Wall Street closed mixed on Monday, with the Nasdaq dropping 1.3% on heavy losses in big tech, while the Dow edged higher and the Russell 2000 gained nearly 1%.

The earnings calendar was light, but the day was packed with IPO activity and major moves in marquee names.

Earnings: Small Caps Take the Stage

Just a handful of companies reported, mostly small- and micro-cap names. HawkEye 360 (HAWK) missed badly, posting an EPS of -$0.45 versus the -$0.04 consensus. Ennis (EBF) came in at $0.37, slightly below the $0.39 estimate. Outdoor Holding Company (POWW) matched expectations.

The heavy hitters arrive later this week: Micron (MU) on Wednesday, FedEx (FDX) on Thursday, and Carnival (CCL) on Friday.

Two IPOs Hit the Road

Neutron Holdings (Lime) launched its IPO roadshow, offering 6.96 million shares at $24-26 apiece, targeting a ~$1.66 billion valuation for the shared micromobility company. Lime operates 325,000 electric scooters and bikes across 230 cities in 29 countries. Revenue reached $887 million in 2025, up 29% year-over-year, with positive operating income of $70 million. The company carries substantial near-term debt, roughly $846 million, and plans to use proceeds to pay down loans. It will trade on the Nasdaq under the ticker LIME.

ITG, Inc., a digital infrastructure services provider backed by Oaktree Capital, also began its roadshow, offering 19.5 million shares at $19-22, implying a valuation of up to $2.67 billion. The company designs, builds and maintains fiber networks, wireless towers and data centers across 49 U.S. states. Q1 2026 revenue hit $334 million, up from $225 million a year earlier. ITG will list on the Nasdaq under the ticker ITG.

SpaceX Extends Post-IPO Slide

SpaceX (SPCX) fell another 12.5% to around $162, extending its multi-day decline from post-IPO highs above $200. The company's announcement of a ~$20 billion bond issuance to refinance bridge loans rattled investors concerned about cash flow and high capital expenditure. Analysts have also turned skeptical on valuation following the stock's nearly 50% surge above the $135 IPO price in its first week of trading. Lockup expiration fears added to the selling pressure.

Alphabet's AI Talent Exodus Deepens

Alphabet (GOOGL) dropped 5.6%, its worst single-day decline in over a year, after two of its top AI researchers announced departures. Noam Shazeer, co-author of the foundational 2017 "Attention Is All You Need" paper and co-lead of Google's Gemini model development, is leaving for OpenAI. John Jumper, a Nobel Prize winner in Chemistry (2024) and a VP at Google DeepMind, is joining Anthropic.

The back-to-back exits intensify concerns about Alphabet's ability to retain top talent amid fierce competition for AI researchers. The stock is also under pressure from the company's plan to raise $80-85 billion in equity to fund AI infrastructure spending, announced earlier this month.

The Week Ahead

Markets are looking ahead to earnings from Micron, FedEx, and Carnival later this week. Lime and ITG are expected to price their IPOs the following week. All eyes are also on whether SpaceX can find a floor after its dramatic pullback, or if more downside awaits as the lockup expiration approaches.