Stock Movers: Tesla Gains, ServiceNow Falls, Zillow & CoStar Hit by Google's Real Estate Test

Top Stock Gainers

• 🚀 Tesla shares rose approximately 3.5%, nearing an all-time high close for the year, trading around $475.
• 📈 KLA Corp gained 2.6% after being upgraded to 'buy' from 'hold' by Jefferies, citing AI tailwinds for the semiconductor capital equipment company into 2026.
• 💡 KLA Corp was highlighted as a strong performer among chip stocks, with Jefferies also favoring Broadcom, Nvidia, and Ka Ka for 2026.
• 🔬 Converter Therapeutics (KYTX), a small-cap stock, surged 23% after its drug for stiff person syndrome showed statistically significant clinical benefits in a Phase 2 trial, contributing to a 200% year-to-date gain.

Major Stock Decliners

• 📉 ServiceNow experienced the largest drop in the S&P 500, falling 11-12% following reports of advanced talks to acquire cybersecurity startup Armis for approximately $7 billion.
• 🏠 Zillow and CoStar (owner of Homes.com) saw their stock prices fall as Google began testing a new real estate advertising format that integrates property listings directly into search results.
• 📊 CoStar shares declined 6.6% and Zillow shares fell 8.5% due to Google's new feature, which includes full property details and contact options for agents.
• ⚠️ Luminar Technologies (LAZR) plummeted over 60% after filing for Chapter 11 bankruptcy protection and agreeing to sell its Luminar Semiconductors subsidiary for $110 million cash.

Market Overview and Yields

• 📊 The US market close saw mixed performance, with Tesla as a top gainer and ServiceNow as a significant decliner.
• 📉 Yields showed little activity, with a slight decrease on the short end of the curve and a small uptick on the long end.
• ⏳ The market is in a holding pattern, awaiting upcoming government data, including the monthly jobs report.