Fiserv (NASDAQ:FI) opened sharply lower, down 46.94% to $66.94, while Arcutis Biotherapeutics (NASDAQ:ARQT) surged 27.04% to $24.95. The session brought a mix of earnings-driven winners and company-specific shocks. Technology, industrial testing and clean-energy plays showed strong early demand, led by Teradyne (NASDAQ:TER) and Bloom Energy (NYSE:BE). Meanwhile retail and payments names were pressured, with VF Corp (NYSE:VFC) among the larger decliners. Market participants reacted quickly to quarterly results, strategic announcements and a few outsized headlines, producing wide intraday dispersion across sectors.

Opening market moves and drivers

The opening bell featured outsized moves tied to fresh quarterly reports and a handful of discrete corporate updates. Arcutis Biotherapeutics (NASDAQ:ARQT) jumped after reporting earlier-than-expected profitability and raising its 2026 guide, pushing the stock to $24.95, up 27.04%. Teradyne (NASDAQ:TER) gained 17.39% to $169.49 after beating Q3 estimates and flagging a strong AI-related demand trajectory. In clean energy, Bloom Energy (NYSE:BE) climbed 9.53% to $124.08 on an earnings beat and stronger fuel-cell demand for AI infrastructure. These results created a bullish technical backdrop for names linked to AI and infrastructure spending.

Top gainers: earnings and AI flow

Arcutis’s move illustrates how a positive earnings surprise and explicit forward guidance can reprice small-cap biotechs quickly. Arcutis Biotherapeutics (NASDAQ:ARQT) combined its first positive net income with expanded label expectations for its dermatology portfolio. That confluence encouraged buyers to rotate into the name. Agilysys (NASDAQ:AGYS) rallied 22.56% to $141.12 after results that, while mixed on margins, showed robust cross-sell momentum and an upgraded narrative. Teradyne (NASDAQ:TER) posted an outsized intraday lift after beating revenue and EPS and forecasting a 27% sequential revenue jump into Q4 tied to AI device testing, a sign that semiconductor capital spending remains a near-term growth engine. TeraWulf (NASDAQ:WULF) leapt 16.86% to $15.94 following a large AI-infrastructure lease announcement and partnership details, highlighting how legacy miners are rebranding as AI compute providers. Western Digital (NASDAQ:WDC) rose 9.83% to $137.20 as investors positioned ahead of earnings and discussed structural price support in storage markets.

Top losers: concentrated shocks and profit-taking

On the downside, the most notable move was Fiserv (NASDAQ:FI), which plunged 46.94% to $66.94. The company’s slide deck release and subsequent market reaction produced a forceful repositioning in payments exposure. Commvault Systems (NASDAQ:CVLT) dropped 16.29% to $145.78 after a Q3 earnings mix where profits slightly missed expectations despite solid revenue growth, prompting immediate downside pressure. Other sizable decliners included AVTR down 15.40% to $12.76 and CSLLY down 15.29% to $58.65; both moves appear idiosyncratic and lack broad-sector support in intraday flow. Olin (NYSE:OLN) fell 12.45% to $21.03 despite a one-off loss discussion; its headlines about tax-credit windfalls and profit recovery generated volatile trading rather than a sustained buyer base.

News flow, Alpha Engine signals and market sentiment

News headlines drove the session. Clear winners tied to strong quarters and AI load narratives — Teradyne, Bloom Energy, Western Digital and Bloom-related clean-energy names — illustrate investors’ appetite for companies positioned to benefit from data-center buildouts. In contrast, payments and some enterprise software names reacted with sharper downside when earnings missed or guidance disappointed. The Trade Engine Alpha Engine Score provides context: most high movers carried mid-range scores (40–63), suggesting momentum was driven by immediate headlines rather than long, momentum-backed flows. VF Corp (NYSE:VFC) stands out with an Alpha Engine Score of 21.98, indicating weak momentum and that its price reaction may be more reactive and less sustainable. No names reported extremely high scores above 75 this session, which tempers the case for durable cross-market leadership from these moves.

Forward-looking comments and what to watch next

Heading into the rest of the day, traders will watch follow-up commentary from companies that reported after the bell or in early trading, especially management color on AI-driven demand and guidance cadence. Economic calendar items and any central bank remarks will be closely monitored for risk appetite signals that could broaden or compress these sector-led moves. Earnings transcripts and conference calls for the companies mentioned will be focal points; sustained flows will likely require consistent execution and clearer margin outlooks. For now, the session displays a bifurcated market: earnings- and AI-linked names found buyers, while payments and several mid-cap enterprise names faced quick repricing. Intraday participants should track volume confirmation and follow-on headlines, as many moves appear news-triggered rather than backed by ultra-strong momentum scores.