There is nothing insane about it. You must be a beginner.
It is the FIRST day of the month and
1. Institutions and money managers will be taking profits to lock in profits for the month. They will try to buy back lower.
2. Program trading (algorithms) and many other pros SELL on good news. BUY on Rumor, SELL on news is as old as the stock market....
Follow the Big Money, NOT the retail players, Big money tends to lock in profits near the end of the month, and near the end of quarters, and sometimes on first few days of month . They act based on how they get paid, if some guy working at Goldman gets a bonus for making more than 3, 4, 5, 6, or 77% in any month or quarter then they will sell a stock ANY time is goes up higher than their target... Its really quit simple in order for people to actually MAKE capital galns from ACAD and ALL stocks, the stocks have to eventually be sold.