Daylight doubles the punishments, Mag 7 bid
Daylight doubles the punishments — Rubrik −11%, IREN −12%, Marvell −9% extend their overnight sells while the old-guard Mag 7 catches the bid.
No Synopsys-style rescue today: silicon sells toward −3% across XSD, SOXX and SMH while Workday flips its shrug into +5.9% and Elastic holds +18.5%. Warsh vows the 2% target at Jackson Hole, IEF trades under its 93.04 line on weekly-verdict day, and USDJPY takes back 160.
In this edition
The Midday 10 Fri, Aug 28, 2026 ~60 seconds 12:30 ET
This morning's page asked whether daylight would rescue last night's after-hours sells the way it rescued Synopsys on Wednesday. The answer at midday is no — every punished print is trading below its after-hours read, while the market pays the two names it liked and rotates hard into the old-guard mega caps. Underneath: a prices-first Warsh keynote, IEF under its verdict line, and the yen wire live again at 160.
Intraday, roughly 11:55 ET (15:55 UTC)
- Rubrik: the −7% after-hours sell becomes −10.9% in daylight
- Marvell: the evening's cleanest beat is sold hardest
- The paid side holds: Workday flips its shrug, Elastic keeps the payment
- Autodesk and IREN extend the other way
- The no-rescue read: today strengthens the bar-has-moved thesis
- The old-guard Mag 7 catches the bid while Nvidia sits it out
- Silicon sells toward −3%; software absorbs; cloud is green
- Warsh at Jackson Hole: prices first, 2% vowed
- IEF under the line on verdict day; USDJPY takes back 160
- The closing stack: two windows, one score, one verdict
The ten lines
- 1
THREAD Rubrik: the −7% after-hours sell becomes −10.9% in daylight
RBRK
Rubrik trades 95.39, down 10.9% — deepening last night's −7.0% after-hours read on a quarter that beat EPS $0.20 against a $0.04 consensus. The stock ran +11.3% into its own print and has now given all of it back. The zero-flats card stays decisive in the punishing direction; the two-session window scores at Tuesday's close.
- 2
THREAD Marvell: the evening's cleanest beat is sold hardest
MRVL
Marvell trades 219.24, down 9.2% — worse than its −7.8% after-hours read, on record revenue of $2.739 billion and record data-center revenue of $2.17 billion. The market is not disputing the quarter; it is repricing what a beat is worth. Coming in, the card had paid three prints in a row — Tuesday's close decides whether the streak breaks.
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- 3
UP The paid side holds: Workday flips its shrug, Elastic keeps the payment
WDAY
Workday trades 205.07, up 5.9% — last night's flat +0.08% shrug turned into a daylight payment, the session's one echo of the Synopsys pattern. Elastic holds nearly all of its +20.9% after-hours pop at 99.26, up 18.5%. The night's split verdict is confirmed in daylight: the bar moved, it did not close.
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Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.