U.S. stocks snapped a three-session skid Thursday as cheaper crude and easing yields gave investors permission to buy the Fed dip. The Nasdaq led at +1.7%, technology gained +2.2%, and the S&P 500 crossed 7,600.

Crude fell -1.3%, but rate pressure did not disappear. The 2-year yield finished at 4.74%, up 31 basis points this week, and the 10-year ended at 5.01%.

Stocktwits heat ran outside the megacaps. $RARE surged on its FDA approval, $CRWV fell after tapping debt and equity markets, and $GME drew the loudest stream without a fresh announcement.

Today's Briefing: Powered by Stocktwits Community API.

Ultragenyx Pharmaceutical, a rare-disease biotech, climbed Thursday after the FDA approved Fayuvi for children with Sanfilippo syndrome Type A. The one-time gene therapy is the first approved treatment for the fatal disorder, which progressively damages the brain and nervous system.

The RIP: $RARE ( ▲ 0.07% ) jumped +12.6% to $14.50 on 2.6 times normal volume. The approval included a Priority Review Voucher, and Ultragenyx expects Fayuvi to reach specialized U.S. treatment centers within 30 to 60 days.

That gives Ultragenyx its second approved gene therapy, but the stock remains down 37% this year and sits near its 52-week low. Approval settles the regulatory question. The company still has to find eligible patients, get them into treatment centers, and turn a tiny disease population into enough revenue to support a business that lost roughly $600M last year.

The Community Read: The $RARE room is bullish, see the launch and cash-burn debate ->

CoreWeave, the AI cloud operator renting GPU capacity to developers and large enterprises, fell Thursday after launching a $3B convertible-note offering and an at-the-market stock-sale program covering up to 35M shares.

The RIP: $CRWV ( ▲ 1.85% ) dropped -4.2% to $79.88 on 3.7 times normal volume. Note buyers can purchase another $500M, while the separate ATM could raise roughly $2.92B if CoreWeave sold the full allotment near Wednesday’s close.

Demand is not the problem. CoreWeave reported a $104.2B backlog at the end of June, added more than $25B of commitments early in the third quarter, and expanded contracted power to 4.2 gigawatts.

Paying for that buildout is expensive. CoreWeave ended the second quarter with $29B of net debt and spent $640M on net interest against $2.6B of revenue. Traders correctly noted that convertible notes do not create shares immediately, but the company launched an actual share-sale program on the same day. Subtle distinction, same capital appetite.

The Community Read: The $CRWV room is bullish, see why financing keeps dividing holders ->

Coinbase, the largest U.S. crypto exchange, climbed Thursday after the SEC created a five-year conditional exemption for venues trading tokenized U.S. stocks through permissioned liquidity pools. The tokens must carry the same dividend, voting, and ownership rights as the underlying shares. The SEC’s order grants firms a five-year exemption to offer tokenized stocks, as long as they give 30 days prior notice.

The RIP: $COIN ( ▲ 11.66% ) jumped +5.8% to $173.97, reversing Wednesday’s post-Senate selloff on lighter-than-normal volume. The stock remains 23% lower this year and sits near the bottom of its 52-week range.

The exemption arrived two days after the Senate voted 49-50 against advancing the Clarity Act, short of the 60 votes required. CEO Brian Armstrong called the bill “dead” and said the SEC and CFTC offered another route. He also argued that agency-led rules may favor Coinbase by limiting how quickly larger Wall Street competitors enter the market.

“We let politics get in the way, I guess,” Armstrong said.

The Community Read: The $COIN room is bearish, see the tokenization-versus-fee-pressure fight ->

DraftKings, the online sportsbook and casino operator, sank Thursday without a fresh company disclosure explaining the move. The selloff came one day after a federal appeals court revived two California tribes’ effort to block Kalshi sports contracts on tribal land, another legal setback for a prediction-market rival.

The RIP: $DKNG ( ▼ 3.2% ) dropped -7.6% to $22.47 on 1.9 times normal volume. The stock has fallen 35% this year and finished only 8% above its 52-week low. It’s the most obvious public market stock to bear the brunt of prediction contracts reactions while Kalshi and Polymarket are still private.

That court decision should help licensed sportsbooks at the expense of prediction markets. DraftKings also wants both sides of the business. CEO Jason Robins called prediction markets a huge opportunity last week as the company expands beyond traditional sports betting.

The market gave that pitch zero credit Thursday. DraftKings still has to prove the new product can add profitable volume instead of creating another expensive customer-acquisition fight. Stocktwits traders were almost evenly split between the growth opportunity and the company’s lack of consistent profits.

The Community Read: The latest $DKNG room is split over prediction markets and profitability ->

📺 Here are five key takeaways from Wednesday’s Fed rate hike

👀 CoreWeave launches $3 billion convertible debt sale

🪙 Crypto rallies through the Fed's first rate increase since 2023

🤖 Amazon, Walmart Face FTC Probe Call Over AI Chatbots And ‘Made In USA’ Claims , AMZN, WMT Stocks In Focus

🛢️ Trump Has A ‘Big Decision’ Coming Up On Iran, Says Report — ‘Do I Want To Go In And Annihilate Them?’

📈 The charts the Stocktwits community is trading, in your inbox by 8pm ET

⏩ Why this former contender for the Fed chair job thinks Kevin Warsh has a huge problem on his hands

33.5K WATCHERS · BULLISH · HIGH ACTIVITY

Arm surged after CEO Rene Haas said demand had never been stronger, with AI straining CPU, GPU, and memory supply across data centers, automobiles, robotics, and edge devices.

67.8K WATCHERS · NEUTRAL · NORMAL ACTIVITY

The FCC accepted Rocket Lab’s applications to take control of Iridium’s licenses for review, opening public comment through October 15 and advancing the acquisition through its first communications-regulatory checkpoint.

15.2K WATCHERS · BEARISH · LOW ACTIVITY

Workday rallied after CNBC reported that financing packages and equity commitments were still being assembled for a possible Silver Lake-led take-private, reviving deal speculation that surfaced in August.

Bearish 🐻 | Bullish 🐮 | It’s Complicated 😵‍💫

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Macro: State Unemployment Insurance Weekly Claims Report (9:00 AM ET), Capacity utilization rate (9:15 AM ET), Industrial production (9:15 AM ET), Fed Governor Michelle Bowman speaks (9:30 AM ET), The Conference Board's Leading Indicators Index (10:00 AM ET). 📊
Pre-Market Earnings: $CLGN CollPlant Biotechnologies Ltd - Ordinary Shares New. ☀️

P.S. You can listen to all of these earnings calls on Stocktwits.

Want to see some change? Respond to this email and reach me, Kevin Travers, with feedback. Follow me on Stocktwits. Send me charts and ideas! Refer a friend for this quarter’s edition of The RIP Forecast 😎

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