Investing

Live Updates: Nasdaq Composite Rises But Oracle (ORCL) & MongoDB (MDB) Plummet

Dec 10 Market Update
Canva

Live Updates

Momentum Stocks Sink Again

The Nasdaq closed down just .25% today, but there was a sea of red in certain segments of the market.

  • Semiconductor stocks were hammered today. NVIDIA (Nasdaq: NVDA) closed down 2.69% while Broadcom (Nasdaq: AVGO) dropped 3.98%. Overall, the iShares Semiconductor ETF dropped 2.38% on the day.
  • Stocks that have seen massive gains this year continue to struggle. Applovin (Nasdaq: APP) was down 6.3% today while Palantir (Nasdaq: PLTR) dropped 2.17%.

Momentum Stocks in Focus

Yesterday, all 26 of the Russell 1000 stocks that were up more than 100% year-to-date declined. On average, they were down more than 5%.

That list includes companies like Applovin (Nasdaq: APP), MicroStrategy (Nasdaq: MSTR), Carvana (NYSE: CVNA), and Palantir (Nasdaq: PLTR). Let’s check in on how momentum stocks are performing after yesterday’s sell-off:

  • Applovin: Down .81%
  • Microstrategy: Down 1.27%
  • Carvana: Down 1.10%
  • Palantir: Up .76%

As you can see, yesterday’s sell-off on highly appreciated stocks has moderated, but the group is still generally down today. This will continue to be an interesting storyline to watch in the weeks ahead.

As of 11:00 a.m. ET, the Nasdaq Composite is bouncing back from yesterday’s drop thanks to a major contribution from Alphabet (Nasdaq: GOOGL). However, other major indexes are slightly in the red or flat on a mixed trading day:

  • Dow Jones Industrial Average: Up 53.65 (+.12%)
  • S&P 500: Up 7.01 (+.11%)
  • Nasdaq: Up 43.63 (+.25%)
  • Russell 2000: Down .82 (-.03%)

Let’s take a look at some of the bigger storylines in the market today.

Alphabet Seeing the Strongest Magnificent 7 Gains

In 24/7 Wall St’s market update yesterday, we covered the announcement of Google’s new quantum chip, named Willow. The stock of Google-parent company Alphabet barely budged yesterday after Willow’s announcement, but is rising sharply today. Alphabet shares are up 4.80%. 

Other Magnificent 7 stocks are also seeing strong returns today. Tesla (Nasdaq: TSLA) is up 4.1%, Meta Platforms (Nasdaq: META) is up 1.5%, Amazon (Nasdaq: AMZN) is up 1%, and NVIDIA (Nasdaq: NVDA) is up .8%. Most categories of technology are performing well today, but there is some weakness largely stemming from earnings releases. 

Oracle and MongoDB Headline Earnings Today

The most followed earnings release last night came from Oracle (Nasdaq: ORCL). The company is up 69% year-to-date amidst optimism its competing well against the largest hyperscalers and can become a major cloud computing company. However, today the company is down nearly 8%. 

The headline figure investors are zeroing in on today is Oracle’s revenue. Wall Street expected $14.12 billion in revenue, but Oracle came up short, producing just $14.06 billion. The miss was driven by lower-than-expected sales in Oracle’s cloud services and support business. Another concern for investors was that operating cash flow came in at $1.304 billion, well below expectations of $1.795 billion. 

Wall Street opinions on Oracle are mixed this morning. Some banks like RBC Capital are keeping the company at sector perform with price targets below where its trading today. While others like Bernstein see today’s sell-off as a buying opportunity and emphasize Oracle’s long-term tailwinds from the growth of AI. 

Another widely followed technology stock trading down today is MongoDB (Nasdaq: MDB). The company stock is off 13% after announcing earnings. MongoDB beat earnings expectations, smashed earnings, and outperformed guidance, so the strong reaction to its earnings are a bit of a surprise. 

One reason for Wall Street’s reaction today is the company’s conference call went into details that much of the earnings beat was driven by upfront revenue on multi-year deals. The company may also be a victim of rising expectations in its sector after Snowflake (NYSE: SNOW) soared after releasing its recent earnings. 

100 Million Americans Are Missing This Crucial Retirement Tool

The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.

Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.

A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.

Click here to learn how to get a quote in just a few minutes.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

AI Portfolio

Discover Our Top AI Stocks

Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.

You can follow him investing $500,000 of his own money on our top AI stocks for free.