Market Downturn: Pasqal, Credo, Palo Alto Networks ETF, FuelCell Energy, and MongoDB Lead Declines

• Pasqal Holding SA (NASDAQ: PSQL) declined sharply despite announcing progress in its quantum-computing collaboration with True Nexus.
• Credo Technology Group Holding Ltd (NASDAQ: CRDO) fell approximately 20% as concerns about optical-product revenue and cable growth overshadowed strong quarterly results.
• Earnings-related disappointment weighed on FuelCell Energy Inc. (NASDAQ: FCEL) and MongoDB Inc. (NASDAQ: MDB), while a leveraged Palo Alto Networks ETF amplified its underlying stock’s decline.

Several stocks recorded substantial losses on September 2, 2026. Leading the downturn was Pasqal Holding SA (NASDAQ: PSQL), which dropped approximately 21.7% to $12.19 on volume of about 552,000 shares.

Pasqal develops neutral-atom quantum computers. The company announced that it had used its quantum processors with True Nexus to encode selected protein structures associated with protein gelation. Because the announcement was positive, it should not be described as the clear cause of the decline. The selloff appeared more consistent with volatility and profit-taking in the recently listed shares.

Credo Technology Group Holding Ltd (NASDAQ: CRDO) fell approximately 20% to $165.22, with nearly 29.68 million shares traded. Credo reported fiscal first-quarter 2027 adjusted earnings of $1.20 per share and revenue of $479 million, exceeding Wall Street estimates. However, analysts raised concerns about the outlook for its optical business and moderating growth in active electrical cables.

The Direxion Daily PANW Bull 2X ETF (NASDAQ: PALU) declined 18.48% to $44.21 as Palo Alto Networks Inc. (NASDAQ: PANW) fell 9.28% to $328.48. Palo Alto Networks exceeded quarterly revenue and earnings expectations, but investors focused on organic growth, acquisition-related contributions, and a free-cash-flow margin forecast that did not fully meet elevated expectations.

FuelCell Energy Inc. (NASDAQ: FCEL) dropped 15.69% to $14.40 following disappointing fiscal third-quarter results—not primarily because of a law firm’s investigation notice. Revenue declined 29% to approximately $33 million, while the company’s loss of $0.64 per share was wider than analysts expected.

Finally, MongoDB Inc. (NASDAQ: MDB) declined approximately 13.6% to $375.40 despite reporting revenue of $771.8 million and adjusted earnings of $1.90 per share, both above expectations. Its Atlas cloud business grew 29% for another quarter, but investors had expected growth to accelerate beyond that level.

The day’s largest declines were therefore driven mainly by elevated expectations, earnings-related concerns, and volatility rather than legal investigations or uniformly negative corporate announcements.