01 Stock Market
The U.S. major indexes closed as follows: Dow Jones up 0.29% at 53,055.91; S&P 500 up 0.72% at 7,537.43; NASDAQ up 1.12% at 26,121.16. Gains were broad-based, with heavyweight technology names helping the benchmark averages notch new record territory despite a mixed macro backdrop.
Semiconductors and high-beta tech led the day’s unusual moves. Leveraged fund SOXL surged 7.26% at $194.65, mirroring strength in chipmakers as AMD jumped 6.61% at $552.05, while NVDA added 0.37% at $195.55. Memory giant MU advanced 0.96% at $984.75 and hard-drive specialist WDC climbed 7.14% at $577.46. Electric-vehicle bellwether TSLA accelerated 6.69% to $419.77, and blue-chip stalwart AAPL rose 1.31% at $312.66. On the downside, bearish chip fund SOXS fell 7.54% at $4.17, while software titan MSFT declined 0.96% at $386.74.
Momentum remained squarely with growth themes. Optimism over generative-AI demand and fresh auto-tech partnerships underpinned chip valuations, while robust deliveries lifted sentiment in the electric-vehicle space. Conversely, modest profit-taking in megacap software weighed on select names. Overall participation broadened, keeping risk appetite buoyant heading into the heart of earnings season.
02 Other Markets
U.S. 10-year Treasury yield was unchanged at 4.48%.
USD/CNH rose 0.00%, at 6.81; USD/HKD fell 0.00%, at 7.84.
U.S. Dollar Index fell 0.02%, at 100.82.
WTI crude futures rose 0.29%, at 68.75 USD/bbl; COMEX gold futures rose 0.19%, at 4,175.40 USD/oz.
03 Top News
1. Vertex Pharmaceuticals will acquire Crinetics for $10 billion. The cash deal values Crinetics at $85 per share, a 102% premium, adding rare-disease endocrinology drugs that could exceed $5 billion in annual sales. Vertex expects the purchase to diversify its pipeline beyond cystic fibrosis and turn accretive to operating income by 2029.
2. Microsoft announced roughly 4,800 job cuts in a strategic realignment. The reductions, equal to 2.1% of staff, target commercial and Xbox units as the company reallocates resources toward costly AI infrastructure. Management said roles are not being directly replaced by AI, but automation is reshaping workflows.
3. Saudi Arabia slashed August Arab Light crude prices for Asia to the lowest since 2020. The official selling price was set at $1.50 per barrel below the Oman/Dubai benchmark, a steep cut from the prior month’s $9.50 premium. The move follows softer spot demand amid growing Middle East supply.
4. Broadcom extended its custom-chip partnership with Apple through 2031. The long-term agreement secures Broadcom’s role in supplying bespoke RF components and connectivity chips for future iPhones. Analysts view the pact as cementing a key revenue stream for Broadcom’s semiconductor segment.
5. NVIDIA said its product roadmap remains on track despite manufacturing chatter. Industry blog reports flagged PCB setbacks for upcoming Kyber NVL144 systems, but the company clarified that launch schedules are unaffected. Shares briefly touched an intraday high on the reassurance.
6. Micron inked a long-term deal to supply automotive memory chips to Ford. The agreement boosts production of DRAM and storage solutions for next-generation vehicles and commits Micron to capacity expansions at its Virginia plant, ensuring secure supply for Ford’s extended model cycles.
7. TeraWulf signed a 20-year lease with AI firm Anthropic for a dedicated data-center campus. The arrangement is expected to generate about $19 billion in contracted revenue over the term, validating TeraWulf’s pivot from crypto mining to AI infrastructure. The stock rallied on the announcement.
8. Seer’s CEO proposed a buyout valuing the proteomics company at $2.45 per share. The board formed an independent committee to evaluate the offer, which sparked a share price surge of more than 40%. Previous bids from minority shareholders had been rejected.
9. U.S. ISM Services PMI registered 54, marking 24 consecutive months of expansion. Business activity and prices components cooled slightly, hinting at resilient but moderating growth. Analysts expect supply-chain pressures from energy costs to ease later in the year.
10. Dell Technologies shares jumped after President Trump publicly urged consumers to “buy a Dell computer.” The endorsement followed the Dell family’s multibillion-dollar pledge to fund new “Trump accounts” for newborns, lifting the stock as investors anticipated potential demand tailwinds from increased visibility.
Sources: Reuters, Dow Jones, MT Newswires, Tiger Newspress, public market data
Disclaimer: This content is for reference only and does not constitute investment advice.
