Dow, Nasdaq Diverge Again as AI Rotation Intensifies

Stocks are once more scattered, as investors continue their rotation out of AI infrastructure. The Nasdaq Composite (IXIC) is down 285 points, heading for its fourth loss in the last five days. The S&P 500 Index (SPX) and Russell 2000 (RUT) are more rangebound at last look, but are nonetheless on track for weekly losses. The Dow Jones Industrial Average (DJI), on the other hand, is up 176 points, powered by bank stocks and resurgent Nike (NKE). The blue-chip index is the only major index headed for a weekly win. 

Continue reading for more on today's market, including:

• Alcoa stock enjoying a much-needed post-earnings pop.
• United Airlines earnings: what you need to know.
• Plus, IOT bulls buy the dip; safe-haven miner surges; and Moderna cools off. 

Samsara Inc (NYSE:IOT) stock is seeing a surge in options trading today. At last look, 25,000 contracts have changed hands, volume that's more than triple the average intraday amount.  The most active contract is the January 2027 45-strike call, while the 45 strike in the October series expiring today is also popular. Samsara stock is down 6.3% to trade at $39.99, likely a victim of the broader software sector rotation. Year-to-date, IOT is still up 14.4%.

Newmont Corporation (NYSE:NEM) is one of the better stocks on the New York Stock Exchange (NYSE) this morning. Last seen up 2% to trade at $118.05, the gold miner is brushing off a price-target cut to $154 from $170 at CIBC. NEM is up 18.3% in 2026, with support in place at its 80-day moving average.

Moderna Inc (NASDAQ:MRNA) stock is near the bottom of the Nasdaq today, down 10% to trade at $213.63 today. There's no specific catalyst other than profit taking after the stock nabbed a four-year high of $242.29 yesterday. Goldman Sachs also hiked its price target to $137 from $120, while reiterating its neutral rating. Year to date, Moderna stock is now up an absurd 624%.