Stock Indexes Close Sharply Lower as Tech Shares Tumble; Dow Drops 800 Points After Record

What ‘Better Things’ Does Investor Michael Burry of ‘The Big Short’ Have Planned Next?

34 minutes ago

One of the most-famous bearish investors of his time could be headed to “better things.”

Michael Burry—known for his bet against the U.S. housing market in the first decade of this millennium, but also for his portrayal by Christian Bale in the movie “The Big Short” and his branding on social media as “Cassandra,” a seer of legend who bears the curse of not being believed—looks to be changing things up.

Burry recently made headlines after logging bearish option bets against high-profile stocks, and calling into question aspects of big hyperscalers’ businesses. This week, according to his social-media account, government databases and news reports, his firm—Scion Asset Management—appeared to have terminated its registration with the SEC.

“On to much better things Nov. 25th,” he recently wrote on X.

The precise state of affairs couldn’t be completely determined. Scion didn’t respond to Investopedia’s emailed request for comment. The authenticity of a letter, widely circulated on social media, purportedly from Scion to clients saying it would “liquidate the funds and return capital” by year’s end, could not be immediately confirmed. A portfolio manager at another firm named in that letter also didn’t respond to Investopedia’s inquiry.

Read the full article here.

–David Marino-Nachison

It’s Red Cup Day at Starbucks. Here’s What to Do If You Miss Out

53 minutes ago

Did your Starbucks run out of red cups? Don’t fret: Thanks to eBay, every day can be Red Cup Day.

Starbucks (SBUX) is hosting its annual Red Cup Day, during which customers ordering a holiday drink Thursday are eligible for a free, 16-ounce reusable cup. The promotion lasts as long as supplies do, and in prior years some cafes handed out their last cardinal-red-and-white cups by early afternoon.

Supply of the cup doesn’t appear to be an issue on eBay. Dozens of the 2025 edition cups are already listed for sale on the site, with prices ranging from $7 to $80 for one paired with a “bearista” on the lid. More than 100 prior-edition cups were sold on eBay in the past year, with prices averaging around $10, according to eBay Seller Hub data. Some are currently listed at prices running into the five digits, though those seem steep to say the least.

The red cups are intended to reduce single-use waste. Starbucks knocks $0.10 off orders when customers provide their own cup—the red one, or something else—though it’s unclear how often this happens. Starbucks didn’t respond to Investopedia’s questions in time for publication.

Read the full article here.

–Sarina Trangle

Shutdown’s Over—Here’s When the Economic Data Returns

1 hr 12 min ago

The government’s data dark age is coming to an end, but it might take some time for the government’s statistical agencies to catch up to their regular schedule.

Washington is getting back to work after having been shut for a record 43 days, and the Bureau of Labor Statistics, the Bureau of Economic Analysis, the Census Bureau, and other agencies can now start to play catch-up. Based on past government shutdowns, experts believe that certain long-delayed economic reports will be released in a matter of days. Others may take weeks to compile, and some may never be released at all.

Investors, policymakers, and business leaders are especially anxious to see data on inflation and the job market, since recent reports have flashed some warning signs. The most recent government reports showed the job market slowing down and inflation heating up. That poses a dilemma for officials at the Federal Reserve who must decide whether to lower borrowing costs to boost hiring or keep rates higher to fight inflation.

“There is a lot of uncertainty about when the data flow will get underway, particularly given the duration of the shutdown,” Nancy Vanden Houten, lead economist at Oxford Economics, wrote in a commentary. “Based on past shutdowns, we anticipate data originally scheduled for release in the first half of October—primarily data covering September—will be released fairly quickly. However, the timetable will vary depending on the normal data collection process for each indicator.”

Read the full article here.

–Diccon Hyatt

The Dow Hit 48000. Here’s Why It Has Been Leading the Indexes Lately

1 hr 33 min ago

Long live the Dow: The oldest of the three major stock-market barometers—and, usually, the least ostentatious—is popping wheelies these days.

The Dow Jones Industrial Average rallied above the 48000 level for the first time on Wednesday, posting its 17th record close of the year. And though its rise has lagged the S&P 500 and the Nasdaq Composite year-to-date, it has outpaced the two tech-heavy indexes in recent sessions and the past month. It’s also taking less of a hit amid the market bleed today.

The Dow’s 30-constituent slice of the equities market is faring better lately as investors rub some AI glitz out of their eyes and pull back from some of the tech stocks that have led much of the year’s rally. Some investment pros say the Dow’s recent outperformance could continue as investors start to notice that there are other things to invest in besides big tech.

Meanwhile, valuation concerns continue. “Technology stocks are trading 45% above the forward multiple of the rest of the market,” said Eric Teal, chief investment officer for Comerica Wealth Management. “We believe the less tech-centric Dow index is likely to continue to outpace the S&P 500, given the relative valuation disparity.”

The top performers in the Dow so far this year aren’t exactly non-AI, but they aren’t traditional tech stocks either: Caterpillar (CAT) has climbed 53% on the premise that it’s a data-center play, while Goldman Sachs (GS) is up 44% over the same period, alongside other major bank stocks.

Read the full article here.

–Crystal Kim

The IRS Said You Can Save More for Retirement in 2026. Here’s How Much

1 hr 38 min ago

On Thursday, the IRS announced the new contribution limits for retirement savings accounts in 2026.

Next year, individuals will be able to contribute $1,000 more to their 401(k) plans and $500 more to their IRA plans. The IRS adjusts the contribution amount annually to account for inflation.

The catch-up contribution limit, which allows employees aged 50 years or older to contribute more to their retirement savings, increased by $100 to $1,100 for IRAs. The catch-up limit for 401(k) savings increased by $500 to $8,000 in 2026.

Read the full article here.

–Elizabeth Guevara

Turkey Prices Are Higher This Thanksgiving—But Here’s How You Can Save Big

2 hr 15 min ago

This Thanksgiving, you might have to splurge a bit more on the turkey, but you can still buy the rest of your meal on a budget.

A recent analysis from the American Farm Bureau Federation, an agricultural industry group, found that wholesale turkey prices have increased about 40% from last year due to “broader economic challenges impacting the agricultural economy” and a resurgence in highly pathogenic avian influenza and avian metapneumovirus.

Although wholesale turkey prices are broadly expected to rise, analysts at Purdue University note that there’s a wide variation in turkey prices at the store, as retailers typically offer significant discounts on turkeys to get Thanksgiving shoppers in the door.

For example, shoppers at Walmart can purchase a Thanksgiving dinner bundle that serves 10 people for less than $40. Among the foods and ingredients included are dinner rolls, potatoes, fresh cranberries, and a Butterball Turkey, costing just $0.97 a pound. Kroger’s “Freshgiving Bundle” provides dinner for 10 people at less than $4.75 per person.

Read the full article here.

–Trina Paul

This Tech Stock Expert Just Got More Bullish About Nvidia Ahead of Earnings. Here’s Why

2 hr 51 min ago

One Nvidia bull just got more bullish.

Analysts at Oppenheimer boosted their target for the chipmaker’s stock to $265 from $225, telling clients yesterday they believe Nvidia “remains best positioned to win in AI” after CEO Jensen Huang highlighted strong demand for its AI chips at an event last month.

Shares of Nvidia (NVDA) were down 4% at around $186 in recent trading, as the tech sector was leading losses on the major U.S. indexes on Thursday. (Read our daily markets coverage here.) Coming into today’s session, the stock had gained 44% since the start of the year, though the stock is down from the record high of $212 set late last month.

Tech sector stocks have pulled back recently amid worries about an AI bubble, with a muted reaction to strong earnings from rival Advanced Micro Devices(AMD) last week and a drop in shares of AI software darling Palantir (PLTR) following its better-than-expected results suggesting investors may have become harder to impress, with weaker rewards and greater punishments in response to quarterly results.

Read the full article here.

–Kara Greenberg

These Student Loan Borrowers Are Still Blocked From Getting Tax-Free Forgiveness

3 hr 41 min ago

Some student loan borrowers are being blocked from switching to a federal repayment plan that would help them get tax-free loan forgiveness before the end of the year.

Many borrowers are seeking to transition into the Income-Based Repayment plan, in which they may be eligible for student loan forgiveness before the end of the year. Those who become eligible for loan discharge in 2025, typically after making 20 or 25 years of qualifying payments, do not have to pay taxes on their loan forgiveness.

The problem is that the Department of Education and loan servicers are holding the IBR transfer applications for some borrowers rather than processing them, making it impossible for many to become eligible for forgiveness this year. Forgiveness for those who reach eligibility after 2025 will be treated as taxable income.

Millions of borrowers on the Saving for a Valuable Education repayment plan remain in forbearance, which prevents them from making payments that would qualify them for loan forgiveness.

Some of these borrowers have already met the payment requirement for forgiveness or are one to two payments away from doing so. However, borrowers on SAVE are ineligible for forgiveness, so they must transfer to IBR, Pay as You Earn, or Income-Contingent Repayment to finish their payments.

Read the full article here.

–Elizabeth Guevara

Verizon Plans to Cut About 15,000 Jobs, Report Says

3 hr 50 min ago

Last month, new Verizon Communications (VZ) CEO Daniel Schulman said the wireless giant had a “a tremendous amount of opportunity to be more efficient to be scrappier.” According to a report, the company intends to take a dramatic step to cut costs.

Citing people familiar with the matter, The Wall Street Journal reported Thursday that Verizon plans to eliminate about 15,000 jobs, mostly through layoffs. It would represent the largest cuts in the company’s history, the newspaper added, noting the firm “also plans to transition about 200 stores into franchised operations, which will shift employees off its payroll.”

According to a 10-K filing back in February, Verizon had “approximately 99,600 employees on a full-time equivalent basis as of December 31, 2024, 88% of whom are based in the U.S.”

Verizon shares were up about 1% in recent trading. They have gained roughly 3% in 2025, trailing the benchmark S&P 500’s 15% advance.

Online Comics Platform WEBTOON Entertainment Stock Dives on Weak Revenue Projection

5 hr 25 min ago

WEBTOON Entertainment (WBTN) announced a partnership with Warner Bros. Animation after markets closed yesterday. Shareholders couldn’t get past their other news.

Shares of the online comics platform sank 25% Thursday morning, a day after the company projected declining fourth-quarter revenue.

The Los Angeles-based firm guided for current-quarter revenue of $330 million to $340 million on a constant-currency basis, which would represent a year-over-year decline of 2.3% to 5.1%. Analysts surveyed by Visible Alpha were looking for $397.8 million.

WEBTOON also projected an adjusted EBITDA loss of $6.5 million to $1.5 million, while analysts were expecting the metric to be of plus-$12.9 million.

Separately, the firm said it “plans to develop a slate of animated projects with Warner Bros. Animation,” including co-producing “10 fan-favorite WEBTOON series for global distribution.”

With today’s sharp declines, WEBTOON Entertainment shares fell into negative territory this year.

Firefly Aerospace Stock Pops on Q3 Results, Rosy Full-Year Revenue Forecast

7 hr 29 min ago

Firefly Aerospace (FLY)’s third-quarter results and full-year revenue projection are sending its shares to the moon.

Firefly’s stock skyrocketed 25% before the bell Thursday, a day after The Cedar Park, Texas-based firm reported better-than-expected results and issued a rosy revenue projection.

The company registered Q3 revenue of $30.8 million, above the consensus Visible Alpha estimate of $29.8 million. Its adjusted loss of $51.5 million was smaller than the expected loss of $53.7 million.

In addition, Firefly guided for full-year revenue of between $150 million and $158 million, well above analysts’ expected $138.3 million.

“Our strong third-quarter revenue growth reflects steady execution of our spacecraft teams on multiple contracts as well as progress made by our launch teams,” CEO Jason Kim said.

However, Firefly Aerospace shares entered the day down about 70% since their IPO in early August.

Sealed Air Stock Soars on Report Bubble Wrap Maker in Talks to Be Taken Private

8 hr 3 min ago

Investors in the company that makes Bubble Wrap are hoping today’s premarket gains don’t pop when the opening bell rings.

Shares of Sealed Air (SEE) soared 22% before the bell following a report that the maker of packaging products was in talks with private-equity firm Clayton Dubilier & Rice to be taken private.

Citing people familiar with the matter, The Wall Street Journal reported that a deal for the Charlotte, N.C.-based firm “could come together soon, though it remains possible talks could fall apart or another buyer could emerge.”

Shares of Sealed Air, which has a market cap of $5.35 billion, entered Thursday up roughly 7.5% this year, below the 16.5% advance of the benchmark S&P 500.

Disney Tops Profit Estimates But Revenue Falls Short as Linear TV Struggles Continue

8 hr 21 min ago

The Walt Disney Co. (DIS) on Thursday reported better profit for the final quarter of its fiscal year than analysts had forecast, but revenue fell short and shares slipped in premarket trading.

Disney reported fourth-quarter revenue of $22.46 billion, down slightly year-over-year and below the Visible Alpha consensus of $22.75 billion. Adjusted earnings of $1.11 per share fell 3% but topped analysts’ estimates.

Direct-to-consumer segment revenue, which includes Disney’s streaming services like Hulu, ESPN, and Disney+, grew 8% to $6.25 billion but was below expectation. Disney said it had 132 million Disney+ subscribers at quarter end and 196 million combined Disney+ and Hulu subscribers, both better than expected.

Things were gloomier in Disney’s linear TV business, where domestic networks revenue and operating income dropped 16% and 21%, respectively, as the yearslong trend of falling viewership of traditional TV continues. Disney said the operating income decline was “due to lower advertising driven by decreases in viewership and political advertising.”

Read the full article here.

–Aaron McDade

Stock Futures Tick Lower After US Government Shutdown Ends

9 hr 12 min ago

Futures contracts tied to the Dow Jones Industrial Average ticked 0.1% lower.

S&P 500 futures were down 0.2%.

Nasdaq 100 contracts declined 0.3%.