Stock market today: Dow, S&P 500, Nasdaq slide as Trump calls for 'unconditional surrender' from Iran
The “FOMO” trade is alive and well in markets once again.
Recent IPOs, like stablecoin issuer Circle (CRCL) and AI cloud company CoreWeave (CRWV), have both seen their stocks rise more than 100% since going public.
Shares of nuclear energy company turned AI play Oklo (OKLO) are up more than 70% in the past month. Quantum Computing (QUBT) shares are up more than 56% in the past month, and others in the space have also ripped higher.
“The commonalities are they’re speculative,” Interactive Brokers chief markets strategist Steve Sosnick said in an interview. “They’re momentum-driven, and they almost always have some sort of tech veneer to them.”
With the S&P 500 (^GSPC) back near record highs, the common pillars of the current three-year bull market have clearly returned in markets. Two of the most popular AI trades, Palantir (PLTR) and Nvidia (NVDA), are back to trading near all-time highs.
“It’s kind of a freight train,” Sosnick said. “Remember one of the great adages, ‘the trend is your friend’? Well, people seem to be doing very well by following trends.”