Stocks and single names traded sharply higher or lower in midday action, with company-specific catalysts driving most moves. SpaceX and Palantir stood out ahead of key upcoming events, while travel shares tracked a softer oil backdrop and AI infrastructure names extended momentum into August. In contrast, GameStop sank after a debt-for-equity-style private exchange, and several financial and analyst notes weighed on other sectors.
Key takeaways
- Amazon surged about 5% to a record high, pushing its market value above $3 trillion for the first time, after stronger-than-expected earnings and continued AI-driven cloud growth.
- SpaceX rose about 2% ahead of its first quarterly results as a public company, with investor focus on an insider lockup expiring later this week.
- GameStop fell more than 12% after announcing a private exchange of $1.4 billion in convertible senior notes for equity, with no cash proceeds to the company.
- Travel stocks climbed as oil prices dropped, lifting major airlines and cruise operators.
- Analyst actions and deal headlines drove dispersion, including upgrades and downgrades across software, semiconductors, e-commerce, and pharma.
What drove the biggest stock moves
- SpaceX and Palantir look ahead to earnings: SpaceX added roughly 2% midday as investors positioned for the company’s first quarterly results as a public entity on Tuesday. A separate factor also drew attention—an insider lockup provision was set to expire on Thursday. Short interest in SpaceX has been rising, with S3 data showing short sellers held 32.2% of the company’s publicly tradable float. Palantir climbed about 2% before its earnings report expected after the closing bell.
- Travel shares gained on a softer oil tape: Cruise operators Norwegian and Carnival rose about 4% and nearly 2%, respectively, while American Airlines and United Airlines gained around 5% each. The common thread was a drop in oil prices, which tends to reduce fuel-related cost pressure for carriers and travel-linked businesses.
- AI infrastructure names jumped on August buying: Traders leaned into parts of the AI supply chain at the start of the month. CoreWeave surged about 15%, while Nebius advanced more than 13%. Vertiv rose nearly 7% on expectations around data-center buildout, and photonics suppliers Coherent and Lumentum gained about 9% and 6%, respectively.
- GameStop weighed on markets after its financing move: GameStop dropped more than 12% after the company announced a private exchange of $1.4 billion in convertible senior notes for equity. The exchange is expected to close on or about Sept. 23, and GameStop will not receive cash proceeds from the issuance of shares.
- Amazon extended gains to a record: Amazon shares rose another 5% to a fresh peak, lifting market value above $3 trillion for the first time. The stock has been advancing for a third consecutive day after a stronger-than-expected earnings report last week helped revive sentiment, with robust second-quarter cloud growth supported by continued demand for AI services.
- Software-related names caught a bid: Software stocks rose broadly as investors favored technology outside semiconductors. The iShares Expanded Tech-Software Sector ETF (IGV) was up more than 2% during midday, though it remained down over 8% year to date. Salesforce gained nearly 3% and Adobe climbed close to 2%.
Single-stock catalysts: upgrades, downgrades, and corporate headlines
- Corning jumped on an upgrade: Shares of Corning rallied more than 5% after Truist upgraded the stock to buy from hold. The bank cited a more attractive entry point following a recent sell-off.
- Pharma diverged on merger talks: AstraZeneca fell almost 9% and Bristol-Myers Squibb edged higher after the Financial Times reported the two companies were in talks to merge.
- ArcelorMittal gained on deepened tech ties with Microsoft: The steelmaker rose more than 1% after expanding a technology partnership with Microsoft. The company said Microsoft’s Azure will serve as the backbone for modernizing its technology systems and that additional Microsoft infrastructure services will be integrated.
- Alibaba rallied on a new AI model reveal: U.S.-listed Alibaba shares climbed about 5% after the company disclosed a new AI model on Monday. Qwen3.8-Max, expected to be officially released next week, was described as among the most powerful models in Alibaba’s portfolio.
- Ferguson surged on S&P 500 inclusion: Ferguson Enterprises rose about 8% after S&P Dow Jones Indices said Friday that Ferguson will join the S&P 500, replacing Electronic Arts before market open on Wednesday.
- EBay slid after a downgrade: EBay fell around 4% after Wells Fargo downgraded the stock to underweight from equal weight. The bank said eBay’s acquisition of Depop, completed last week, is expected to pressure earnings in fiscal year 2027 and may increase marketing spending.
Other notable moves across semiconductors and financial notes
- Memory stocks started the week mixed to lower: Micron fell about 1%, Seagate dropped about 5%, and Western Digital slid more than 4% following choppy trading the prior week.
- Circle declined after a stablecoin outlook cut: Circle Internet Group dropped nearly 5% after Morgan Stanley downgraded the stock to underweight from equal weight. The bank pointed to tactical and structural headwinds, including a weaker outlook for USDC—the stablecoin tied to the U.S. dollar—in circulation in 2027.
- Tyson Foods erased earlier losses: Shares were last up more than 2% after fiscal third-quarter adjusted earnings per share matched expectations, but revenue of $13.87 billion came in below FactSet consensus. Tyson also trimmed its operating income outlook for the fiscal year.
What to watch next
Investors are likely to keep focusing on near-term earnings catalysts, with SpaceX scheduled to report first quarterly results on Tuesday and Palantir due to report after the close. The next few sessions may also hinge on how the AI buildout theme and oil prices continue to influence sectors from cloud infrastructure to travel. Additional company-specific headlines—particularly around corporate deals and index changes—may further drive dispersion as trading continues.
