Today: 3 July 2026
Dow up but AI-chip slide hits Nasdaq after jobs report
3 July 2026

Dow at a record but chip shares split in US after-hours trading before July 4 break

Dow closed at a record while AI names slid as U.S. stocks finished the session before the July 4 break. Volume and market breadth told the story—U.S. exchange volume reached 19.92 billion shares, which is about 14.7% under the 20-day average. The Dow picked up 594.83 points as the Philadelphia semiconductor index dropped 5.4%. The mix is important because the S&P 500’s record close wasn’t a straight run for growth stocks. AP said about 70% of S&P 500 stocks gained, but losses in chip names left the main indexes split. Micron Technology Inc dropped 5.5%, Nvidia Corp slipped 1.4%, and Lam Research Corp sank 10.2%.
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United Airlines (NASDAQ:UAL) faces disruption as SFO flight delays hit hard

United Airlines (NASDAQ:UAL) faces disruption as SFO flight delays hit hard

3 July 2026
San Francisco International Airport saw delays stack up in early July, but most flights still finished their routes. The runway and airspace pinch is pushing schedules off track instead of causing cancellations. For airline investors, that's important: delays keep planes, crews, and gates stuck in place. FlightAware reported 368 delays and five canceled flights at SFO on Thursday. The FAA put in place a traffic management program that delayed some inbound flights to San Francisco by about 42 minutes on average. SFO’s checkpoint site showed normal passenger traffic, with typical screening waits between one and three minutes, and TSA PreCheck lines taking one to four minutes.
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Netflix stock jumps as ad revenue and live sports test loom before Q2 results

Netflix stock jumps as ad revenue and live sports test loom before Q2 results

Netflix, Inc. rose more than 5% on Thursday, a rare green patch in a weak tech tape, as traders bought the streaming stock two weeks before earnings and ahead of a July live-sports test that may matter more for ads than for pure viewing time. The stock traded at $78.24, up $4.05, or about 5.5%, with volume above 35 million shares. It had opened at $75.13 and touched $78.425, while Invesco QQQ Trust fell about 2.0% and VanEck Semiconductor ETF dropped about 5.4%.
2 July 2026
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Keel Infrastructure shares fall, nearly wiping out June note sale amount

Keel Infrastructure shares fall, nearly wiping out June note sale amount

Keel Infrastructure Corp. slid hard Thursday, giving back nearly as much market cap as it raised in a June convertible note sale. The drop came three days after its addition to the Russell 3000. Shares changed hands at $4.64 at 12:36 p.m. EDT, down 13.66%, after dropping to an intraday low of $4.57. Google Finance listed 603.83 million shares outstanding, which means the market cap dropped by around $447 million from the last close. Keel wrapped up a $458 million convertible senior note deal on June 9, with about $445.4 million in net proceeds before costs tied to the offering and capped calls.
2 July 2026
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TELUS (TSE:T) slide gives new CEO a tougher dividend challenge

TELUS (TSE:T) slide gives new CEO a tougher dividend challenge

TELUS Corporation dropped in Toronto on Thursday, the first day of trading since Victor Dodig became CEO. The yield on the stock sits well above that of other big Canadian telecoms, but TELUS is still working to cut its leverage, leaving investors with a new issue to figure out. The Toronto Stock Exchange was shut Wednesday for Canada Day, with trading back to normal on Thursday. TELUS started at CA$15.00, moved up to CA$15.25 before dropping to CA$14.71—the same 52-week low shown on Google Finance. S&P/TSX Composite Index traded higher late morning.
2 July 2026
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Apple (NASDAQ:AAPL) shares up, leaving little margin for error on AI upgrade story

Apple (NASDAQ:AAPL) shares up, leaving little margin for error on AI upgrade story

Apple Inc. jumped 3.9% to $305.81 at about 10:50 a.m. in New York, tacking on around $168 billion in market value. That move cut against the broader tape: Invesco QQQ Trust slipped 0.8%, while SPDR S&P 500 ETF Trust traded up 0.2%. The focus is on the gap here—Apple is being pushed back toward its June highs even as fresh survey data raises doubts about whether AI features are making iPhone owners upgrade any faster. UBS analyst David Vogt wrote Thursday that roughly 24% of survey respondents now say they would upgrade sooner due to Apple Intelligence, a drop of 500 basis points from the last six months. At the same time, about 31% reported the new features have no
2 July 2026
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Strategy to sell bitcoin gives room as MSTR buyback lags new shares

Strategy stock gains still trail $19 billion bitcoin pile as buyback calculus moves

Strategy Inc traded at $99.17 in premarket Thursday, gaining 6.2% from its $93.39 close Wednesday. The bitcoin treasury firm moved to allow BTC sales and to buy back common and preferred shares. U.S. cash markets hadn't started when dateline hit. Nasdaq's main session is 9:30 a.m. to 4 p.m. ET, with premarket from 4 a.m. to 9:30 a.m. ET. The exchange shuts Friday, July 3, for Independence Day observed.
2 July 2026
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Nokia (HEL:NOKIA) shares drop as FMR cuts stake below 5% ahead of Q2

Nokia (HEL:NOKIA) shares drop as FMR cuts stake below 5% ahead of Q2

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2 July 2026
Nokia Oyj dropped in Thursday’s midday trading in Helsinki, heading lower even as the overall market stayed firm, after new filings revealed FMR LLC’s stake slipped under the 5% voting-rights threshold. The move comes with three weeks to go before Nokia’s Q2 report. Nasdaq says Helsinki stocks trade 10:00–18:30 local time. As of 15:02 EEST, Google Finance had Nokia at 11.14 euros, down 2.15%. The gap is notable since Nokia dropped about 2% on Thursday even as the local market was higher. Trading Economics had the Helsinki index up 0.19% and the Helsinki 25 up 0.41% on July 2.
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EchoStar Dish bankruptcy raises questions on $3.6 billion wireless claim shortfall

EchoStar Dish bankruptcy raises questions on $3.6 billion wireless claim shortfall

EchoStar’s looming bankruptcy issue goes beyond the $2 billion note coming due. The market focus is now on the $2.4 billion FCC trust compared to over $6 billion in 5G shutdown claims that are being disputed. Numbers from the court filings suggest a gap of more than $3.6 billion, topping 12% of EchoStar’s current market cap. Dish DBS and units filed for a prepackaged bankruptcy on June 30. Over 88% of secured and unsecured noteholders, who also hold more than $8.8 billion in Dish Wireless debt, agreed to the restructuring plan, according to the company. Dish DBS said it needed to file because the AT&T deal hadn't closed, so it didn't have the liquidity to pay the July 1 notes
2 July 2026
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Ondas (NASDAQ:ONDS) faces holiday with short interest, volume spike and resale shares

Ondas (NASDAQ:ONDS) faces holiday with short interest, volume spike and resale shares

Ondas Inc. is showing up as another crowded short-interest play early Thursday, alongside its reputation as a defense-drone stock. Shares dropped 3.88% Wednesday, ending at $7.92, after ranging from $7.85 to $8.44. The stock was last at $7.96 in premarket trade, up 0.51% at 5:55 a.m. EDT, ahead of the regular Nasdaq open. Nasdaq lists normal hours as 9:30 a.m. to 4 p.m. Eastern, with U.S. markets set to close on Friday, July 3, for the Independence Day holiday. Volume hit 88.57 million shares on Wednesday, or 131% of the 65-day average, and that’s about 53% of reported short interest. MarketWatch put short interest at 167.52 million shares as of June 15, or 32.70% of the float. This is the
2 July 2026
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CrowdStrike split moves option-lot to $19,300 with stock holding close to highs

CrowdStrike split moves option-lot to $19,300 with stock holding close to highs

CrowdStrike Holdings, Inc. starts its first day after the 4-for-1 stock split with a lower per-share number for retail and options trades, but the valuation is unchanged. Shares climbed 1.26% Wednesday to $772.74, extending their winning streak to five sessions. The close left CrowdStrike 1.64% under its 52-week high of $785.66. On a split-adjusted basis, that puts the price at $193.19 ahead of the regular session open. At the time of the dateline, markets were still in the pre-open phase. The Nasdaq’s regular trading hours are 9:30 a.m. to 4:00 p.m. Eastern, with premarket open from 4:00 a.m. Nasdaq will be closed July 3 for Independence Day observed. Nasdaq 100 futures dropped 0.24% as of 5:00 a.m. ET, according to
2 July 2026
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CoreWeave faces $35 billion Meta exposure as stock slumps

CoreWeave faces $35 billion Meta exposure as stock slumps

CoreWeave, Inc. shed nearly as much in market cap in a single day as a third of its newest Meta Platforms, Inc. deal. Traders are shifting focus from just the company’s backlog to who will end up owning the future supply of AI compute. The stock traded at $85.69, off 13.9% from the previous close. Meta gained 8.8% to $612.91. Shares of Nebius Group N.V., which also has Meta exposure, dropped 17.0%. The Invesco QQQ Trust Series 1 shed 1.5%. The SPDR S&P 500 ETF Trust was mostly flat.
2 July 2026
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Nebius Group (NASDAQ:NBIS) slides as neocloud contract bump gets tested

Nebius falls after Nasdaq-100 inclusion puts Meta exposure in focus, high shorts in play

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2 July 2026
Nebius Group N.V. traded lower ahead of the U.S. session Thursday, quoted 0.40% down to $228.27. The stock had dropped 17.01% to $229.18 on Wednesday. Trading volume hit 30.68 million shares that day, or 174% of the 65-day average, with shares moving between $228.17 and $246.49. The dollar loss from the selloff was bigger than the percentage figure shows. A $46.99 fall on 253.9 million outstanding shares as of March 31 works out to about $11.9 billion off Nebius’s equity value. Nebius’s market cap was $57.67 billion after Wednesday’s close, MarketWatch data shows.
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NVIDIA Corporation (NASDAQ:NVDA) stock tests $200 as chip selloff shifts to AI capacity risk

NVIDIA Corporation (NASDAQ:NVDA) stock tests $200 as chip selloff shifts to AI capacity risk

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2 July 2026
NVIDIA Corporation is starting Thursday with a cleaner test than most chip stocks: the stock is below $200, but it did not fall like the rest of the semiconductor tape. Nvidia closed Wednesday at $197.58, down $2.51, or 1.25%, after touching $193.45. It was quoted at $195.50 at 4:07 a.m. EDT in premarket trade. The Philadelphia Semiconductor Index ended Wednesday down 6.3%, while the Nasdaq Composite lost 0.66% and the S&P 500 fell 0.22%. Meta Platforms rose 8.8% after a report that it is building a cloud business to sell excess AI computing capacity.
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Walmart stock sinks, wiping $42 billion, raises questions for ad-media value

Walmart stock sinks, wiping $42 billion, raises questions for ad-media value

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1 July 2026
Walmart Inc. lost 4.7% to $107.99 in New York trading late Wednesday morning, wiping out around $42 billion in market cap from the previous close. That loss is big. The stock is priced like a premium growth play, and even this pullback didn’t change that for some investors. Earlier, MarketWatch listed Walmart’s 52-week range as $94.23 to $135.16. At last check, shares traded roughly 20% under that high. Market cap stood near $864 billion. The stock’s trailing P/E was 37.9.
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CoreWeave and Nebius face Nasdaq-100 test as AI rally cools

Meta (NASDAQ:META) cloud move rattles CoreWeave (NASDAQ:CRWV), Nebius (NASDAQ:NBIS) as $15 billion AI compute deal shifts to risk

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1 July 2026
Meta’s shift in cloud spending hit CoreWeave and Nebius after the $15 billion AI compute backstop turned into a risk. New York, July 1, 2026, 11:03 EDT Meta Platforms jumped nearly 10% Wednesday after Bloomberg News said, via Reuters, that the company is starting a cloud business to sell surplus AI computing power. CoreWeave was down 14% and Nebius Group dropped 16% as of 10:50 a.m. in New York, according to current data.
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Latest

Dow up but AI-chip slide hits Nasdaq after jobs report

Dow at a record but chip shares split in US after-hours trading before July 4 break

Dow closed at a record while AI names slid as U.S. stocks finished the session before the July 4 break. Volume and market breadth told the story—U.S. exchange volume reached 19.92 billion shares, which is about 14.7% under the 20-day average. The Dow picked up 594.83 points as the Philadelphia semiconductor index dropped 5.4%. The mix is important because the S&P 500’s record close wasn’t a straight run for growth stocks. AP said about 70% of S&P 500 stocks gained, but losses in chip names left the main indexes split. Micron Technology Inc dropped 5.5%, Nvidia Corp slipped 1.4%, and Lam Research Corp sank 10.2%.
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03 Jul
Avis Budget (NASDAQ:CAR) stock pop lines up with $650M settlement value per share

Avis Budget (NASDAQ:CAR) stock pop lines up with $650M settlement value per share

Avis Budget Group, Inc. jumped Thursday. A new credit filing gave the market a direct look at the $650 million Pentwater settlement. The cash is big enough to matter for equity holders, but some lenders already included much of it in debt paperwork. The shares traded at $163.44, up $16.55, or 11.3%. At that price, Avis was worth roughly $5.77 billion. Given the share price and market cap, the $650 million settlement works out to about $18.40 per share. The stock’s gain Thursday covered about 90% of that figure.
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03 Jul
Zhongchao (NASDAQ:ZCMD) jumps after-hours as post-split float shows up

Zhongchao (NASDAQ:ZCMD) jumps after-hours as post-split float shows up

Zhongchao Inc. shares saw wild swings Thursday. The Shanghai health info and patient services firm finished regular trade at $1.11, off 0.89%. Shares moved between $1.00 and $1.17 through the session. At 18:59 EDT, after-hours quotes on Webull put ZCMD at $3.32, jumping 199.10% from the close. Volume told the story. Webull put regular session trading at 21.86 million shares. Zhongchao last week said it expected about 1.15 million Class A shares to be left after the 1-for-3 reverse split on June 29. That makes the day’s volume nearly 19 times the new share count.
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03 Jul
Recursion Pharmaceuticals (NASDAQ:RXRX) pops, short interest still much bigger than new founder-sale alert

Recursion Pharmaceuticals (NASDAQ:RXRX) pops, short interest still much bigger than new founder-sale alert

Recursion Pharmaceuticals, Inc. gained Thursday, even as the Nasdaq slipped. Shares climbed 4%, but the more telling move came from the numbers behind the trade. Founder sales filed Thursday were minor against the day’s volume, almost lost next to short interest still reported in the open data. Shares of the Salt Lake City drug maker ended the day at $3.80, up 3.54%, with 32.65 million shares traded. After hours, the stock was quoted at $3.79 as of 6:34 p.m. EDT, MarketWatch showed.
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03 Jul
NIO drops after record June deliveries, outlook math in focus

NIO drops after record June deliveries, outlook math in focus

NIO shares fell. The company posted record June deliveries, but the stronger numbers make its revenue guidance math look tighter. NIO Inc. slipped Thursday. Shares lost 3.62% to $4.79 after the EV maker turned in its best delivery month this year, but investors looked past that to the numbers behind the quarter. Around 35.2 million shares traded, close to the 50-day average. The Dow added 1.14%; the Nasdaq Composite fell 0.80%.
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03 Jul
United Airlines (NASDAQ:UAL) faces disruption as SFO flight delays hit hard

United Airlines (NASDAQ:UAL) faces disruption as SFO flight delays hit hard

San Francisco International Airport saw delays stack up in early July, but most flights still finished their routes. The runway and airspace pinch is pushing schedules off track instead of causing cancellations. For airline investors, that's important: delays keep planes, crews, and gates stuck in place. FlightAware reported 368 delays and five canceled flights at SFO on Thursday. The FAA put in place a traffic management program that delayed some inbound flights to San Francisco by about 42 minutes on average. SFO’s checkpoint site showed normal passenger traffic, with typical screening waits between one and three minutes, and TSA PreCheck lines taking one to four minutes.
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03 Jul
Moderna (NASDAQ:MRNA) gains $2.9 billion as investors pile into flu push, beating 2025 revenue

Moderna (NASDAQ:MRNA) gains $2.9 billion as investors pile into flu push, beating 2025 revenue

Moderna, Inc. last traded at $79.76 as of 5:50 p.m. EDT, picking up $7.36 on the day. At that price, the vaccine company’s market cap landed at $31.5 billion with about 395 million shares in play. Moderna added close to $2.9 billion in equity value for the session. As of the dateline, the Nasdaq had closed for regular trading, but after-hours action was underway. The exchange says normal hours are 9:30 a.m. to 4 p.m. ET, and after-hours runs from 4 p.m. to 8 p.m. ET. Nasdaq’s 2026 schedule marks July 3 as closed for the Independence Day holiday.
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03 Jul
AbbVie beats analyst estimates and posts one-day value jump bigger than Apogee deal size

AbbVie beats analyst estimates and posts one-day value jump bigger than Apogee deal size

AbbVie Inc. jumped about $17.8 billion in market cap Thursday, outpacing the value of the deal that’s driving a fresh look at the drugmaker from investors. Shares closed up 3.99% at $261.07 after hitting a 52-week high of $261.64, with the move coming off a $10.01 gain on roughly 1.77 billion shares outstanding. Valuation is the less obvious story here. AbbVie closed above the 12-month target from Investing.com’s 28-analyst average of $256.14, the $258.28 three-month average target from Google Finance, and RBC Capital’s $260 call. So now it’s not about the stock catching up to analyst targets. The focus turns to whether analysts raise their numbers before or after the July 31 Q2 call.
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03 Jul
Snap (NYSE:SNAP) tops Nasdaq, but light trading draws more attention to revenue

Snap (NYSE:SNAP) tops Nasdaq, but light trading draws more attention to revenue

Snap Inc. climbed Thursday, bucking weakness in tech names. The stock’s fifth day up, but volume was below average. That suggests fewer buyers are jumping in during the latest move. Snap ended the day up 1.89% at $4.84, beating the Nasdaq Composite, which dropped 0.80% to 25,832.67 as chip names weighed on the index. Volume came in at 37.2 million shares, about 8.1 million below Snap’s 50-day average. The stock is still trading well under its 52-week high of $10.41.
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03 Jul
Microsoft tops Nasdaq as $2.5 billion AI plan sparks bargain trade

Microsoft tops Nasdaq as $2.5 billion AI plan sparks bargain trade

Microsoft Corporation shares climbed Thursday even as the Nasdaq Composite slipped 0.80%. Investors moved out of chip stocks and into some software names. Microsoft ended up $6.21 at $390.49 on 41.23 million shares, a bit above its 65-day average. Microsoft’s $2.5 billion move on its new AI unit got attention, but the real story is the scale. The Frontier Company bet is under 0.1% of Microsoft’s $2.85 trillion value. On Thursday, the share price was up $6.21, which by itself added about 20 times more market value than the AI unit investment, with 7.43 billion shares out.
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03 Jul
Comcast stock in focus: CMCSA ends week higher as Jan. 29 earnings loom

Comcast Shares Pause With NBCUniversal Spin-Off Hopes Facing Broadband Concerns

Comcast Corporation eked out a small gain Thursday, ending a run of volatile sessions linked to its proposal to separate NBCUniversal and Sky from its cable arm. Shares closed at $23.79, up 0.25%, with 42.1 million shares traded according to WSJ’s quote page, over the 65-day average of 34.3 million. Comcast’s gain looked better on paper than in the tape. The stock is up 62 cents since closing at $23.17 on June 26. With about 3.56 billion shares out, that’s $2.2 billion in new equity value, even as nearly 289.8 million shares traded from June 29 to July 2.
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03 Jul
Applied Optoelectronics (NASDAQ:AAOI) falls after $94M Houston cleanroom raises cash concerns

Applied Optoelectronics (NASDAQ:AAOI) falls after $94M Houston cleanroom raises cash concerns

Applied Optoelectronics, Inc. shares dropped Thursday. The move followed a fresh filing detailing a $94.1 million spend for a Houston cleanroom, with substantial completion scheduled by Jan. 10, 2027. AAOI finished the session at $120.95, dropping $18.05, or nearly 13%, WSJ/FactSet showed. Roughly 15.94 million shares changed hands, about a quarter more than the 65-day average. Shares traded between $113.4109 and $139.2703, a spread of $25.86 or about 21% of the closing price. The stock closed 48% under its 52-week high of $233.67 set May 13.
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02 Jul
Johnson & Johnson (NYSE:JNJ) finishes above analyst target after Dow shift

Johnson & Johnson (NYSE:JNJ) finishes above analyst target after Dow shift

Johnson & Johnson climbed $9.06, or 3.57%, to finish at $263.04 Thursday. That's about $21.8 billion added to its market cap based on 2.41 billion shares, according to WSJ. Shares also hit $263.10, matching the stock's 52-week high. Volume came in at 7.9 million, just below the 65-day average. For investors, the key isn’t the move in one session. The issue is the current price. J&J ended the day above the average analyst target of $262.10. That puts it just $1.96 below the $265 median target. The second-quarter results are coming, and there’s less room to absorb a miss.
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02 Jul
T1 Energy drops as market watches convertible notes and warrant deadline

T1 Energy drops as market watches convertible notes and warrant deadline

T1 Energy Inc. shares slipped Thursday. The real story was traders talking about the gap between warrants expiring next week and convertible notes already in the money. The Austin, Texas-based solar manufacturer traded at $8.56, off 6.8% from the prior close, with a session range from $8.14 to $10.01. That’s a 22.2% spread off the low—much wider than moves seen in the broad market or the solar ETF group. Quote data on T1, SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF and Invesco Solar ETF available at.
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02 Jul
Amazon shares inch higher as investors watch AWS AI bets

Amazon shares inch higher as investors watch AWS AI bets

NEW YORK, July 2, 2026, 5:01 PM EDT Amazon.com Inc ticked higher late Thursday while the Nasdaq slipped. The move was modest but gave investors a clearer signal than the overall index performance. Traders looked at AWS’s newest AI-services pitch as a shot at turning big AI outlays into actual customer sales, instead of just higher data center costs. Shares last traded at $242.67, up 82 cents, or 0.34%, with 47.2 million shares changing hands. Market cap is around $2.64 trillion.
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02 Jul
BitMine (NYSE:BMNR) stock lags behind declared crypto assets as ETH position rises

BitMine (NYSE:BMNR) stock lags behind declared crypto assets as ETH position rises

BitMine Immersion Technologies, Inc. added 1.5% late Thursday, though most of the action was in the discount. The latest stock price with MarketWatch’s share count pegs the equity at around $8.18 billion. That’s still under the $9.8 billion total BitMine said it held in crypto, cash, marketable securities, and “moonshots” as of June 28. The pricing works out to about 83 cents per $1 of reported assets before preferred equity, liabilities, taxes, and operating expenses. That’s key here—BitMine now trades less like a miner, more like a listed ETH balance-sheet play with a fresh spot in the Russell 1000.
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02 Jul
Pfizer (NYSE:PFE) gains with 7% yield as China trial faces questions

Pfizer (NYSE:PFE) gains with 7% yield as China trial faces questions

Pfizer Inc. moved higher late Thursday, but there was too much noise in the market to call the move a clear Pfizer recovery. Shares traded at $24.37, up 2.1% for the day. The Health Care Select Sector SPDR Fund climbed 2.3%. SPY fell 0.3%. Pfizer beat SPY, but couldn't top the sector's gain. Prices are from around 19:47 UTC. Day moves are based on reported price change versus the previous close.
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02 Jul
Axcelis (ACLS) drops $1 billion in market value, topping recent sales

Axcelis (ACLS) drops $1 billion in market value, topping recent sales

Axcelis Technologies, Inc. took a hit Thursday, dropping 18.4% to $145.50 and erasing about $1.0 billion in market cap—more than its $845.4 million in revenue from the past year. Shares fell $32.83 with 30.73 million outstanding, according to StockAnalysis. Axcelis saw its valuation drop sharply after the move. The company finished the session with a $4.47 billion market cap, pricing it at 5.3 times trailing revenue, down from around 6.5 times before shares skidded. The stock settled 16.9% lower than where it opened, ending just 2.4% above the day’s low.
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02 Jul
Peso jumps after weak U.S. jobs data, USMCA auto rules in spotlight

Peso jumps after weak U.S. jobs data, USMCA auto rules in spotlight

The Mexican peso climbed on Thursday as the dollar slipped after a soft U.S. jobs report. But traders are looking at a split setup—short-term U.S. rate risk is down, but USMCA auto risk could ramp up later in the year. The peso was up 0.42% against the dollar in early afternoon trading in Mexico City, changing hands around 17.47 after opening close to 17.56. The currency had slipped 0.42% on Wednesday, finishing the day near 17.55, according to market data cited by Milenio.
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02 Jul
Dow up but AI-chip slide hits Nasdaq after jobs report

Dow up but AI-chip slide hits Nasdaq after jobs report

U.S. stocks ended mixed Thursday, with losses in AI and chip names wiping out broader gains. The Dow Jones Industrial Average rose 291.82 points, or 0.56%, to 52,597.06, according to Reuters/LSEG data. The S&P 500 slipped 32.26 points, or 0.44%, to 7,450.97, and the Nasdaq Composite dropped 309.35 points, or 1.19%, to 25,730.69. Market breadth turned out to be the key metric. This wasn’t a straight risk-off session. Barron’s reported 320 S&P 500 names gained even though the index slipped. That points to AI-heavy large caps dragging the benchmark. For index fund holders, it was another reminder that a small group of tech and chip stocks can pull the whole index down, even if most stocks go up.
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02 Jul
Dow sets new record close as Apple and Amgen help blue chips, AI stocks lag

Dow sets new record close as Apple and Amgen help blue chips, AI stocks lag

The Dow Jones Industrial Average finished Thursday at a new closing high of 52,680.29, trading between 52,395.22 and 52,805.12 during the day. That beats the last record close Tuesday at 52,319.20. The Dow added 1.55% for the week, which is short due to markets closing for July Fourth. This move didn’t show big risk appetite. It was a matter of how the Dow works. S&P Dow Jones Indices says the Dow is price-weighted, so each company’s share price matters more than its market cap. Google Finance also notes that stocks with higher prices move the index more, regardless of company size. That meant some higher-priced Dow stocks had a bigger impact, outweighing losses in AI and chips.
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02 Jul
Marvell Technology (NASDAQ:MRVL) slips, AI data-center premium narrows ahead of holiday

Marvell Technology (NASDAQ:MRVL) slips, AI data-center premium narrows ahead of holiday

Marvell Technology, Inc. dropped 10.8% to $242.78 on Thursday afternoon, leading losses among chip stocks. Broadcom Inc., NVIDIA Corp. and the broader market also slipped as traders sold semiconductors ahead of the long U.S. market holiday. Valuation is more clear cut. Marvell posted $1.83 billion in data-center revenue for the first quarter, making up 76% of total sales. With 874.8 million shares outstanding, according to Google Finance, that puts the equity market paying roughly 29 times Marvell’s current annualized data-center run rate. At the 52-week peak, the multiple was about 39.
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02 Jul
Figma (NYSE:FIG) spikes after Russell news and call action hits shorts

Figma (NYSE:FIG) spikes after Russell news and call action hits shorts

Figma, Inc. jumped 11.8% to $21.79 late Thursday, after a Russell index move sparked a big rally in the software name. Shares traded 31% above the stock’s 52-week low but are still down about 34% from last July’s $33 IPO price. The rally caught attention as high-growth tech stocks lagged. Reuters said the Nasdaq Composite dropped 1.54% and the S&P 500 lost 0.72% with tech falling again for a second day. Adam Sarhan, CEO at 50 Park Investments, said poor jobs numbers “takes the pressure off the Fed to raise rates in the short term.”
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02 Jul
Super Micro Computer (NASDAQ:SMCI) wipes out $1.6B in value intraday after Taiwan letter fizzles

Super Micro Computer (NASDAQ:SMCI) wipes out $1.6B in value intraday after Taiwan letter fizzles

Super Micro Computer, Inc. gave up early gains Thursday. The stock’s initial rise faded as a relief rally tied to the Taiwan probe reversed, wiping out about $1.61 billion intraday before the final hour on the Nasdaq. The AI server stock slipped 2.8% to $26.87 as of the latest quote before the dateline. It had earlier hit $29.20, or 5.6% above Wednesday’s close, but then gave up those gains and dropped below the previous close. Shares finished the stretch 8.0% off the day’s high.
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02 Jul
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