Strong Showings From Affirm and FIS Can’t Stop CE 100 Slide

Market Overview - The CE 100 Index decreased by 3.5% over the week, with only the Banking segment and the Be Well pillar showing a slight increase of 0.5% [1] - The tech-heavy Nasdaq fell by 3.3%, primarily affecting companies leveraging artificial intelligence (AI) for growth, including major players like Microsoft and Meta, which both dropped over 4% [2] Index Performance - The 5-day performance for major indices showed CE 100 down 3.45%, Nasdaq down 3.29%, S&P 500 down 1.80%, and Dow down 1.27% [3] - Year-to-date (YTD) performance indicated CE 100 up 12.60%, Nasdaq up 19.00%, S&P 500 up 14.28%, and Dow up 10.37% [3] - Over the past year, CE 100 increased by 14.02%, while Nasdaq rose by 18.46%, S&P 500 by 12.45%, and Dow by 7.37% [3] Company Highlights - Pinterest's stock fell by 19.4%, despite CEO Bill Ready's assertion that the company is transforming into an "AI-powered visual-first shopping assistant," with AI integrated into various platform features [5][6] - Pinterest reported a 17% increase in third-quarter revenue to $1 billion, slightly surpassing Wall Street expectations, and a 12% rise in monthly active users to 600 million [7] - Cogent's shares plummeted over 41%, contributing to a 4% decline in the Enablers pillar, which includes several Big Tech companies [7] - Porch Group's Q3 revenue was reported at $115.1 million with an 82% gross margin, but shares dropped more than 30% during the week [8] - Affirm's gross merchandise volume (GMV) surged by 42% to $10.8 billion, with revenue increasing by 34% to $933 million, and active cardholders growing by 500,000 to 2.8 million [9][10] - FIS shares rose by 3.6%, reporting adjusted revenue of $2.7 billion, up 6.3%, with strong performance in banking and digital banking activities [11] - Sezzle achieved its first billion-dollar quarter in Q3, with GMV rising 58.7% year over year to $1 billion and total revenue climbing 67% to $116.8 million [13] - Uber Technologies reported a 22% year-over-year growth in total trips and a 21% increase in gross bookings, although shares fell by 5% [14]