Ameriprise Financial's stock fell nearly 4% after Bank of America downgraded it to underperform, citing the departure of large teams of financial advisors and concerns over the company's cash sweep rate affecting profit growth.
In contrast, the VanEck Semiconductor ETF (SMH) rose almost 3%, ending a nine-day losing streak, as traders returned to tech stocks, with Nvidia and Advanced Micro Devices gaining 2% and 3%, respectively. Memory chipmakers Sandisk and Micron saw increases of over 6% and nearly 4%.
CoreWeave's shares rebounded more than 1% after Goldman Sachs upgraded the stock to buy, despite lowering its price target to $106 from $139, indicating a potential upside of nearly 73%.
Cleveland-Cliffs experienced a significant 16% increase in stock price following better-than-expected third-quarter earnings, reporting adjusted earnings of 28 cents per share, surpassing the FactSet estimate of 21 cents. Intel's shares rose 4% after JPMorgan upgraded the company to neutral, citing solid management execution despite a long turnaround period.
Datadog gained 6% after Bernstein upgraded it to outperform, driven by anticipated benefits from artificial intelligence. Amazon's stock increased by 5% following a Morgan Stanley upgrade, which highlighted growth in Amazon Web Services and the potential of its Bedrock AI platform. Lastly, Blue Owl Capital's stock ticked up 1% amid reports of potential sale discussions with investment bankers