Market Overview - The trading day ended with significant declines across major indices, with the S&P 500 down approximately 180 points or 2.7%, marking its worst day since April 10th [7] - The NASDAQ 100 and NASDAQ composite both fell over 3%, also their worst performance since April 10th [7] - The Russell 2000 index dropped more than 74 points or 3% [7] Sector Performance - The technology sector was particularly hard hit, declining about 4%, with semiconductor stocks experiencing notable losses [9] - Consumer staples were the only sector to show positive performance, up about 0.33%, indicating a defensive trade [8][9] - A broad-based sell-off was observed, with 1,425 stocks declining compared to only 78 advancing [8] Company-Specific Movements - MP Materials and USAA, involved in rare earths, saw their stocks rise by 8.5% and 5% respectively, following China's new export curbs [10][11] - Protagonist Therapeutics shares surged nearly 30% after reports of Johnson & Johnson's interest in acquiring the company [13] - Applied Digital's shares increased by over 16% due to positive earnings and advanced talks for a new data center [14] Notable Declines - Levi Strauss experienced a 12% drop, its worst intraday decline since April, after its earnings guidance fell short of expectations [16][17] - Venture Global's stock plummeted nearly 25% following a legal dispute loss with BP, which could have significant financial implications [18] - The VanEck Semiconductor ETF fell almost 6% despite being up 34% year-to-date [19] Economic Context - The market's downturn coincided with concerns over a potential U.S. government shutdown, which has limited the release of economic data [20][27] - Upcoming earnings reports from major banks, including Goldman Sachs and Bank of America, are anticipated to provide insights into consumer spending and economic health [28][29]

Group 1 - Applied Digital Corporation (NASDAQ:APLD) has finalized a new lease agreement with CoreWeave for an additional 150MW of data center capacity at its Polaris Forge 1 Campus in Ellendale [1] - The new lease increases the total contracted lease revenue for the company to approximately $11 billion, which includes $7 billion from two earlier leases signed in May 2025 [2] - The Polaris Forge 1 Campus will now have a total IT capacity of 400MW across three long-term lease agreements with CoreWeave, with the additional 150MW expected to be ready for service by 2027 [2] Group 2 - Following the announcement, Robert Brown from Lake Street maintained a Buy rating on Applied Digital Corporation with a price target of $18, reflecting around 44% upside from current levels [3] - Applied Digital Corporation is recognized as a technology company that designs, develops, and operates next-generation digital infrastructure and cloud services across North America [3]