??Tech’s 3-week sell-off, led by Tesla, wipes out $2.7 trillion in value from megacaps
The articles and information in this newsletter are a summary of yesterday’s trading and related news. They are presented for informational purposes only. Nothing in the newsletter should be taken as investment or trading advice.
S&P 500 5,521.52 -77.78 (-1.39%)
Dow Jones 40,813.57 -537.36 (-1.30%)
NASDAQ 17,303.01 -345.44 (-1.96%)
Market close: March 13, 2025
Breaking News
Tech’s 3-week sell-off, led by Tesla, wipes out $2.7 trillion in value from megacaps: Tech’s seven megacaps have lost a combined $2.7 trillion in market cap since the Nasdaq peaked for the year about three weeks ago.?The selloff was sparked by fears that tariffs could ignite a global trade war, stifling growth and potentially leading to a recession. The tech-heavy Nasdaq is down 4.9% this week as of Thursday’s close, headed for its biggest weekly drop since September. CNBC reports.
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EdgeUp
?? Treasury yields rise as investors await consumer sentiment data: U.S. Treasury yields edged higher on Friday as investors awaited consumer sentiment data and were relieved by tame inflation data this week. At 6 a.m. ET, the benchmark?10-year Treasury yield?was more than 2 basis points higher at 4.299%. The?2-year Treasury yield?was up 2 basis points at 3.973%. CNBC reports.
?? Canada, U.S. officials talk tariffs in Washington, expected to meet again next week: A high-stakes meeting between Canadian and U.S. officials on Thursday ended without tariffs being removed, but Ontario Premier Doug Ford says the meeting went “very, very well” and that he’s feeling “very positive” as the two sides plan to meet again next week. It’s Prime Minister Justin Trudeau’s last day in power, and his replacement, Mark Carney, said he’s ready to sit at the negotiating table with U.S. President Donald Trump so long as Canada’s sovereignty is respected. BNN Bloomberg reports.
?? The S&P 500 follows the Nasdaq into correction territory, leaving Dow the last index standing: After Thursday’s sell-off, the S&P 500 has joined the Nasdaq Composite in correction territory, which is typically taken to mean a decline of 10% or more from a recent high. CNBC reports.
?? Spirit Aviation Holdings, the parent company of?Spirit Airlines, announced that it has successfully completed its financial restructuring: The?United States Bankruptcy Court?for?the Southern District of New?York has confirmed Spirit’s Plan of Reorganization, with a supermajority of the company’s loyalty and convertible noteholders offering immense support, stated the company via press release. The restructuring process allowed the company to reduce its funded debt by nearly $795 million, leaving Spirit in a robust financial position. Benzinga reports.
?? BMW expects 1 billion euro hit to earnings as tariff war escalates: The company expects trade tariffs to cost the carmaker 1 billion euros ($1.09 billion) this year, its CEO said on Friday, factoring in EU duties on its?China-made EV?and newly imposed U.S. tariffs which are upending global trade. Reuters reports.
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Top 5 Movers In Early Pre-Market
(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM ET) Benzinga reports.
1) $BON: Bon Natural Life
Total gain: +122.91%
2) $RDUS: Radius Recycling
Total gain: +109.88%
3) $CII: Blackrock Enhanced
Total gain: +57.29%
4) $AAOI: Applied Optoelectronics
Total gain: +56.14%
5) $UOKA: MDJM
Total gain: +41.69%
Today’s Economic Dates
Time (ET)Report Period
10:00 AM Consumer sentiment (prelim)March
Watch & Learn
Yesterday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on March 13.
(All pricing and percent gains are based on regular market trading hours from 9:30 AM to 4:00 PM ET) Benzinga reports.
1) $MCRP: Micropolis Holdings
Total gain: +66.92%
The company announced the closing of its underwritten initial public offering of 3,875,000 Ordinary Shares at a public offering price of $4.00 per share, for total gross proceeds of $15.5 million to the company, before underwriting discounts and other offering expenses. Benzinga reports.
2) $HMR: Heidmar Maritime Holdings
Total gain: +59.01%
The stock appeared to be moving on no notable news.
3) $QMCO: Quantum
Total gain: +32.77%
The company announced the availability of Quantum GO Refresh? for the?DXi T-Series?, a program that provides flexible payment options and hardware refreshes to help customers immutably protect and quickly recover mission-critical data and IT infrastructure to overcome the ever-present threat of ransomware and other cyber-attacks. Benzinga reports.
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Today’s Notable Earnings
(Estimate and Actual numbers represent Earnings Per Share in US Dollars)
BTBT Bit Digital 4Q 2024Before Market Open Estimate: -0.030 Actual: 0.200
GOGO GOGO 4Q 2024Before Market Close Estimate: 0.090 Actual: 0.060
WOW WideOpenWest 4Q 2024Bofore Market Close Estimate: -0.130 Actual: -0.130
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Parting Thoughts
“The big money is not in the individual fluctuations but in the main movements—that is, not in reading the tape but in sizing up the entire market and its trend.”- Jesse Livermore
Sourced in: "How to Trade in Stocks", by Jesse Livermore, published in 1940.
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