US Stocks Open Lower; Wolfspeed Jumps 11% on $1.5B Pentagon Loan Commitment

The Pentagon's conditional commitment to Wolfspeed stands out less as a broad market signal than as a sector-specific one: silicon carbide is now being treated as defense-adjacent infrastructure, which can re-rate a single name even as the wider tape sells off. The simultaneous weakness in optical names like Coherent, Corning, Lumentum and Marvell suggests the selling is concentrated in communications supply chains rather than a uniform risk-off move. Whether that divergence persists, and whether the Wolfspeed commitment is finalized or replicated elsewhere, is the open question.