Ten companies performed in a lackluster note on Wednesday, tracking a broader market pessimism, amid key macroeconomic developments that triggered sell-offs.

Meanwhile, the Dow Jones was the sole gainer among all Wall Street indices, up 0.57 percent. In contrast, the S&P 500 and the tech-heavy Nasdaq both dropped by 0.10 percent and 0.33 percent, respectively.

In this article, we name the 10 worst performers on Wednesday and detail the reasons behind their drop.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.

10. Grab Holdings Ltd. (NASDAQ:GRAB)

Grab Holdings snapped a nine-day winning streak on Wednesday, shedding 3.48 percent to close at $6.10 apiece as investors soured on a rating downgrade for its stock, while taking profits from the previous days’ gains.

Earlier in the day, investment firm HSBC downgraded Grab Holdings Ltd. (NASDAQ:GRAB) to “hold” from “buy” previously, but slightly raised its price target to $6.20 from $6 prior.

The latest closing price was just 29 cents shy of its highest 52-week price of $6.42.

According to HSBC, the revision was based on its concerns regarding the company’s valuation, with its stock price already surging by more than 70 percent over the past 12 months, outperforming the Nasdaq’s 26 percent gain during the same period.

HSBC said that current valuations appear to be stretched, with the stock already trading at 80x PE for 2026 estimates.

Last month, Grab Holdings Ltd. (NASDAQ:GRAB) announced a strategic investment in WeRide.

The investment is part of a strategic partnership between both companies to accelerate the deployment and commercialization of Level 4 Robotaxis and shuttles in Southeast Asia.

9. Cleveland-Cliffs Inc. (NYSE:CLF)

Shares of Cleveland-Cliffs Inc. (NYSE:CLF) dropped for a second day on Wednesday, shedding 3.67 percent to close at $11.29 apiece as investors unloaded positions while in a wait-and-see mode on President Donald Trump’s visit to the UK, where issues on the steel industry are expected to be discussed.

A day before Trump flew to Britain, the US government dashed hopes of zero tariffs on steel imports from UK, leaving the latter “disappointed.”

The two countries signed a trade deal in June that lowered levies on cars and aerospace imports, but failed to discuss terms related to steel imports.

However, the UK said it remained hopeful for a trade deal on the said industry after Trump signaled a tariff relief for the sector.

For Cleveland-Cliffs Inc. (NYSE:CLF), any move to maintain tariffs on steel imports would be beneficial for the company, as it could gain competitive advantage against its international competitors through lower pricing and costs, among others.

8. Broadcom Inc. (NASDAQ:AVGO)

Shares of Broadcom Inc. declined for a second day on Wednesday, shedding 3.84 percent to end at $346.17 apiece as investor concerns lingered after China launched two investigations into the US chip sector.

Last weekend, China’s Ministry of Commerce announced that it launched an anti-dumping probe into certain US-made analog IC chips following a complaint made by Jiangsu Semiconductor Industry Association over alleged dumping practices by US manufacturers.

Broadcom Inc. (NASDAQ:AVGO) was among the named semiconductor companies involved, alongside Texas Instruments, Analog Devices Inc., and ON Semiconductor.

“Preliminary data reveals that during the investigation period, the prices of the products under investigation originating in the United States have continued to decline significantly, with dumping margins on exports to China exceeding 300 percent,” the complaint said.

Jiangsu Semiconductor also said that the products under investigation have held an annual market share of 41 percent in China over the past few years.

Broadcom Inc. (NASDAQ:AVGO) has yet to issue a statement in relation to the allegations.

7. Lumentum Holdings Inc. (NASDAQ:LITE)

Lumentum Holdings declined by 4.42 percent on Wednesday to close at $163.34 apiece, as overall pessimism for the semiconductor industry spilled over to its stock.

This followed the Chinese government’s announcement on Saturday that it launched two investigations to look into allegations of US semiconductor companies’ dumping practices in China which has led to their margins exceeding 300 percent.

While China clarified that the probe will only target general purpose interface chips and gate driver chips built using process nodes of 40nm and above, and does not at all directly affect Lumentum Holdings Inc. (NASDAQ:LITE), the portfolio rebalancing was in order to mitigate risks from the ongoing trade tensions between the US and China.

In other news, Lumentum Holdings Inc. (NASDAQ:LITE) recently closed a $1.1 billion offering of senior convertible notes due 2032

The notes will bear interest at a rate of 0.375 percent annually, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2026. The notes will mature on March 15, 2032, unless earlier converted, redeemed or repurchased.

6. Cytokinetics, Inc. (NASDAQ:CYTK)

Shares of Cytokinetics dropped by 4.42 percent on Wednesday to end at $47.56 apiece after upsizing its senior convertible notes issuance to $650 million.

In a statement, Cytokinetics, Inc. (NASDAQ:CYTK) said it aimed to raise $650 million from the offer, an increase from the $550 million targeted initially. The notes carry a yield rate of 1.75 percent until 2031 and will only be sold to qualified institutional buyers by way of a private placement.

Cytokinetics, Inc. (NASDAQ:CYTK) said proceeds from the offer will be used to refinance a portion of the existing 3.50 percent convertible senior notes due 2027. It will issue 2.16 million common shares that is expected to shave off $399.5 million worth of debt.

Any remaining proceeds from the offer will be used to support the potential commercial launch of aficamten, and other general corporate purposes, including the potential retirement of the remaining 2027 notes that were not converted before or at the maturity date.

Cytokinetics, Inc. (NASDAQ:CYTK) said it expects to close the sale of the notes on Friday, September 19, subject to closing conditions.

5. Uber Technologies, Inc. (NYSE:UBER)

Shares of Uber Technologies dropped by 4.99 percent on Wednesday to end at $92.95 apiece as investors sold off positions after its competitor joined forced with Waymo, an affiliate of Google, for the expansion of autonomous driving services in Nashville, Tennessee.

In a statement on Wednesday, Uber Technologies, Inc.’s (NYSE:UBER) competitor Lyft Inc. announced that it partnered with Alphabet-backed Waymo to expand autonomous driving in Nashville next year.

Under the agreement, Lyft, Inc. (NASDAQ:LYFT) said it will handle end-to-end management such as vehicle maintenance, infrastructure, and depot operations for the Nashville fleet, through its subsidiary Flexdrive.

Riders will have the opportunity to book Waymo’s fully autonomous driving vehicles on the Waymo app, thereafter it will be available on the Lyft app beginning 2026.

As part of the agreement, Lyft, Inc. (NASDAQ:LYFT) will construct a purpose-built AV fleet management facility with charging and vehicle service capabilities.

Investors viewed the partnership as a threat to Uber Technologies, Inc. (NYSE:UBER), especially with Waymo being a subsidiary of one of the world’s technology giants.

4. StubHub Holdings, Inc. (NYSE:STUB)

Shares of StubHub Holdings fell by 6.38 percent on its first day as a publicly listed company, dropping 6.38 percent to close at $22 apiece, as investors appeared to have starved more for technology offerings amid the boom in the Artificial Intelligence sector.

Nonetheless, StubHub Holdings, Inc. (NYSE:STUB) was able to raise $800 million from its initial public offering, having issued more than 34 million shares to the public. The company’s market value was at $8.1 billion at market close.

StubHub Holdings, Inc. (NYSE:STUB) said it planned to use the proceeds from the offer to pay down debt, while the balance will be allocated for general corporate purposes.

Founded in 2000, StubHub Holdings, Inc. (NYSE:STUB) is the marketplace where people can buy and sell tickets online for live events.

3. Figure Technology Solutions, Inc. (NASDAQ:FIGR)

Figure Technology snapped a three-day winning streak on Wednesday, losing 8.18 percent to close at $37.17 apiece as investors resorted to profit-taking following the previous days’ gains.

At intra-day trading, Figure Technology Solutions, Inc. (NASDAQ:FIGR) hit a new all-time high of $43.8 before profit-taking persisted to pull the company’s share price down at the market close.

Figure Technology Solutions, Inc. (NASDAQ:FIGR) is a newly listed company, having debuted on the stock market only on September 11, 2025. During its IPO, it was able to raise $787.5 million through the sale of 31.5 million shares.

From its initial public offering price of $25 per share, its price has already jumped by 75.2 percent in just the past five trading days.

The previous days of rally can be attributed to expectations of an interest rate cut, which was officially announced by the US central bank on Wednesday.

Lower interest rates bodes well for Figure Technology Solutions, Inc. (NASDAQ:FIGR), which leverages blockchain technology to connect lenders and borrowers of home loans, as lower borrowing rates could spark more demand for mortgages, refinancing, and home equity loans.

2. Gemini Space Station, Inc. (NASDAQ:GEMI)

Shares of Gemini Space dropped below its initial public offering (IPO) price a few days after debuting on the stock market as investors appeared to have continued profit-taking while digesting recent financial performance.

During the session, Gemini Space Station, Inc. (NASDAQ:GEMI) closed down by 12.80 percent to $24.53 from the previous day’s close, and was lower by 12.39 percent than its IPO price of $28.

Since its market debut on Friday, the company has already lost 23 percent of its valuation.

Analysts pointed to concerns on its financial performance as having weighed down on investor sentiment, with Gemini Space Station, Inc. (NASDAQ:GEMI) posting a $283 million net loss in the first half of the year, after a $159 million loss in the entire year of 2024.

Despite raising fresh funds from the share sale, the net loss figures suggested that Gemini Space Station, Inc. (NASDAQ:GEMI) remained far from swinging to profitability.

1. Strive Inc. (NASDAQ:ASST)

Strive Inc., formerly known as Asset Entities, fell for a fourth consecutive day on Wednesday, dropping 17.86 percent to close at $3.68 apiece as investors continued to book profits amid last week’s steep surge, which can be attributed to a $1.5 billion Bitcoin strategy.

Strive Inc. (NASDAQ:ASST) is a newly formed company as a result of the merger between Asset Entities Inc. and Strive Enterprises Inc.

In conjunction with the merger, the company has finalized equity financing amounting to $750 million, with an additional $750 million potentially available upon the exercise of warrants issued in connection with such financing.

On Monday, Strive Inc. (NASDAQ:ASST) announced leadership changes, with Matt Cole now taking the chairmanship and chief executive positions of the company.

Ben Pham, also took on the chief financial officer position, while Asset Entities’ former CEO, Arshia Sarkhani, took the role of a chief marketing officer.

“Our board and executive team have world-class expertise in Bitcoin, Bitcoin treasury management, capital markets, policy, and governance. We have quickly developed a strong working chemistry that is rare, and I believe will drive substantial shareholder value. We intentionally put together this team to enable Strive to lead with an unwavering focus on Bitcoin accumulation, strategic decision making, and fiduciary duty in service of our mission to increase Bitcoin per share and outperform Bitcoin over the long run,” Cole said.

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