Equity close: Decent rebound or a dead-cat bounce

US stock markets started strong and we saw 10% bounces in beaten-up memory stocks. It didn't last but it also didn't break down.

Some notable names:

• MU +5.1%
• SNDK +3.5%
• INTC +7.7%
• SKHY +2.8%
• NVDA +2.8%
• QCOM +5.8%

The hyperscalers were near flat and the indexes were higher but didn't finish at the highs. I wouldn't give the win today to the bulls or the bears. It was a nice day but came after a brutal rout. Non-farm payrolls may have limited the enthusiasm because it puts a rate hiking cycle back on the table.

Weighing at one point was a report on a strategy shift from MSFT where they will curb third-party data centers, with Oracle cited. That briefly sent ORCL 3% lower and weighed on the Nasdaq. Overall, it was a tough week for stocks but the pain was concentrated heavily in just a few names.

On the day:

• S&P 500 +0.3%
• Nasdaq Comp +1.1%
• Russell 2000 +1.0%
• DJIA -0.4%

On the week:

• S&P 500 -2.7% -- worst since April 2025
• Nasdaq Comp -3.4% -- fourth week of declines
• DJIA -0.9%

Just after the close, the FT reports that Anthropic will go ahead with its IPO with a $1.25-1.75 trillion, likely $1.5 trillion. Eyes remain on Iran but positive headlines today were faded quickly. That tells me there is some optimism priced in now and that the market needs to see something official.