01 Stock Market
U.S. stocks closed slightly lower on Monday, with each of the three major indexes coming off a third straight week of gains, as renewed U.S.-Iran tensions put the durability of a two-week ceasefire in question.
Iran is considering attending peace talks with the U.S. in Pakistan, a senior Iranian official told Reuters, following moves by Islamabad to end a U.S. blockade of Iran's ports.
Unusual-move stocks were led by semiconductor and specialty-materials names. Among large caps, NVIDIA (NVDA) rose 0.19% at $202.06 while Apple (AAPL) added 1.04% at $273.05. Chipmaker Marvell Technology (MRVL) jumped 5.83% at $147.84 on reports of a new AI collaboration, and USA Rare Earth (USAR) surged 13.18% at $22.58 after announcing a Brazilian acquisition. Conversely, heavyweights saw pockets of profit-taking: Tesla (TSLA) declined 2.03% at $392.50, Intel (INTC) fell 4.09% at $65.70, and Netflix (NFLX) fell 2.55% at $94.83 amid broader weakness in big-tech names.
ETFs and niche plays highlighted the market’s split tone. The leveraged semiconductor bull fund SOXL rose 1.33% at $95.94, underscoring ongoing enthusiasm for AI-related hardware, while its bearish counterpart SOXS fell 1.27% at $18.63. Space and defense remained in focus as Rocket Lab (RKLB) climbed 5.50% at $89.46 and Ondas (ONDS) advanced 7.30% at $10.73, reflecting heightened interest in satellite and drone technologies. Broader market ETFs softened in tandem with benchmark indices: SPY fell 0.20% and QQQ slipped 0.32%.
02 Other Markets
U.S. 10-year Treasury yield was unchanged, latest at 4.25%.
USD/CNH rose 0.00%, at 6.86; USD/HKD rose 0.00%, at 7.83.
U.S. Dollar Index rose 0.01%, at 98.06.
WTI crude futures fell 1.12%, at 86.44 USD/bbl; COMEX gold futures rose 0.38%, at 4,847.00 USD/oz.
03 Top News
Apple CEO Cook Steps Down, Effective Sept. 1; Ternus Named CEO
After nearly two decades leading Apple (AAPL), Tim Cook has stepped down as CEO and will become Executive Chairman, effective September 1. He will be replaced by John Ternus, who had been the tech giant's senior vice president of hardware engineering.
Apple shares fell 0.6% in extended trading following the announcement.
Cook will remain in his role as CEO through the summer and work with Ternus during the transition. Upon Ternus taking the top spot at the iPhone maker, Cook will assist with certain aspects for Apple, including engaging with policymakers around the world.
Amazon to Invest up to $25 Billion in Anthropic as Part of $100 Billion Cloud Deal
Amazon said on Monday that it will invest up to $25 billion in Anthropic, as the AI startup commits to spending more than $100 billion over the next 10 years on Amazon's cloud technologies.
The deal deepens the two firms' relationship as Anthropic rushes to secure capacity to bolster its models.
Marvell Shares Gain on Report of Deal Talks with Google to Develop Two AI Chips
Marvell Technology's shares jumped nearly 6% on Monday following a report that Alphabet's Google is in talks with the chip designer to develop two new chips aimed at running AI models more efficiently.
The potential deal could involve two distinct chips: a memory processing unit to complement Google's tensor processing unit and a new TPU built for running AI models, The Information reported, on Sunday, citing two people with direct knowledge of the discussions.
Sources: Reuters, Dow Jones, Benzinga, Tiger Newspress, public market data
Disclaimer: This content is for reference only and does not constitute investment advice.
