Redfin Skyrockets 66% Defying Nasdaq – Palantir Stock Plunges 10%
Today major tech such as Palantir stock tumbled lower, pulling Nasdaq with them, but Redfin surged 66% after takeover news.
Market Meltdown: Nasdaq’s Worst Day in Over a Year
The Nasdaq Composite suffered its biggest single-day drop since September 2022, closing 4% lower at 17,468.32 points. At its lowest, the index plunged nearly 900 points intraday before recovering slightly. The S&P 500 also tumbled by 2.70% (-155.64 points) to 5,614.56, marking its worst day of 2025. The Dow Jones Industrial Average slid 2.08% (-890 points) to 41,911, briefly touching its 200-day moving average before rebounding.
Tech and AI Stocks Hit Hard
The technology sector bore the brunt of the sell-off, particularly AI-driven and momentum stocks. Investors dumped high-growth stocks amid growing uncertainty, with several seeing double-digit losses.
Redfin Defies the Crash, Surging 66% on Rocket Acquisition
While the broader market collapsed, Redfin (RDFN) soared 66% after Rocket Companies announced a $1.75 billion all-stock acquisition of the real estate brokerage firm. The deal, priced at $12.50 per share, positions Rocket as a dominant player in digital real estate.
- Redfin’s stock opened above $10, a massive jump from Friday’s sub-$6 close.
- Rocket’s shares dropped 8%, partially due to overall market weakness.
Palantir Takes a Hit – Down 10% on Government Budget Cuts
Palantir (PLTR) sank 10% (-$8.50) to $76.38, continuing a steep decline after previously surging 500%. The stock had peaked at $125.40 three weeks ago but reversed sharply after the U.S. government announced an 8% budget cut to the Pentagon.
- Military and defense contractors like Palantir are heavily reliant on government contracts.
- Since February, PLTR has lost 40% of its value, wiping out a significant portion of its gains.
Conclusion: A Market in Flux
While the broader market faced intense selling pressure, Redfin’s acquisition news fueled a remarkable rally. Meanwhile, Palantir’s fall highlights the risks of government budget dependencies. As volatility continues, investors will closely watch economic indicators and policy changes for direction.
Would you like insights on possible market recovery strategies?
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