2026-08-13 · By SEPT AI
Wall Street delivered a split session on Thursday, with the technology-heavy Nasdaq Composite staging a decisive advance while the Dow Jones Industrial Average and small-cap stocks struggled to find footing. The divergence underscored a market still grappling with uncertainty, as the Fear & Greed Index remained entrenched at 29, firmly in "Fear" territory.
The Nasdaq 100, tracked by the Invesco QQQ Trust (QQQ), closed at $732.06, up 0.95% on the day after touching a high of $733.96. The S&P 500, via the SPDR S&P 500 ETF (SPY), managed a more modest gain of 0.38% to finish at $777.79, recovering from an intraday low of $774.11. In contrast, the Dow Jones Industrial Average, represented by the SPDR Dow Jones Industrial Average ETF (DIA), slipped 0.15% to $537.89, while the iShares Russell 2000 ETF (IWM) fell 0.18% to $303.50, reflecting persistent headwinds for smaller companies.
The session’s action painted a picture of a market rotating selectively into growth and technology names, even as a broad undercurrent of caution kept many investors on the sidelines.
Technology was the clear leader, with the QQQ’s nearly 1% gain suggesting strong demand for mega-cap growth stocks. The move appeared to be a flight to quality within the equity space, as investors sought out sectors with perceived resilience in an uncertain macro environment. On the lagging side, small caps and value-oriented Dow components struggled, with the IWM and DIA both closing in the red. This divergence often signals a lack of conviction in the broader economic recovery, as traders favor the safety of large-cap tech over cyclical and domestically focused names.
A flurry of sharp moves dominated the day’s trading, driven largely by earnings surprises, corporate actions, and merger news.
Leading the upside was InMed Pharmaceuticals (INHD), which surged 67.43% to $10.90 on heavy volume of nearly 2 million shares. LUNL followed with a 54.03% gain to $5.73, while PMA jumped 40.43% to $1.61. FGI saw a 38.37% rally to $11.72 on massive volume of over 66 million shares, and BSEM added 35.87% to $3.12.
On the downside, XHG tumbled 29.30% to $4.10 on volume exceeding 48 million shares. SNDQ dropped 27.55% to $17.46, and FRGT fell 27.38% to $2.13. These moves were largely tied to earnings disappointments and corporate restructuring announcements.
Key Earnings
The earnings calendar was packed with results that fueled significant stock reactions. Alumis (ALMS) reported a Q2 loss of $(1.11) per share, missing the $(0.71) consensus estimate, while revenue of $1.662 million fell well short of the $3.468 million forecast. The stock moved lower on the news.
Lument Finance Trust (LFT) posted an adjusted Q2 loss of $(0.10) per share, missing the $0.07 estimate, and revenue of $4.503 million dramatically missed the $20.872 million consensus. The company also announced a 1-for-10 reverse stock split effective September 9, adding further pressure.
RenX Enterprises (RENX) reported a Q2 loss of $(3.08) per share, wider than the $(1.56) estimate, though revenue of $4.256 million slightly beat expectations. Serina Therapeutics (SER) posted a Q2 loss of $(0.55), missing the $(0.47) estimate, with sales flat year-over-year at $130,000.
On the positive side, Cadrenal Therapeutics (CVKD) beat estimates with a Q2 loss of $(1.14) versus the $(1.42) expected. Ensysce Biosciences (ENSC) also topped forecasts, reporting a loss of $(0.20) per share versus the $(0.50) estimate, with revenue of $1.164 million beating the $1.000 million consensus. CPI Aerostructures (CVU) swung to a profit of $0.05 per share from a $(0.10) loss a year ago, with revenue rising to $17.582 million from $15.179 million.
Grandstand (GRSD) shares rallied after the company reported better-than-expected Q2 results, while MDxHealth (MDXH) gained on stronger-than-forecast Q2 sales and an affirmed FY26 sales guidance above estimates.
Among notable misses, Boston Omaha (BOC) reported a Q2 loss of $(0.07) per share, missing the $(0.03) estimate, with revenue of $22.2 million falling short of the $29.5 million consensus. Macrogenics (MGNX) posted a loss of $(0.31) per share, missing the $0.02 estimate, while revenue of $32.832 million was well below the $67.456 million forecast. Blaize Holdings (BZAI) cut its FY26 sales guidance below estimates after reporting a wider-than-expected Q2 loss and missing revenue expectations.
In the broader earnings roundup, Tapestry (TPR) reported Q2 EPS of $1.32, beating the $1.26 estimate, on revenue of $1.88 billion. Archer-Daniels-Midland (ARX) posted EPS of $0.36, well above the $0.16 estimate, though revenue was not provided in the data.
No major economic data releases or Federal Reserve commentary were highlighted in today’s market data. The persistent Fear reading on the sentiment index, however, suggests that investors remain wary of potential headwinds, including inflation concerns and geopolitical risks.
Insider buying activity provided a notable signal of confidence in select names. KKR & Co. (KKR) registered a STRONG_BUY rating with nine insider purchases totaling $34.8 million. Taiwan Semiconductor (TSM) saw 77 insider buys worth $1.2 million, also earning a STRONG_BUY score. Erie Indemnity (ERIE) had three insider buys totaling $1.4 million, while Blackstone (BX) saw six buys worth $122,527. MercadoLibre (MELI) recorded four insider purchases for $1.3 million.
On the BUY side, RYAN had nine insider buys worth $5.6 million, SLRC saw eight buys for $3.8 million, and DLHC recorded 15 insider purchases totaling $681,764. NVR had one buy for $73,694.
No specific cryptocurrency data was provided in today’s market summary.
Investors will be watching for any additional earnings reports and economic data releases that could shift the narrative. The persistent Fear reading suggests that sentiment remains fragile, and any negative surprises could exacerbate the divergence between tech and the broader market. The performance of small caps and the Dow will be closely monitored for signs of a broadening recovery, while insider buying in major names like KKR and TSM may offer a contrarian signal of value. The market will also be on alert for any Federal Reserve commentary or geopolitical developments that could influence risk appetite.
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