Stock Market Today, Oct. 20: IREN Slides on Funding Worries and Rate Fears
IREN (NASDAQ:IREN), a vertically integrated AI cloud and data center operator, closed at $26.62, down 4.00%. Premarket funding worries and rate fears pressured the stock, while investors are watching AI data center financing and guidance next.
Trading volume reached 69.7M shares, coming in about 52% above its three-month average of 45.9M shares. IREN IPO’d in 2021 and has grown 9% since going public.
S&P 500 closed at 7,711, up 0.26%, while the Nasdaq Composite finished at 26,425, down 0.02%. Among AI cloud services and vertically integrated data center infrastructure peers, Applied Digital closed at $19.33, up 0.42%, and Core Scientific closed at $13.79, up 0.44%, indicating steadier demand for nearby infrastructure names.
IREN stock continues to suffer as debt-related fears weigh on it and its neocloud peers.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.