Market
July 9, U.S. stocks opened modestly stronger as investors digested upbeat chip-sector momentum and a lighter-than-feared macro calendar. The Dow Jones Industrial Average rose 0.10% to 52,400, the S&P 500 gained 0.11% to 7,491 and the tech-heavy Nasdaq Composite advanced 0.17% to 25,916, with futures for the Nasdaq 100 earlier pointing to a near-0.8% pop. Early trading sentiment was cautiously optimistic, with traders rotating back into semiconductors while trimming exposure to recent mega-cap winners.
Gains were led by Direxion Daily Semiconductors Bull 3x Shares surging 14.53%, Direxion Daily MU Bull 2X Shares up 14.18%, Applied Materials rallying 8.77% after a bullish wafer-equipment forecast, Western Digital climbing 6.65% on memory price optimism, Micron Technology spiking 7.11% on a guidance lift, Marvell Technology up 6.21%, Advanced Micro Devices 4.35% higher and Intel 4.26% stronger. On the downside, ServiceNow falls 5.33% after a broker downgrade, Meta Platforms, Inc. slips 4.03% on renewed regulatory worries and Microsoft retreats 2.54% following cautious cloud commentary.
Elsewhere, Corning gains 8.22% on robust optical demand, Silicon Motion Technology adds 4.21% amid takeover speculation, Taiwan Semiconductor Manufacturing rises 1.86% after reporting record monthly sales and United Microelectronics tacks on 0.65%. Alphabet eases 1.55% as investors rotate out of megacaps, Palantir Technologies Inc. slides 4.19% on profit-taking, XPeng Inc. declines 2.26% following soft EV delivery data and Universe Pharmaceuticals Inc. drops 3.97% after a mixed quarterly update.
News
Micron Technology lifts outlook on AI memory demand. The chipmaker beat fiscal Q3 estimates and raised revenue guidance, citing stronger-than-expected pricing for high-bandwidth memory used in AI servers.
Applied Materials reports record backlog, plans capacity expansion. Management highlighted accelerating orders from foundry customers, sending shares sharply higher and boosting broader semiconductor sentiment.
Western Digital explores accelerated NAND business spin-off. The storage giant said it is in advanced talks with potential partners, reviving hopes for unlocking shareholder value and lifting the stock.
Intel showcases progress on 1.8-nanometer process at industry summit. Early yields are tracking ahead of plan, easing concerns about the chipmaker’s technology roadmap and driving a pre-market rally.
Marvell Technology secures major AI data-center design win. Analysts expect the contract to add hundreds of millions in annual revenue beginning next year, pushing the stock to six-week highs.
ServiceNow downgraded to ‘Neutral’ at top Wall Street firm. The broker cited slowing federal contract awards; shares dropped over 5% as investors reassessed growth expectations.
Meta Platforms faces new EU antitrust inquiry over advertising practices. The probe could lead to hefty fines and operational changes, pressuring the stock lower in early trade.
Corning debuts high-performance glass for AI server cooling. The product launch targets hyperscale data centers and sparked an 8% jump in shares on hopes of margin expansion.
Federal Reserve officials strike cautious tone on rate cuts. Meeting minutes signaled patience for additional easing, reinforcing expectations of a slower path to policy normalization.
U.S. jobless claims unexpectedly dip, underscoring labor resilience. The decline eased recession concerns and supported modest gains across cyclical sectors at the open.
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