01 Stock Market
The U.S. major indexes closed as follows: Dow Jones up 0.46% at 51,947.25; S&P 500 up 0.05% at 7,411.98; NASDAQ declined 0.64% at 24,975.82. After opening mixed, equities wavered through the session as investors weighed another sharp pullback in high-beta technology shares against comparatively resilient blue-chip strength. A late-day uptick in defensive sectors and stabilizing bond yields helped the Dow eke out gains, while the tech-heavy Nasdaq remained under pressure from semiconductor weakness.
Semiconductor-linked names led the unusual-move list, while a handful of mega-caps bucked the trend. Bearish chip ETF SOXS jumped 12.98% at $51.53 as its bullish counterpart SOXL declined 13.14% at $136.81. Memory makers tumbled, with Micron Technology down 6.99% at $920.95 and SK hynix off 8.81% at $154.57, while storage peer SanDisk fell 10.79% at $1,436.56. Broader chip names struggled: Intel declined 7.89% at $92.32, Marvell slipped 7.21% at $194.23, and NVIDIA eased 0.92% at $206.84. Electric-vehicle heavyweight Tesla fell 2.08% at $313.03, contrasting with Apple, which climbed 3.53% at $333.02. Strength in workflow specialist ServiceNow, up 7.44% at $98.78, offered a bright spot amid the tech slump, and leveraged Nasdaq bearish fund moves reflected the day’s rotation.
Rising concerns over capital-spending burdens in the AI supply chain, coupled with softer oil prices and easing Treasury yields, framed a cautious backdrop. Investors parsed a wave of corporate earnings and guidance revisions, particularly in technology and payments, amid lingering geopolitical uncertainty. While moderating energy costs aided sentiment, the persistent volatility in chips underscored how quickly themes can shift in a market still adjusting to higher-for-longer funding costs and hefty investment cycles.
02 Other Markets
U.S. 10-year Treasury yield fell by 0.51%, latest at 4.68%.
USD/CNH fell 0.11%, at 6.79; USD/HKD rose 0.02%, at 7.84.
U.S. Dollar Index rose 0.05%, at 101.48.
WTI crude futures fell 1.87%, at 90.47 USD/bbl; COMEX gold futures rose 0.14%, at 4,055.70 USD/oz.
03 Top News
1. SpaceX completed its 13th Starship test flight, showcasing suborbital deployment of new Starlink satellites. The launch from Texas demonstrated key capabilities aimed at accelerating global satellite-internet coverage. Successful milestones support SpaceX’s roadmap toward full orbital missions and commercial operations.
2. Samsung Electronics and SK Hynix are set to sign multi-year chip supply agreements with major U.S. technology firms, according to Bloomberg. The deals will expand their foothold in high-bandwidth memory for artificial-intelligence data centers. Analysts view the pacts as strengthening global supply chains amid intense competition in advanced semiconductors.
3. Verizon raised its full-year adjusted profit and free-cash-flow guidance after adding 184,000 postpaid wireless subscribers. Management credited new “Simplicity” 5G plans and the bundled “Verizon One” service for improved customer retention. Shares gained as investors welcomed the stronger outlook.
4. Oil-field services giant SLB beat second-quarter profit estimates despite Middle East disruptions. Revenue climbed to $8.97 billion, aided by stable North American demand that offset a 14% drop in Middle East and Asia sales. The company’s shares advanced more than 3% in pre-market trading.
5. American Express posted a 10% revenue rise to $19.64 billion on robust card-member spending but saw its stock decline over 2%. Net income reached $3.11 billion, topping year-ago levels, yet fell short of analyst forecasts. Management raised full-year sales guidance to 10% as it invests in premium card perks.
6. Alphabet signaled annual capital expenditure could reach up to $205 billion, sparking investor concern and a steep share-price drop. The Google parent said higher spending would fund AI data-center expansion. Markets punished the stock, reflecting worries about delayed returns from large-scale investments.
7. Pakistan is actively seeking to restart U.S.–Iran dialogue to end ongoing regional conflict, according to government sources. High-level meetings in Islamabad underscored diplomatic efforts to de-escalate tensions. Hopes for progress briefly buoyed global equity futures and pressured oil prices.
8. Micron shares slid 6.72% as profit-taking hit memory-chip makers despite optimism over data-center demand. The pullback followed strong earlier gains for the week. Investors remain wary about pricing sustainability in the volatile memory market.
9. Cathie Wood’s ARK Invest bought roughly 160,000 Tesla shares across multiple ETFs after the EV leader’s post-earnings slump. The contrarian purchase reinforces ARK’s conviction in Tesla’s long-term autonomous-vehicle strategy. Tesla remains the largest holding in the flagship ARK Innovation ETF.
10. Verizon launched its “Simplicity” unlimited 5G plan and the integrated “Verizon One” bundle to deepen customer engagement. The offerings replace complex legacy tariffs with transparent pricing and combined home-internet services. Early adoption contributed to stronger subscriber additions this quarter.
Sources: Reuters, Dow Jones, Tiger Newspress, Public Market Data
Disclaimer: This content is for reference only and does not constitute investment advice.
