Concerns around AI demand are pressuring the tech sector
Stocks are slipping into the red midday, as the government shutdown reaches its seventh day. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both down triple digits, while the S&P 500 Index (SPX) is lower as well. Concerns around AI demand are pressuring Oracle (ORCL) stock and the broader tech sector. Meanwhile, the Cboe Volatility Index (VIX) is headed for its sixth gain in seven sessions, and safe-haven gold earlier hit all-time highs.
Continue reading for more on today's market, including:
Options traders are targeting PayPal Holdings Inc (NASDAQ:PYPL), as the stock jumps 3.2% to $73.56 after the company unveiled its new Ads Manager platform. So far today, 397,000 calls and 51,000 puts have already been exchanged, which is six times the average daily options volume. The weekly 10/10 75-strike call is the most popular, with new positions opening there. Today's pop has PYPL above pressure at the $72 region, as well as its 80-day moving average. The security is down roughly 13% in 2025, however.
Spruce Biosciences Inc (NASDAQ:SPRB) stock was last seen up 54.1% at $201, extending last session's massive 1,378% pop, after the U.S. Food & Drug Administration (FDA) granted breakthrough therapy status to enzyme replacement therapy tralesinidase alfa, which is used for treating Sanfilippo syndrome type B. Skyrocketing out of penny stock territory to its highest level since March 2024, SPRB is up 540.5% year to date.
Pharmaceutical stock Hyperion DeFi Inc (NASDAQ:HYPD) is one of the worst stocks on the Nasdaq today, down 15.9% to trade at $8.74 at last glance. Though the reason for today's price action is unclear, the company recently underwent a C-suite shakeup and a rebrand. Since the start of 2025, the equity is down 23.8%.