Momentum stocks posted their strongest single-day gain since December 2000, according to Wolfe Research. The iShares MSCI Momentum Factor ETF (MTUM) surged 5.5%, while the Nasdaq-100 rose 3.4%. Leopold Aschenbrenner’s hedge fund Situational Awareness was forced to unwind its positions after massive margin calls, with Citadel buying up the shares. Nebius, one of the fund’s top holdings, soared 27%. However, Jeff DeGraaf of Renaissance Macro Research warned that such large rallies have historically been characteristic of a downtrend, not the starting gun for a new uptrend.
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