NEW YORK, July 7, 2026, 11:02 (EDT)
- U.S. cash equities were trading at the dateline. Nasdaq’s normal session is 9:30 a.m. to 4 p.m. ET. The exchange’s 2026 calendar posted July 3, not July 7, for the Independence Day break.
- Invesco QQQ Trust NASDAQ:QQQ slid 2.29%. That’s about nine times the drop in SPDR Dow Jones Industrial Average ETF Trust (NYSEARCA:DIA) and more than three times what SPDR S&P 500 ETF Trust NYSEARCA:SPY lost.
- MarketWatch said the Nasdaq Composite dropped 1.38%, the S&P 500 slipped 0.56%, and the Dow edged down 0.10%. U.S. decliners outpaced advancers, 4,139 to 2,908.
- Chip stocks felt the weight after Samsung Electronics KRX:005930 dropped. This came even as its profit surged 19 times. Reuters also reported that DeepSeek is working on its own AI chip, which may reduce its need for Nvidia NASDAQ:NVDA and Huawei.
U.S. stocks ended sharply mixed Tuesday. The Dow hovered near Monday’s record, but the Nasdaq dropped. Big chip declines dragged the S&P 500 down, wiping out gains in most other sectors earlier in the day.
The ETF screen told the story. This wasn’t a broad selloff. AI-linked names took the biggest hit.
| Live U.S. proxy | Latest | Change | Intraday range | Volume |
|---|---|---|---|---|
| SPDR S&P 500 ETF Trust NYSEARCA:SPY | $746.24 | -0.67% | $745.33-$750.93 | 11.2 mln |
| Invesco QQQ Trust NASDAQ:QQQ | $706.30 | -2.29% | $704.96-$717.03 | 14.9 mln |
| SPDR Dow Jones Industrial Average ETF Trust (NYSEARCA:DIA) | $528.74 | -0.25% | $528.35-$532.68 | 2.0 mln |
| iShares Russell 2000 ETF NYSEARCA:IWM | $296.26 | -0.88% | $295.25-$300.43 | 5.9 mln |
Investors pay attention when index risk gets more concentrated. Nvidia is now so big that its price swings hit the S&P 500 harder than moves in any other stock, AP said. Nvidia dropped 1.89%, which with its $4.68 trillion valuation, wiped about $89 billion off its market cap by basic math.
The Nasdaq Composite dropped 361.25 points to 25,759.91, MarketWatch data showed. The S&P 500 was at 7,495.34 and the Dow finished at 53,002.58. WTI crude moved up 2.48% to $70.25 on the same page.
| Market gauge | Last | Change | Change % |
|---|---|---|---|
| Dow Jones Industrial Average | 53,002.58 | -53.33 | -0.10% |
| Nasdaq Composite | 25,759.91 | -361.25 | -1.38% |
| S&P 500 | 7,495.34 | -42.09 | -0.56% |
| WTI crude front month | $70.25 | +$1.70 | +2.48% |
Chip stocks dropped after Samsung reported a forecast-beating second-quarter operating profit of 89.4 trillion won, revenue up 129%. Shares still finished down 6.9% in Seoul. LSEG analyst expectations were lower. Albert Yong at Petra Capital Management said the numbers had been “priced in.” Raisah Rasid from JPMorgan Asset Management said returns might “moderate.” Reuters
Michael Field, Morningstar’s chief equity market strategist, called Samsung’s numbers “fundamentally good,” but the market didn’t like it. Reuters reported that the Philadelphia Semiconductor Index dropped 5.5% to hit a four-week low. Intel NASDAQ:INTC was off 8.2% earlier, and Micron Technology NASDAQ:MU slid 7.3%, ranking among the S&P 500’s biggest losers. Reuters
DeepSeek got a second mention. Reuters said the Chinese AI startup is working on its own inference chip. Analyst Richard Windsor at Radio Free Mobile said Nvidia is at “zero in China” but also said the DeepSeek news doesn’t affect Nvidia’s status. Nvidia shares fell 1.89% recently. Reuters
| Stock | Latest | Change | Fresh driver |
|---|---|---|---|
| Nvidia NASDAQ:NVDA | $191.85 | -1.89% | DeepSeek chip news and more AI-chip derating |
| Intel NASDAQ:INTC | $108.94 | -10.85% | Semi stocks saw broad selling in chip trade |
| Micron Technology NASDAQ:MU | $903.71 | -8.23% | Memory shares stayed under pressure after Samsung’s report |
| Broadcom NASDAQ:AVGO | $362.94 | -2.93% | Downgraded some after Monday’s jump on Apple tie-up |
| Rivian Automotive NASDAQ:RIVN | $17.525 | -12.98% | Plans to sell 75 million shares |
| Fiserv NASDAQ:FISV | $53.79 | +3.88% | In talks to sell debit network to US banks |
Broadcom NASDAQ:AVGO gave up gains a day after it jumped 3.7% on the Apple NASDAQ:AAPL chip-supply deal running through 2031. Jake Dollarhide at Longbow Asset Management called the move “very tenuous.” Thomas Hayes from Great Hill Capital pointed out Microsoft NASDAQ:MSFT spending still didn’t have a “clear return.” Reuters
Some names moved on news away from chips. Fiserv gained after Reuters said it’s in talks to sell its debit-card transaction network to JPMorgan Chase NYSE:JPM and Bank of America NYSE:BAC. Rivian dropped after launching a 75 million-share offering, despite forecasting second-quarter revenue above estimates.
Fed minutes land Wednesday, marking the first set with Chair Kevin Warsh at the helm. SK Hynix KRX:000660 is slated for its U.S. trading debut on Friday. Delta Air Lines NYSE:DAL and PepsiCo NASDAQ:PEP have earnings due later in the week.
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