It was one of those weeks where the market’s favorite story suddenly asked for a refund. Safe havens did the heavy lifting while the glamorous names sulked in the corner, and one famously flashy product launch got a distinctly lukewarm reception.
Keep reading for the full picture, including who got hurt and who found relief on the way out.
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Markets
Tech wrapped up its roughest week in over a year as AI anxiety deepened, with CoreWeave at the center of the storm.
The cloud provider is down roughly a quarter on the week, and investors are fretting over a junk-rated debt pile north of $35 billion in a world of pricier borrowing. Treasuries, meanwhile, posted their best week since February after Fed Chair Kevin Warsh declined to push back on colleagues who see no rush to raise rates this month.
U.S. crude rose for a seventh straight session, and Brent finished near $110, its highest since May, on Mideast tensions. Tesla unveiled a Roadster that claims to fly on cold-air thrusters, and Wall Street shrugged. Trump Media sank to a record low weeks after filing for a fusion merger.
DJIA: [-0.34%]
S&P 500: [-1.09%]
Nasdaq: [-2.14%]
Russell 2000: [-1.66%]
Market-Moving News
Healthcare & Biotech
Opus Genetics won FDA approval for eye drops treating age-related near-vision loss, expanding the approved uses of phentolamine ophthalmic solution and triggering a milestone payment from Viatris, which holds exclusive U.S. commercialization rights.
ImmunityBio published long-term results for its Anktiva bladder-cancer treatment, showing 84% of responding patients remained free of bladder-removal surgery at three years, with some complete responses lasting beyond 53 months.
Banking & Digital Payments
Jack Henry expanded its Google Cloud partnership to bring tokenized deposits to banks and credit unions, planning integration with Google Cloud Universal Ledger to support programmable payments and round-the-clock settlement.
Marqeta partnered with Coinbase to help businesses offer payment cards funded by stablecoins, extending digital-currency balances into everyday card spending for crypto-focused and conventional companies, though it did not disclose a launch timetable.
Oil & Refining
Phillips 66 raised its quarterly dividend to $1.33 per share, announcing its second dividend increase this year, with payment scheduled for December 1 to shareholders registered by November 17.
Shell reportedly agreed to sell its French fuel-station network and related transport-fuels services to DCC Energy, according to a source and documents Reuters reviewed, while Shell publicly described the sale as under consideration.
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Crypto & Digital Assets
Strategy faces potential removal from MSCI’s global indexes after new eligibility rules excluded non-operating companies, with the final deletion list due November 11 and changes scheduled for November 30.
Gemini failed to overturn its $5 million settlement with the CFTC after a federal judge rejected their joint request, leaving intact the resolution of allegations involving statements about a proposed bitcoin futures contract.
Consumer & Retail
Temu agreed to pay Texas $3 million and tighten its handling of shoppers’ personal information, accepting U.S. data-storage requirements and independent product-safety testing under settlement documents made public Friday, while denying wrongdoing.
PepsiCo faces an estimated $500 million annual sales loss from KFC’s switch to Coca-Cola, according to Bank of America’s assessment reported Friday, as analysts examine risks to its other longstanding restaurant partnerships.
Top Winners and Losers
MMTec [MTC] $6.07 (+11.38%)
MMTec, a Hong Kong firm that bills itself as a gateway to U.S. markets, climbed on thin volume.
The stock has multiplied roughly sixfold over the past year even though revenue fell to zero in the first half and a heavy load of notes sits on its balance sheet, so traders treat it like a lottery ticket with a ticker.
Crescent Energy [CRGY] $13.77 (+10.07%)
Crescent Energy rode crude higher. Oil notched a seventh straight gain on Mideast tensions, and leveraged producers tend to feel that the most.
The company beat second-quarter profit and revenue estimates in August, pays a quarterly dividend of 12 cents a share, and analysts still lean bullish, with an average target around $17, comfortably above today’s close.
Phoenix Asia Holdings [PHOE] $17.72 (+8.95%)
Phoenix Asia Holdings, a Hong Kong substructure contractor that handles site formation, ground investigation and foundation work, jumped on very light trading.
It priced its April 2025 IPO at $4 and now trades at more than four times that level, though a lightly traded stock can swing hard in either direction, so every uptick gets noticed.
SkinHealth Systems [SKIN] $10.56 (-16.19%)
SkinHealth Systems, formerly Beauty Health, slid in its first week after a 1-for-20 reverse stock split designed to regain Nasdaq minimum bid compliance.
The split cut the share count from about 130 million to roughly 6.5 million, and post-split trading is often choppy. Second-quarter revenue slipped even as profit beat expectations, leaving investors with mixed signals.
SVRN [SVRN] $35.05 (-16.11%)
SVRN, a former shipping company reinvented as a crypto treasury play, extended its slide as a short seller’s report keeps hanging over it. Fugazi Research calls it uninvestable, a co-CEO has resigned, and an October 27 Nasdaq deadline looms for its overdue annual audit.
Those are allegations, not verdicts, but a thin float turns every headline into a swing.
Antelope Enterprise Holdings [AEHL] $9.60 (-15.94%)
Antelope Enterprise Holdings gave back more ground after its wild spike earlier in the week and premarket, when a trading halt and a near-200% intraday surge ended in a closing gain of about 34%.
A $100 million at-the-market program, a $6 million convertible note, and an August private placement all represent potential share supply, which tends to cap rallies in low-float names.
Would you rather a stock's closing price be set by today's electronic closing auction, or simply be whatever price its very last trade of the day happened to hit?
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Everything Else
📈 The Magnificent Seven reshaped the market but seven new contenders are already quietly building the fundamentals and growing influence to lead what comes next.
📉 The Nasdaq fell more than 1% as the AI trade extended its decline, putting the index on track for its worst week since June.
🛢️ ExxonMobil signaled a $4.5 billion refining earnings boost as margins strengthened, highlighting improved profitability across its refining operations.
📉 Fox Factory shares tumbled after its CEO departed and the company cut its outlook, adding fresh uncertainty around the company’s near-term performance.
💊 Eli Lilly’s weight-loss pill won backing from European drug regulators, moving the treatment closer to potential approval in a major global market.
📬 The U.S. Postal Service said it is ready to handle ballots for the November election, outlining preparations for another heavy cycle of election-related mail.
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