Your Evening Briefing

October 22, 2025

US stocks tumble as momentum trades unwind, earnings disappoint

Stocks slumped on Wednesday as the downturn in traders’ favorite speculative pockets of the market that started late last week began to infect the blue chip stocks that have been big winners for major indexes.

Stocks that moved higher:

Intuitive Surgical soared after strong earnings reported after the bell on Tuesday sparked a wave of analyst upgrades.
Warner Bros. climbed amid reports it has rejected takeover offers around $24 per share but is still open to a sale.
Google rose after a report of a new deal with Anthropic for AI compute “valued in the high tens of billions.”

Stocks that moved lower:

Beyond Meat had such a volatile day that trading was halted as traders finally hit the sell button on the latest meme stock. Earlier, it saw a premarket session with higher volume than any other stock in America.
Hot Wheels sales held up better than Barbie for Mattel, but the toymaker’s stock still fell after posting Q3 results that missed analysts’ estimates.
Carvana plunged as another subprime lender’s bankruptcy filing weighed on sentiment around the used car retailer and its exposure to subprime loans.
AST SpaceMobile dropped after announcing new share issuance and plans to raise more debt.
Quantum stocks including Rigetti and D-Wave Quantum plunged as retail traders hit the sell button.
Nuclear stocks suffered the same fate, as Oklo, Nano Nuclear, and Centrus Energy took a beating amid a broad unwind of momentum trades.

— Luke Kawa, Markets Editor & Toby Bochan, Managing Editor

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Carvana plunges as investors respond to another subprime lender’s bankruptcy filing. The used car retailer plunged on Wednesday, with fresh worries around subprime loans sending the stock to its worst day since auto tariffs took effect in April.

Read more.

Tesla recalls 13K vehicles over battery defect
A problem battery pack component could lead to a sudden loss of drive power and cause accidents, NHTSA said.
GM plans to launch conversational AI in some vehicles next year
The automaker announced a host of tech initiatives at its GM Forward event on Wednesday morning.
Apple “drastically” cuts iPhone Air production as consumers prefer iPhone 17 and iPhone 17 Pro
Apple expects to stick to its production forecast of 85 million to 90 million units overall.
Meta reorganizes its AI teams yet again, this time laying off 600 positions
Since Zuckerberg set out to build a “superintelligence” team, AI teams within Meta have seen several reorganizations, and tensions are reportedly rising.

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