The S&P 500 Index and VOO ETF dropped sharply on Friday as investors reacted to the latest earnings by top companies like Broadcast and Oracle, which sent jitters on the booming artificial intelligence (AI) industry. The index pulled back to $6,625, down from the year-to-date high of $6,922. 

This article explores some of the top S&P 500 stocks to watch this week.

ServiceNow to acquire Armis

One of the top S&P 500 and VOO ETF stocks to watch this week is ServiceNow, a technology company valued at nearly $180 billion.

The NOW stock price has crashed by ~25% this year as concerns about its AI performance concerns. Therefore, the company will be in the spotlight after a report showed that it was in talks to acquire Armis, a cybersecurity company, in a $7 billion deal. 

It will be its biggest acquisition so far and help ServiceNow compete with other top companies like Palo Alto Networks, Fortinet, and CrowdStrike. 

A recent report suggested that Armis had achieved $300 million in annual recurring revenue, up by $100 million from last year. It was eying a public listing, potentially in 2026.

The buyout comes a few months after ServiceNow bought Moveworks in a $2.85 billion deal. This deal helped it to diversify its business to AI agents that can work without meaningful human supervision.

Micron (MU)

Micron, one of the best-performing companies in the S&P 500 Index this year, will be another top company to watch as it publishes its financial results, which will shed more light on the AI industry.

Micron stock price has already jumped by 137% this year, bringing its market capitalization to over $271 billion. Other competing companies like Seagate and Western Digital are some of the best-performing firms in the index.

The upcoming results come two weeks after the company announced that it would stop selling products made for retail clients as it focuses on the booming data center segments. That decision led to accusations that it had abandoned gamers.

Analysts expect that the upcoming results to show that the revenue rose by 47% to $12.8 billion, while its earnings-per-share rose from $1.79 last year to $3.9 in the last quarter.

The annual revenue guidance is expected to come in at $56 billion, a 55% increase from the same period last year.

READ MORE: Broadcom stock plunges nearly 9%: what AVGO’s sell-off signals for tech investors

Nike (NKE)

Nike, a top player in the S&P 500 Index and VOO ETF, will be another top company to watch this week as it releases its numbers. These numbers come as the stock has crashed by 60% from its highest level during the pandemic.

Nike stock price has remained under pressure this year as the dropped by over 3%, shedding millions of dollars in value, even as the S&P 500 Index rose to a record high.

Data compiled by Yahoo Finance shows that Nike’s revenue dropped by 1.19% YoY in the last quarter to $12.21 billion. Its guidance for the next quarter will be $11.42 billion, a 1.02% increase from the same period last year.

The company’s earnings per share is expected to come in at 38 cents, down from 78 cents in the same period last year.

These numbers come as that company’s management continues its turnaround efforts, which are focused on innovation and changing how it sells its products. After ignoring its whole sales under the previous management, the company is now working to improve relationships with them.

The other top S&P 5OO Index stocks to watch are Warner Bros. Discovery, FedEx, Oracle, Broadcom, and PayChex.

READ MORE: Oracle stock tank after reported delays to OpenAI data-center expansion

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The Nasdaq 100 Index and its top ETFs like QQQ, QQQM, and JEPQ suffered a harsh reversal last week as jitters on the ongoing artificial intelligence (AI) boom continued. It dropped to a low of $25,195, down sharply from the year-to-date high of $26,143. This article explores some of the top catalysts for the index and its ETFs this week.

Nasdaq 100 Index to reach the recent reconstitution 

One of the key catalysts for the Nasdaq 100 Index and its ETFs is the recent reconstitution, which introduced new companies and saw some popular names removed. 

The new companies in the blue-chip index are firms like Ainylam Pharmaceuticals, Ferrovial, Insmed, Monolithic Power, Seagate, and Western Digital. These stocks will likely rise this week as investors anticipate more purchases by funds that track the index.

These companies will replace top companies like Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor, and The Trade Desk. Most of these companies have underperformed the broader index this year as they faced numerous challenges.

READ MORE: Lululemon shares jump after earnings beat and CEO exit announcement

A notable company that did not join the Nasdaq 100 Index was Walmart, the biggest retailer in the United States, which decamped from the NYSE to the Nasdaq this year. It missed the inclusion because of the time when it entered the index, but chances are that it will do so in the next reconstitution in 2026.

Micron earnings 

The other main catalyst for the Nasdaq 100 Index and its ETFs, like QQQ and JEPQ is the upcoming Micron earnings, which will provide more information about the ongoing AI boom.

Micron is a major player in the industry, where it provides products known as DRAM and NAND memories that have seen their demand surge this year because of the ongoing AI boom.

As a result, the Micron stock price has jumped by 137% this year, bringing its market capitalization to over $271 billion. The surge happened as the company’s revenue and profitability surged.

The most recent results showed that Micron’s cloud memory revenue rose to $4.5 billion, representing 40% of the total revenue. Its core data, mobile & client, and auto and embedded revenues rose to $1.57 billion, $3.7 billion, and $1.43 billion, respectively.

Analysts are optimistic that Micron’s business did well in the first quarter of the year, with the revenue expected to come in at $12.84 billion, up by 47% from the same period last year. Its earnings-per-share is expected to be $3.9, up from the previous $1.39.

These results come a week after two important companies in the AI industry, Oracle and Broadcom, published results. These results sent jitters in the stock market, with the Nasdaq 100 Index falling by thousands of points.

Bank of Japan (BoJ) interest rate decision and key macro data

The other key catalyst for the Nasdaq 100 Index will come from Japan, where the country’s central bank will meet and deliver its interest rate decision.

Economists expect the bank to hike interest rates for the first time in eleven months. Polymarket data shows that odds to a hike have jumped to 98%, a move that the central bank governor has largely supported.

The BoJ is one of the biggest central banks globally and its actions have always had an impact on the world economy. For example, the stock and crypto markets crashed last year when it made its first interest rate hike in decades.

In addition to the BoJ rate hike, the Nasdaq 100 Index will react to some key macro data from the United States, including the upcoming non-farm payrolls (NFP) and consumer inflation.

These numbers are important as they come a week after the Fed slashed interest rates by 0.25% and hint that it will deliver one more in 2026. Investors will watch the upcoming data to help them predict what to expect in the coming meetings.

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Micron stock price tanked in the past few days, erasing some of the gains made earlier this month, as investors reacted to the recent Oracle and Broadcom earnings. It dropped to a low of $240, down sharply from the year-to-date high of $264.46. It remains up by 152% from where it started the year.

Micron to publish first quarter earnings 

Micron stock price has been in a strong uptrend this year, helped by its strong revenue growth amid the ongoing boom in the artificial intelligence (AI) industry.

The company’s Dynamic Random Access Memory (DRAM), NAND flash memory, and solid-state storage products has jumped as the ongoing data center build-up has accelerated. 

This demand has pushed the company to undergo some major changes. In a recent statement, the management noted that it would exit its consumer business to focus on the data center businesses. 

That move led to accusations that the company had abandoned gamers and other loyal clients. Also, it put it a risk of a slowdown if the AI boom starts to slow. 

Looking ahead, the next key catalyst to watch will be the upcountry financial results, which will provide more color on its growth trajectory.

The most recent results showed that Micron’s business was doing well, with its volume rising from $7.75 billion in the fourth quarter last year to $11.32 billion.

This growth translated to an annual revenue of over $37 billion, much higher than the $25.1 billion in the previous year. This growth made it one of the fastest-growing companies in the tech industry.

Most of its revenue came from its DRAM business, which brought in $9 billion, with its revenue rising by 27% QoQ. Similarly, the NAND business made $2.3 billion, up by about 20% from the same period last year.

Analysts estimates and valuation 

Analysts are optimistic that the company’s growth accelerated in the first quarter of the year. The Average estimate among analysts is that the company’s revenue rose by 47% in the last quarter to $12.8 billion. Its earnings-per-share is expected to come in at $3.91, up from the $1.79 it made in the same period last year.

Micron has a long history of beating analyst estimates, meaning that its business will likely report stronger results than expected.

Analysts also expect that its second-quarter revenue guidance will be $14 billion, up by 74% from the same period last year. Its EPS will be $4.4, up sharply from the $1.56 it made in the same period last year.

These results will come out a week after Oracle and Broadcom stocks plunged despite publishing its financial results. Oracle’s stock price plunged amid concerns about its debt and negative cash flow. There are concerns that OpenAI may opt to slow its infrastructure build-up.

One key aspect about Micron is that its stock has become highly undervalued, with its forward price-to-earnings ratio of 13.25 being much lower than the sector median of 24. The five-year PE average is 75. 

Micron’s forward EV to EBITDA multiple is 7.35, much lower than the sector median of 15.27. Additionally, the company’s rule-of-40 multiple stands at 61. This estimate is calculated by adding its revenue growth of 40% and its net income margin of 21%.

Micron stock price technical analysis 

The daily timeframe chart shows that the MU stock price surged to a record high of $264.40 last week as the bull run accelerated. It then suffered a harsh reversal after the Broadcom and Oracle earnings.

The stock has formed a double-top pattern at $258.80 and a neckline at $192.73, its lowest level on November 21. 

Meanwhile, the MACD and the Relative Strength Index (RSI) have pulled back from their highest levels this year, forming a bearish divergence pattern.

Therefore, the stock will likely have a strong bearish breakout, potentially to the key support level at $200. However, a move above the year-to-date high of $264.40 will invalidate the bearish outlook.

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The Nvidia stock price has crashed in the past few weeks as investors remain concerned about the artificial intelligence industry after last week’s Oracle and Broadcom earnings. NVDA dropped to $175, down sharply from the year-to-date high of $211, meaning it has erased over $750 billion in value.

Why the Nvidia stock price has crashed

Nvidia and other top companies in the artificial intelligence industry have plunged in the past few days as jitters have accelerated.

These jitters accelerated last week after Oracle and Broadcom published their quarterly results. Oracle, which has become a major player in the sector, has dropped by over 45% from its highest point this year.

While the company’s remaining performance obligations (RPO) surged to over $525 billion, the company’s debt has soared and its free cash flow has turned negative. Worse, the company has some maturities coming up, raising concerns about its ability to pay.

Broadcom stock dropped as investors questioned its growth trajectory even as it announced huge deals, including one with Anthropic, one of the biggest competitors to OpenAI.

Therefore, the ongoing Nvidia stock price crash is not necessarily because of its fundamentals. Instead, it is a thematic drop as investors dump companies in the industry, including infrastructure players like CoreWeave, IREN, and Bitfarms.

Nvidia has become a bargain 

The ongoing Nvidia stock price crash has left behind a company that is undervalued by most measures.

Data compiled by SeekingAlpha shows that the company has a forward price-to-earnings ratio of 38, much lower than the five-year average of 57. Its Non-GAAP PE ratio stands at 37, also much lower than the five-year average of 45.

Nvidia’s forward PE ratio is much higher than the S&P 500 Index’s average of 23. However, this difference is justified by the company’s strong revenue and profitability growth and its moat in the artificial intelligence industry.

The most recent results showed that the company’s growth accelerated in the third quarter as demand for its chips soared. It made $57 billion in revenue, up sharply from the $46 billion it delivered in the second quarter and the $35 billion it made in the same period in 2024.

The company’s profitability also accelerated in the period, with its net profit jumping to $31 billion, up sharply from the $19 billion it made last year.

The ongoing jitters about the AI bubble are justified. However, chances are the Nvidia will continue growing as companies in the industry are not slowing down their deployments.

As a result, Wall Street analysts believe Nvidia’s business will continue doing well in the foreseeable future. For example, the average estimate is that the company’s revenue will come in at $65 billion in the fourth quarter, bringing its annual figure to $213 billion.

This estimate does not include shipments of the 200 chips that the Trump administration authorized last week. As such, if these shipments start, there is a possibility that the revenue will be much better than expected, a move that will justify the current valuation metrics.

Nvidia share price technical analysis 

The daily timeframe chart shows that the Nvidia stock price has plunged in the past few months, moving from the year-to-date high of $211 to the current $175. It has even moved slightly below the 50-day and 100-day Exponential Moving Averages (EMA), which is a risky move.

However, on the positive side, the stock has formed a rising broadening wedge, which is also known as a megaphone. It is now along the lower side of the megaphone pattern.

Therefore, the most likely scenario is where the stock rebounds, potentially to the upper side of wedge, which is at $211. This target is about 21% above the current level. On the other hand, a move below the support level at $170 will invalidate the bullish outlook.

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Crude oil price extended previous losses to a two-month low as concerns over a supply glut and slowing demand growth continue to weigh on the market. Brent oil edged lower to find support at the crucial support level of $60 as at the time of writing. At the same time, WTI oil price declined to its lowest level since 21st October at $56.41. With the highly anticipated US nonfarm payrolls and CPI data, the high volatility in the US dollar is set to spread to the dollar-priced crude oil. 

How low can crude oil prices reach?

Crude oil prices remain under selling pressure as oversupply concerns and a weak demand outlook are set to continue defining the market sentiment into the coming year. Indeed, the possible rebound is expected to be corrective in nature as opposed to the onset of a trend reversal.

Nonetheless, certain elements are clouding this bearish outlook. To start with, China has been hoarding robust oil stockpiles; a trend expected to continue in 2026. According to Citigroup, the stockpiling is set to increase in pace from an average of 800,000 bpd to 900,000 next year. 

While that rate will help cushion the global oil market from the forecasted supply glut, it does not necessarily equate to a boost in demand growth. In fact, demand growth in the leading importer and consumer of crude oil is expected to remain sluggish till mid-2026 at 150,000 bpd. 

Read more: China’s economic slowdown deepens in November as weak demand weigh on growth

Besides, the International Energy Agency (IEA) has improved its supply/demand outlook for 2026. In its latest monthly report, the agency now expects supply to surpass demand by 3.89 million bpd in 2026 compared to its previous forecast of 4.09 million bpd. At the same time, it has improved its demand growth outlook, citing subdued tariff woes and a brighter global economic outlook. 

As the crude oil market ponders on these drivers, they are also keen on the US nonfarm payrolls and CPI data slated for release on Tuesday and Thursday respectively. As investors look for cues on the Fed’s next move, heightened volatility in the Treasury yields and the US dollar is set to spread to the dollar-priced crude oil.

Brent crude oil price technical analysis

The benchmark for global oil prices, Brent, edged lower on Monday; extending losses recorded in the past week. At the time of writing, it was trading at $60.44 a barrel; a level last seen in late October. This has pushed it closer to the oversold territory at an RSI of 36. Besides, it is at the border of the bearish channel that has largely shaped its movements since early August. 

Based on these technical indicators, a correction is likely in the immediate term. This would have the Brent crude oil price bounce off the crucial support zone of $60 and back to the tight range of between $61 and $64. 

However, even with the expected rebound, I expect the asset to remain below $64.50 in the short term. Indeed, a move above that level will invalidate this thesis. On the flip side, a move below the highlighted bearish channel will give the sellers a chance to retest May’s lows.  

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A crypto crash is happening today, with Bitcoin and top altcoins like Dogecoin (DOGE), Pi Network (PI), Cardano (ADA), Aster (ASTER), and Ondo (ONDO) falling by over 5%. The market cap of all tokens dropped by over 4% in the last 24 hours to $2.93 trillion. This article explores why the crypto market crash is happening today.

Crypto crash is happening amid risk-off sentiment 

One main reason why the crypto market is happening is that investors have embraced a risk-off sentiment as the artificial intelligence (AI) jitters continued.

These jitters explain why top indices like the Dow Jones, S&P 500, and Nasdaq 100 continued to drop on Monday. The Dow Jones fell by 105 points, while the S&P 500 and Nasdaq 100 dropped by 40 and 20 basis points, respectively.

Top AI companies like Nvidia, Broadcom, CoreWeave, and Oracle continued their downtrend, which has now erased over $1.5 trillion in value in the past few weeks alone.

There are risks that the AI bubble is bursting, a move that would have an impact across other asset classes like cryptocurrencies and bonds because of the correlation that exists among them.

Jitters in the AI industry accelerated last week when Oracle published its results. While its revenue and RPO growth continued growing, its negative free cash flow and elevated debt levels raised concerns among investors.