Closing Bell Movers: Applied Materials down 4% after earnings and guidance

In the opening hour of the evening session, U.S. equity futures are marginally higher, with S&P 500, Nasdaq 100, and Dow Industrials contracts all up by a decimal.   In commodities, WTI Crude Oil has also found some footing following a more pronounced sell-off overnight, rising toward $59 per barrel, while precious metals bounce has stalled – Gold back below $4,190 and Silver has fallen below $52.50 after reaching record highs of $54.50 overnight.

Valuation concerns in the AI-related plays have been compounded by worries that expectations for continued accommodation from the Federal Reserve would not be met, with CME FedWatch tool now flashing a 50-50 probability of a hold vs. a 25bp cut on December 10th.   Thursday’s broad-based market selloff was led by the Tech and Consumer Discretionary sectors, while the defensively-inclined Energy, Consumer Staples, and Health Care names fared better.   The Vix fear gauge also closed at the highest level in nearly a month.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• Luminar Technologies (LAZR) up 18.9%
• Virgin Galactic Holdings (SPCE) up 5.2%
• Nu Holdings Ltd. (NU) up 3.6%

DOWN AFTER EARNINGS –

• StubHub (STUB) down 16.3%
• Red Cat (RCAT) down 11.4%
• WhiteFiber (WYFI) down 10.0%
• Applied Materials (AMAT) down 4.2%
• HeartBeam (BEAT) down 3.2%

ALSO LOWER –

• Verastem (VSTM) down 8.5% after equity offering
• Merit Medical (MMSI) down 7.8% after CMS notifies company that Wrapsody reimbursement requires further consideration