Quantum Stocks and Chip Stocks Plummet, Moderna and Crypto Stocks Follow Suit
In midday trading, Quantum computing stocks like Rigetti Computing and D-Wave Quantum saw significant drops after Meta Platforms CEO Mark Zuckerberg tempered expectations for the technology. The Defiance Quantum ETF also took a hit. Similarly, popular semiconductor stocks like Nvidia and Micron Technology declined following new AI chip export caps set by the Biden administration.
Shares of Moderna plummeted over 20% after the vaccine maker revised its 2025 sales guidance downwards. On the cryptocurrency front, stocks tied to digital currencies fell as bitcoin experienced a 3% drop, with Coinbase, Mara Holdings, and MicroStrategy all seeing decreases.
Other notable movements included Pinterest falling 4% due to an analyst downgrade, Edison International dropping 13% amidst ongoing wildfires in Los Angeles, and E.l.f. Beauty seeing a 4% increase following an upgrade from Morgan Stanley.
Real estate developer Howard Hughes Holdings experienced a 9% jump after a proposed merger deal by Bill Ackman. Managed care stocks, including Humana, CVS Health, and UnitedHealth, rose following the U.S. government’s proposal to increase Medicare Advantage plan reimbursement rates.
Meanwhile, U.S. Steel saw an 8% increase after talks of a potential takeover bid, while mega-cap technology stocks like Nvidia, Apple, and Meta Platforms saw declines as U.S. Treasury yields rose. Intra-Cellular Therapies surged 34% after Johnson & Johnson’s announcement of acquiring the drugmaker, and Abercrombie & Fitch plunged 18% due to disappointing fourth-quarter forecasts.
As for Macy’s, the retail stock fell over 7% after forecasting net sales at the lower end of previous guidance. These fluctuations in the market reflect a mix of industry-specific and external factors influencing investor sentiment.