In this article SMH .NDX QQQ DRAM Follow your favorite stocks CREATE FREE ACCOUNT Traders work at the New York Stock Exchange on June 9, 2026. NYSE That escalated quickly. Investors' favorite trade is suddenly the one they can't stop betting against, even as it keeps going lower. Chip stocks in the VanEck Semiconductor ETF (SMH) are down on Tuesday. The ETF is now off more than 10% from the record...
In this article SMH .NDX QQQ DRAM Follow your favorite stocks CREATE FREE ACCOUNT Traders work at the New York Stock Exchange on June 9, 2026. NYSE That escalated quickly. Investors' favorite trade is suddenly the one they can't stop betting against, even as it keeps going lower. Chip stocks in the VanEck Semiconductor ETF (SMH) are down on Tuesday. The ETF is now off more than 10% from the record high reached last week, and options traders are betting it will get worse. Stock Chart Icon Stock chart icon The VanEck Semiconductor ETF (SMH) in the past five trading days Put volume outnumbered call volume by a factor of four as of midday Tuesday, according to data from ThinkOrSwim, and traders bought more than five times as many puts as calls. Of the almost $350 million in premium traded on SMH, $260 million was tied to puts, SpotGamma data show. The price action is a brutal about-face for investors who couldn't get enough of hardware stocks tied to the artificial intelligence buildout. However, for options traders who had been leaning bearish recently, the persistent put-buying in the face of deep selling is a sign some of the sector's biggest cheerleaders are looking elsewhere. "Friday's selloff was never going to be a one-hit wonder," Don Kaufman, co-founder of TheoTrade, said by phone. "All these SMH put-buyers are going to force market-makers to short the stock or sell Nasdaq futures which creates a very similar feedback to loop to what was causing it to go higher, but the downside can be exacerbated when money managers or retail [traders] panic." The bearish sentiment around SMH is showing up in the broader tech-heavy Nasdaq 100 , where options volumes in the Invesco QQQ ETF also skewed toward puts. Of the $3.7 billion traded in QQQ options Tuesday, about $2.5 billion was in puts. The most popular contract in QQQ by dollar amount and volume is currently the in-the-money 700-strike put expiring on Tuesday, with $44 million in premium exchanged. The runner-up is th...
A growing divergence between index-level volatility and individual stock volatility is signaling increased stress beneath the surface of the U.S. equity market, even as headline benchmarks continue to appear relatively stable. According to recent market data put together by The Kobeissi Letter, the average three-month implied volatility of an S&P 500 constituent has climbed to approximately 40, ma...
A growing divergence between index-level volatility and individual stock volatility is signaling increased stress beneath the surface of the U.S. equity market, even as headline benchmarks continue to appear relatively stable. According to recent market data put together by The Kobeissi Letter, the average three-month implied volatility of an S&P 500 constituent has climbed to approximately 40, marking its highest level since the sharp market sell-off in March and April 2025. The measure has surged roughly 10 points since the beginning of 2026 and now stands at its second-highest reading since the volatility shock triggered by the COVID-19 pandemic in 2020. Elevated implied volatility at the individual stock level typically reflects heightened uncertainty among investors and larger expected price swings across a broad range of companies. Such readings suggest that risk is becoming increasingly concentrated within the market despite the resilience of major indexes. Meanwhile, the S&P 500’s implied volatility remains near 15, a level that is well below historical periods of market stress. Analysts point to the outsized influence of mega-cap technology and growth stocks, whose substantial index weightings can dampen benchmark volatility and obscure weakness elsewhere. The widening gap suggests that market turbulence is becoming more pronounced beneath the surface, even as broad indexes project relative calm. S&P 500 Funds: ( SPY ), ( VOO ), ( IVV ), ( RSP ), ( SSO ), ( UPRO ), ( SH ), ( SDS ), ( SPXU ), ( FXAIX ), ( VFIAX ), ( VFFSX ), and ( SWPPX ). More on markets Silver falls below 200-day MA, down 45% from its record high set earlier this year AI job crisis nowhere to be found as hiring remains strong, Apollo says BofA raises red flags as bear-market signals flash Beyond big tech: AI adoption spreads across nearly every sector AI benefits still concentrated in the Magnificent Seven, Apollo says
horstgerlach American Airlines ( AAL ) and Google ( GOOG ) ( GOOGL ) have agreed to a deal that would help American ( AAL ) increase its use of sustainable fuel with financial help from Google ( GOOG ) while giving the tech company reduced emissions credits. Under the terms of the largest publicly announced agreement between an airline and a corporate customer for sustainable aviation fuel certifi...
horstgerlach American Airlines ( AAL ) and Google ( GOOG ) ( GOOGL ) have agreed to a deal that would help American ( AAL ) increase its use of sustainable fuel with financial help from Google ( GOOG ) while giving the tech company reduced emissions credits. Under the terms of the largest publicly announced agreement between an airline and a corporate customer for sustainable aviation fuel certificates (SAFc), American ( AAL ) would take delivery of 35M gallons of SAF over three years at Chicago O’Hare International Airport, resulting in nearly 300,000 metric tons of carbon dioxide equivalent emissions reductions. Google ( GOOG ) ( GOOGL ) will cover the 35M gallons in return for the environmental credits—or SAFc—that it will use to offset emissions from employee business travel. SAFc are tradable environmental attributes that represent greenhouse gas reductions when airlines use sustainable biofuels in place of traditional fossil fuels. The sustainable aviation fuel will be produced from waste feedstocks such as used cooking oil. SAF can reduce emissions by up to 80% compared to traditional jet fuel. The use of biofuels can also help airlines offset soaring costs due to the steep increase in fuel prices. According to the International Air Transport Association , airline profits are expected to fall by nearly half this year in direct impact from the war in the Middle East. “War-related disruptions in the Middle East and rising fuel costs have shifted the outlook for airlines to the worse," IATA Director General Willie Walsh said in a statement. But while the 35M gallons is sizable, it reflects less than 1% of the 4B gallons of jet fuel American ( AAL ) uses each year. Last quarter, American Airlines ( AAL ) acknowledged that fuel costs increased by $400M in Q1 and was largely responsible for driving the company into the red for the quarter. For the year, American Airlines ( AAL ) anticipates elevated fuel costs could add as much as $5B to annual operating costs. Mor...
Standard Bots has raised $200 million in a new round of funding to ramp up manufacturing of robotic arms in the US as the country vies to keep pace with China in building more advanced robots. Standard Bots co-founder and CEO, Evan Beard joins Caroline Hyde to discuss on "Bloomberg Tech." (Source: Bloomberg)
Standard Bots has raised $200 million in a new round of funding to ramp up manufacturing of robotic arms in the US as the country vies to keep pace with China in building more advanced robots. Standard Bots co-founder and CEO, Evan Beard joins Caroline Hyde to discuss on "Bloomberg Tech." (Source: Bloomberg)
Real Madrid reveal they have made offer for Argentinian Arbeloa departs club, paving way for Mourinho return Real Madrid have revealed they have had a €150m (£129.4m) bid for Julián Alvarez rejected by city rivals Atlético Madrid. The Argentina striker has scored 49 goals in 106 appearances for Atlético since joining from Manchester City in 2024. The 26-year-old, whose contract runs until 2030, re...
Real Madrid reveal they have made offer for Argentinian Arbeloa departs club, paving way for Mourinho return Real Madrid have revealed they have had a €150m (£129.4m) bid for Julián Alvarez rejected by city rivals Atlético Madrid. The Argentina striker has scored 49 goals in 106 appearances for Atlético since joining from Manchester City in 2024. The 26-year-old, whose contract runs until 2030, reportedly wants to leave and has been linked with Arsenal and Barcelona. Florentino Pérez vowed before his reelection as Real’s president to submit a club-record offer for an unnamed “great player”. Continue reading...
Maksim Labkouski/iStock via Getty Images After strong gains last year, biotech stocks are underperforming YTD despite a record wave of M&A activity fueled in part by leading drugmakers hunting for deals amid looming patent cliffs for their blockbuster drugs. Contrasting a ~35% rally in 2025, the industry benchmark State Street SPDR S&P Biotech ETF ( XBI ) has added only ~7% this year, and even les...
Maksim Labkouski/iStock via Getty Images After strong gains last year, biotech stocks are underperforming YTD despite a record wave of M&A activity fueled in part by leading drugmakers hunting for deals amid looming patent cliffs for their blockbuster drugs. Contrasting a ~35% rally in 2025, the industry benchmark State Street SPDR S&P Biotech ETF ( XBI ) has added only ~7% this year, and even less so over the past three months, trailing the ~8% YTD gain in the S&P 500 ( SP500 ). However, biotech dealmaking activity is on track to reach the highest level since 2019, according to PitchBook data quoted by CNBC. The industry has so far witnessed 201 M&A deals this year valued at $106B. If the current trend continues, it is on track to record 482 deals valued at $254B compared to 572 deals valued at $201B last year. The PitchBook forecast preceded two blockbuster deals from Big Pharma this week. On Tuesday, GSK ( GSK ) agreed to acquire the U.S. cancer drug developer Nuvalent ( NUVL ) in a $10.6B deal. A day earlier, Johnson & Johnson ( JNJ ) announced a $1B agreement to acquire privately held biotech Firefly Bio. Analysts said GSK’s ( GSK ) deal could help the British drugmaker add late-stage cancer in a field it already operates and offset a 2028 patent expiry for its HIV medicine dolutegravir. J&J ( JNJ ) is also facing a series of patent cliffs for blockbuster drugs through the end of the decade, most notably for its leukemia therapy Imbruvica and its immunology drug, Stelara. Thanks to the cash pile generated from its GLP-1 franchise, Eli Lilly ( LLY ), another top biopharma dealmaker this year, has announced as many as eight acquisitions worth up to $25B by the beginning of June. "Biotech's activity levels in 2025 point to encouraging signs of market recovery, though uncertainty continues due to macroeconomic headwinds," said Ashwin Singhania, Principal in EY-Parthenon's Life Sciences strategy practice. “Encouragingly, we're seeing sustained momentum in 2026, as l...
AI Agents With Crypto Could Escape And Become 'Unstoppable', Experts Warn Authored by Martin Young via CoinTelegraph.com, Artificial intelligence agents that have autonomous access to crypto wallets could become unstoppable if deployed maliciously or if they escape from sandboxes, experts from a leading academic research consortium warned. “Unstoppable Autonomous Agents” (UAAs) pose a clear threat...
AI Agents With Crypto Could Escape And Become 'Unstoppable', Experts Warn Authored by Martin Young via CoinTelegraph.com, Artificial intelligence agents that have autonomous access to crypto wallets could become unstoppable if deployed maliciously or if they escape from sandboxes, experts from a leading academic research consortium warned. “Unstoppable Autonomous Agents” (UAAs) pose a clear threat if they are deployed to persist automatically and have access to digital assets, according to a June 8 industry review written by 25 academics and experts from top US universities for the Initiative for Cryptocurrencies and Contracts (IC3). “When combined systematically, crypto tools can channel AI’s fluid power into secure, reliable, and highly autonomous systems,” the researchers wrote. However, this combination could have “far-reaching consequences for users and the financial system,” they added. UAAs may also be equipped with access to cryptocurrency wallets, social media accounts, APIs, and other external tools, said the researchers. “The capabilities enabling such agents are already emerging and improving rapidly.” The warning comes as crypto projects and executives have been pushing the agentic payment and micropayment economy narrative this year, suggesting it could be the biggest use case for decentralized digital assets. AI self-replication alarm bells The paper also revealed that existing models can already “surpass self-replication red lines” in local environments, by autonomously creating a live, separate copy of themselves on the same machine, “a capability that could let a system evade shutdown and proliferate.” Because reward signals used in training often fail to perfectly capture the intended objectives, “UAAs deployed for benign purposes may inadvertently cause harm,” or pursue resource acquisition as a default strategy, they said. However, the authors noted that models have yet to replicate themselves onto external infrastructure. Potential AI agent ins...
Indigo Division/iStock via Getty Images Investment Thesis Peabody Energy Corporation ( BTU ) has strength in its fundamentals, with the company's strong balance sheet , solid demand for U.S. thermal coal, and a recent federal support package of up to $500 million for coal generation facilities. At current levels, Peabody doesn't appear particularly attractive as a Buy, with earnings multiples that...
Indigo Division/iStock via Getty Images Investment Thesis Peabody Energy Corporation ( BTU ) has strength in its fundamentals, with the company's strong balance sheet , solid demand for U.S. thermal coal, and a recent federal support package of up to $500 million for coal generation facilities. At current levels, Peabody doesn't appear particularly attractive as a Buy, with earnings multiples that appear to factor in most of the upside. While there is potential for a re-rating in the form of seaborne metallurgical coal, it's volatile and could lead to disappointment as well. Peabody is diversified with several segments, including the Powder River Basin (PRB), seaborne thermal, and met coal. Q1 earnings showed how volatile its earnings could be, and at today's prices, the multiples reflect most of the upside in my view. That is why I'm rating Peabody a Hold with a 12-month price target of $29. Peabody Energy Q1 Results Q1 revenue was $973.3 million, up 3.9% YoY, beating estimates by ~$7 million. However, most of the report was disappointing, with adjusted EBITDA plummeting to $82.5 million from $144.0 million in Q1 2025 and GAAP EPS of -$0.27 missing estimates of $0.08. Some of the GAAP expense was one-time, with the company recording $3 million in Anglo acquisition termination charges, and while that charge is behind them, legal defense costs will run around $5 million annually. When you strip that cost out, the quarter looks better, but even with that adjustment, adjusted EBITDA still looks poor, and FCF turned negative to -$55.4 million. PRB coal also faced a struggle with adjusted EBITDA coming in at $23.7 million, falling from $36.3 million YoY. However, management pointed to continued strength in U.S. electricity demand, with PRB shipments of 21.2 million tons exceeding expectations in Q1. While Q2 volumes are expected to decrease to 19 million tons due to the shoulder season, management expects overall U.S. load growth to support coal demand as the market ente...
Brandon Bell/Getty Images News NASA unveiled the four-person crew for its Artemis III mission on Tuesday, selecting three American astronauts and one Italian astronaut for a critical orbital test of lunar landing systems being developed by SpaceX ( SPCX ) and Blue Origin. NASA Administrator Jared Isaacman announced that Andre Douglas, Frank Rubio, Randy Bresnik and European Space Agency astronaut ...
Brandon Bell/Getty Images News NASA unveiled the four-person crew for its Artemis III mission on Tuesday, selecting three American astronauts and one Italian astronaut for a critical orbital test of lunar landing systems being developed by SpaceX ( SPCX ) and Blue Origin. NASA Administrator Jared Isaacman announced that Andre Douglas, Frank Rubio, Randy Bresnik and European Space Agency astronaut Luca Parmitano will fly the mission, which is scheduled to launch late next year. Artemis III won’t travel to the moon. Instead, it will conduct a series of docking demonstrations in low-Earth orbit involving NASA's Orion spacecraft, SpaceX's Starship lander and Blue Origin's Blue Moon lander. The mission is designed to validate key technologies needed for future lunar landings. For investors, the mission represents an important milestone for both SpaceX ( SPCX ) and Blue Origin, whose lunar landers are central to NASA's long-term moon exploration plans. Successful testing could reduce technical risk ahead of future crewed moon landings and support billions of dollars in government and commercial space contracts tied to lunar exploration. NASA officials described the mission as a complex, multi-launch operation that will rely on three heavy-lift rockets and multiple spacecraft operating in orbit over a short period. The two-week flight follows Artemis II, which sent astronauts around the moon earlier this year, and Artemis I, the uncrewed test mission launched in 2022. NASA views Artemis III as a crucial step before returning astronauts to the lunar surface later in the decade. The broader Artemis program aims to establish a sustained human presence on the moon while helping the United States maintain its lead in space exploration as China pursues its own crewed lunar landing target for 2030. More on SpaceX How 20 Years Of IPO Experience Helps Me Think About SpaceX SpaceX: You Are Buying 2030 At The 2026 Offer Price The SpaceX IPO: All Systems Go, Ready For Blast Off? Space...
Get a jump start on the US trading day with Matt Miller and Dani Burger on "Bloomberg Open Interest." The AI rebound rolls on as investors stay bullish on tech. OpenAI confidentially files for an IPO, SpaceX readies its blockbuster debut, and Apple faces doubts over its AI push. Plus, some optimism in the housing market as existing home sales accelerate, Emily Graffeo joins Open Interest on Apollo...
Get a jump start on the US trading day with Matt Miller and Dani Burger on "Bloomberg Open Interest." The AI rebound rolls on as investors stay bullish on tech. OpenAI confidentially files for an IPO, SpaceX readies its blockbuster debut, and Apple faces doubts over its AI push. Plus, some optimism in the housing market as existing home sales accelerate, Emily Graffeo joins Open Interest on Apollo and Blackstone’s $35 billion AI financing deal, and Firefly Aerospace CEO Jason Kim on the space economy. (Source: Bloomberg)