climbed with refiners as WTI jumped over 5%; Mizuho raised its price target, boosting refining-margin sentiment.
  • 10. VLO+4.65%
    Valero Energy
    Oil refiner producing gasoline, diesel and renewable fuels
    Rose on the oil surge and stronger crack-spread sentiment; Mizuho lifted refiner price targets, including Valero.

Common Themes

Two clear clusters led the gainers. IT-services, consulting and data/research names (ACN, IT, CTSH, FDS, LDOS) extended a rebound as investors rotated out of AI-infrastructure into asset-light 'AI-adopter' software and services; the group has been re-rating higher since Accenture's Oct 1 results eased AI-disruption fears. The second cluster is energy refiners (MPC, VLO), lifted by a 5%+ oil surge and Mizuho price-target raises. CMG rose on takeover chatter, while CSGP and GDDY caught broad rotation/oversold bids without a confirmed standalone catalyst.

Top 10 losers

  • 1. COHR-9.63%
    Coherent
    Lasers, optical components and AI-datacenter transceivers for networking and industry
    AI-optical complex sold off on hawkish FOMC minutes, rising yields and AI-spending doubts; CPO/LPO tech-shift worries ahead of an industry summit hit this high-beta name hardest.
  • 2. GLW-6.38%
    Corning
    Specialty glass, optical fiber and ceramics for displays, telecom and datacenters
    Fell with the optical group on AI-spending caution and rising yields, extending the prior day's drop; high-beta AI-networking exposure.
  • 3. VST-6.35%
    Vistra
    Independent power producer with gas, nuclear and renewable generation and retail electricity
    AI-power producer pulled back as AI-funding doubts and rising yields undercut the datacenter power-demand thesis.
  • 4. LITE-5.62%
    Lumentum Holdings
    Optical and photonic components for datacenter interconnect and telecom networks
    Optical/photonics name dropped with the AI-networking selloff on hawkish Fed signals and technology-transition concerns (CPO/LPO).
  • 5. ORCL-5.48%
    Oracle
    Enterprise database software and fast-growing AI cloud-infrastructure (OCI) services
    Fell about 5.5% after a Bloomberg report that pipeline delays may force trucking natural gas to its Project Jupiter AI campus, threatening power for the OpenAI buildout.
  • 6. INTC-5.34%
    Intel
    Designs and manufactures CPUs, chips and foundry services for computing
    Slid with chips as AI-spending doubts and rising yields hit semiconductors (Intel, AMD, Marvell all lower).
  • 7. SNDK-4.90%
    Sandisk
    Flash memory and storage products such as SSDs and memory cards for consumer and enterprise
    Memory/storage name fell with the broad semiconductor and AI-hardware pullback amid risk-off, higher-yield trading.
  • 8. CEG-4.85%
    Constellation Energy
    Largest US nuclear operator, with carbon-free power generation and electricity retail
    Nuclear/AI-power operator sold off with the power complex as AI-funding doubts and rising yields pressured datacenter-demand plays.
  • 9. CTVA-4.84%
    Corteva
    Agriculture company providing crop-protection chemicals after its seed-unit spin-off
    Odd one out versus the AI theme: continued post-spin-off repricing after the early-October Vylor seed-unit separation, plus a Citi downgrade to Neutral.
  • 10. SMCI-4.83%
    Super Micro Computer
    High-performance servers and storage systems for AI and datacenters
    AI-server maker dropped with the AI-hardware complex on spending/funding doubts and rising yields; high-beta and sentiment-driven.

Common Themes

The losers were dominated by the AI-capex complex: optical/networking (COHR, GLW, LITE), chips/memory/servers (INTC, SNDK, SMCI) and AI-power (VST, CEG). All were hit by hawkish September FOMC minutes, rising Treasury yields and renewed AI-spending/funding doubts, with high-beta names falling hardest; the optical group also faced CPO/LPO technology-transition worries ahead of an industry summit. Oracle was a stock-specific exception, sliding on a report that pipeline delays could threaten power for its Project Jupiter AI campus. Corteva is the true odd one out, still repricing after its early-October seed-unit spin-off and a Citi downgrade, unrelated to AI.

Overall read

Today was a clean risk-off rotation out of the entire AI-capex chain — chips, optical, servers, AI-power and Oracle — and into defensives and value. Hawkish Fed signals, higher yields and a 5%+ oil spike pushed money into energy and beaten-down IT-services/software, while renewed doubts about AI spending and funding hammered the high-beta infrastructure trade. The tape read 'higher-for-longer': value and asset-light earners up, capex-heavy AI hardware down.

Sources