In a volatile day for the financial markets, Bitcoin experienced a 3% decline during midday trading. Redfin, however, bucked the trend, soaring approximately 70% after announcing its acquisition by Rocket Companies in an all-stock transaction valued at $1.75 billion. Meanwhile, pharmaceutical giant Novo Nordisk saw its shares slip over 8% following trial results of its weight-loss drug, CagriSema, which revealed less impactful outcomes than previous tests.
Tech stocks faced significant challenges as Palantir Technologies pulled back 7%, extending recent underperformance. Tesla's shares dropped 10%, dipping below $240 each, erasing post-election gains. Cognizant Technology, on the other hand, gained more than 4% after The Wall Street Journal reported that activist investor Mantle Ridge acquired a stake exceeding $1 billion in the company.
Cracker Barrel shares rose 6% after Truist Securities upgraded the company to a buy rating. However, Taiwan Semiconductor Manufacturing faced difficulties, tumbling over 3%. In the banking sector, Bank of America shed more than 2%, while Morgan Stanley declined over 5%.
Tech giants Broadcom and ASML each lost about 6%, contributing to the sector's overall downturn. Oracle's stock has fallen more than 10% this year, with a more than 4% drop on Monday as artificial intelligence-related trades came under pressure. Nvidia has been hit hard in 2025, down over 20%. The VanEck Semiconductor ETF (SMH) slid over 4%, reflecting investor sell-offs in previously high-flying chip names.
Robinhood's shares plunged more than 14%, following Finra's Friday announcement that it ordered the company to pay nearly $30 million in restitution to customers. This development added to the mounting pressure on Robinhood's stock.