Ameriprise Financial fell nearly 4% after Bank of America downgraded the stock to underperform, citing departures of several large teams of financial advisors and the pressure of its cash sweep rate on profit growth. The semiconductor sector rebounded, with the VanEck Semiconductor ETF (SMH) climbing nearly 3% after nine consecutive losing sessions, including gains of 6% for Sandisk, 7% for Marvell and 4% for Micron. Cleveland-Cliffs surged 16% after posting better-than-expected quarterly results, with adjusted earnings of 28 cents per share versus a FactSet consensus of 21 cents. Several other stocks also posted notable gains: Intel climbed 4% following a JPMorgan upgrade, Datadog rose 6% after Bernstein raised it to outperform, and Amazon gained 5% after being named a top pick by Morgan Stanley.
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