Nvidia, Coinbase, Skyworks, Axon, Tesla, Applied Aerospace, and More Stocks That Explain Today's Market — Barrons.com
By George Glover, Mariapaula Gonzalez, and Kit NortonStocks declined Tuesday as the 10-Year Treasury yield reached its highest level in 19 years. Investor fears over the selloff in artificial-intelligence stocks eased somewhat.AI-related stocks fared better Tuesday after taking a battering on Monday following calls for a slowdown in AI development. Coherent gained 1.8% and Lumentum added 0.5%. Corning was roughly unchanged.Intel was also flat while Sandisk fell 1.4%. Micron was up 0.4%.Nvidia rose 0.6%. CEO Jensen Huang pushed back on the AI doomsday sentiments, with President Donald Trump on his side. The two spoke on the phone on stage at the All-In Summit in Los Angeles, where Trump called limitations on AI development a "hoax." Huang said that "everybody wins in the AI race in America."Shares of software developers struggled as investors locked in some profits following the previous session's rally. Palantir fell 0.4% and Workday declined 1.8%. CrowdStrike rose 3%.Tesla fell 0.7%, erasing gains seen earlier in the session. CEO Elon Musk recently teased a potential merger between Tesla and SpaceX on an All-In Podcast episode featuring SpaceX President Gwynne Shotwell. Musk also hyped up Tesla's second-generation Roadster, an electric sports car that will launch Oct. 1.Applied Aerospace & Defense gained 4.9% to $12.22. Guggenheim initiated coverage of the stock with a Buy rating and $30 price target. That price target represented around 157% upside from the closing price of $11.65 on Monday.Crypto exchange Coinbase dropped over 10%, trading platform Robinhood fell 3.4%, and Bitcoin investor Strategy declined 5.4% as hopes of the Clarity Act passing this year faded. The crypto regulation bill failed to advance in the Senate on Tuesday.Skyworks Solutions rose nearly 14% and was the best-performing stock in the S&P 500. The stock's recent surge accelerated after Skyworks CEO Philip Brace on Thursday said he was confident the pending merger with Qorvo would close soon.Axon Enterprise declined 9.8% and was the among the worst-performing stocks in the S&P 500. The Taser maker and software developer announced plans to raise $1 billion in debt.Enova International fell over 23%. The financial services company said it has withdrawn regulatory applications for its proposed acquisition of digital bank Grasshopper Bancorp. Enova, however, reaffirmed its fiscal 2026 and fiscal third-quarter earnings guidance.Shares of energy majors rose as benchmark oil prices rallied. Occidental Petroleum gained 2.8% while refiner Valero Energy advanced 3.7%.Write to George Glover at [email protected], Mariapaula Gonzalez at [email protected] and Kit Norton at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.