01 Stock Market
The U.S. major indexes closed as follows: Dow Jones up 1.73% at 51,561.93; S&P 500 up 0.41% at 7,584.31; NASDAQ declined 0.09% at 26,830.96. A late-session bid for blue-chips offset mixed tech action, lifting the Dow to another record while growth names treaded water.
Semiconductors delivered the widest swings of the day. Broadcom (AVGO) fell 12.59% at $418.91 after a revenue miss, dragging peers as Micron (MU) declined 7.74% at $996.00 and leveraged ETF SOXL fell 6.36% at $262.70. In contrast, network-focused Marvell Technology (MRVL) rose 4.90% at $316.43, while flagship chip designer NVIDIA (NVDA) climbed 1.94% at $218.66 and inverse fund SOXS jumped 5.91% at $5.20. Outside chips, megacaps saw selective strength: Alphabet (GOOG) advanced 3.82% at $369.27, Oracle (ORCL) added 2.61% at $236.34, and Apple (AAPL) inched up 0.31% at $311.23; meanwhile Advanced Micro Devices (AMD) fell 3.56% at $523.20.
Broader ETF flows highlighted investor rotation. The large-cap proxy SPDR S&P 500 ETF (SPY) firmed 0.38% at $757.09, while the tech-heavy Invesco QQQ (QQQ) slipped 0.48% at $740.61. Semiconductor bears gained ground through Direxion Daily MU Bull 2x (MUU) sliding 15.35% at $901.56, whereas Taiwan’s foundry giant TSM gained 1.88% at $444.92, showcasing the market’s preference for perceived AI winners amid heightened volatility.
02 Other Markets
U.S. 10-year Treasury yield remained flat, latest at 4.48%. USD/CNH fell 0.06%, at 6.82; USD/HKD was nearly unchanged, down 0.00%, at 7.83. U.S. Dollar Index rose 0.01%, at 99.43. WTI crude futures fell 0.18%, at 92.87 USD/bbl; COMEX gold futures fell 0.19%, at 4,496.50 USD/oz.
03 Top News
1. Broadcom’s quarterly revenue missed expectations, triggering a double-digit share slide. The chip maker reported $22.19 billion in sales, shy of consensus, and kept its long-range outlook unchanged. Investors worried about AI-related growth, sending the stock down more than 12% and sparking a broader semiconductor retreat.
2. Pinterest will pay Amazon Web Services $4 billion for cloud and custom chips through 2031. The social-media group said the pact secures Graviton and Trainium processors to accelerate its artificial-intelligence roadmap. Pinterest shares rose nearly 5% while Amazon gained about 1.7% on the expanded partnership.
3. SpaceX kicked off its IPO roadshow, targeting a $135-per-share listing on Nasdaq. The company plans to sell 555 million Class A shares and may grant underwriters an additional 83 million shares. A successful float could value the space pioneer near $1.75 trillion, with retail investors offered access at the same price as institutions.
4. Marvell Technology is widely tipped for imminent S&P 500 inclusion after a meteoric rise. Analysts note the chip designer’s market value dwarfs other eligible candidates and meets all profitability thresholds. Entry could spur fresh index-tracking demand for the stock.
5. U.S. weekly jobless claims rose to 225,000, but trends still point to a resilient labor market. The four-week moving average edged up to 214,750, remaining within this year’s 190,000-230,000 range. Continuing claims dipped to 1.777 million, underscoring limited layoffs despite tech sector downsizing.
6. Ciena beat earnings and lifted full-year guidance, yet shares dropped on lofty expectations. Fiscal Q2 adjusted EPS jumped to $1.64 on 40% revenue growth, topping estimates. Investors appeared disappointed by guidance details, sending the optical-networking stock down about 6%.
7. Oil prices slid as reports signaled the U.S. will uphold an Iran cease-fire barring troop casualties. Brent futures retreated 3.6% to near $94 per barrel, reversing a three-day rebound. Analysts cited easing geopolitical risk as a headwind for crude.
8. Bank of America upgraded UnitedHealth Group to “Buy,” citing improving medical-cost trends. The broker argued favorable data could set up a strong second-quarter earnings beat. Shares of the health-insurance giant outperformed the Dow during the session.
9. Texas officials approved tax incentives for SpaceX’s planned semiconductor facility. The “Terafab” project in Grimes County could attract investments exceeding $100 billion. Local leaders expect significant job creation amid concerns over environmental impact.
10. Macquarie downgraded Broadcom to “Neutral” on fears of Google’s in-house chip push. Analysts warned Alphabet’s growing reliance on its own silicon could pressure Broadcom’s long-term growth. The call added to the negative sentiment following Broadcom’s earnings miss.
Sources: Reuters, Dow Jones, Tiger Newspress, Benzinga, public market data Disclaimer: This content is for reference only and does not constitute investment advice.
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