Market
July 28, U.S. stocks opened mixed as the Dow Jones added 0.66%, the S&P 500 eased 0.13% and the Nasdaq fell 0.61%. Traders rotated into defensive blue chips while unloading high-growth technology names amid mounting concerns over slowing chip demand and stretched valuations.
On the downside, Direxion Daily MSCI South Korea Bull 3x Shares falls 17.43%, Corning falls 14.66%, SanDisk Corp. falls 9.38%, Western Digital falls 8.21%, Silicon Motion Technology falls 7.96%, Micron Technology falls 6.92%, Advanced Micro Devices falls 6.05% and Intel falls 5.98% after a wave of bearish outlooks battered the semiconductor complex.
Gainers were led by Direxion Daily Semiconductors Bear 3x Shares up 13.27%, Coca-Cola up 3.49%, Li Auto up 2.54%, ServiceNow up 2.45%, Microsoft up 1.36%, Apple up 1.07% and Alphabet up 0.72% as investors sought defensive earnings growth and hedges against technology weakness.
News
Micron Technology cuts revenue guidance, shares sink. The memory maker flagged a sharper-than-expected inventory correction, prompting a 7% slide in early trading and weighing on peer chip names.
Corning misses quarterly estimates, outlook trimmed. Softer smartphone and tablet demand shaved glass volumes, driving the stock down nearly 15% and spurring analysts to slash price targets.
Direxion Daily Semiconductors Bear 3x Shares jumps on chip rout. The leveraged inverse ETF spiked over 13% as traders rushed to hedge long exposure across the semiconductor space.
Coca-Cola tops sales forecasts and lifts full-year view. Resilient consumer demand for premium beverages powered a 3% pre-market gain, positioning the Dow component as a defensive winner.
Microsoft advances after cloud momentum accelerates. Azure bookings and AI service uptake exceeded expectations, pushing the stock up more than 1% despite the broader tech pullback.
Tesla Motors eases as margin worries offset record deliveries. Investors focused on pricing pressure and capital spending plans, nudging the EV leader about 1% lower at the open.
ServiceNow rallies on strong subscription growth. The workflow platform provider raised guidance for the second straight quarter, sending shares up roughly 2%.
Li Auto gains on robust delivery update. June shipments jumped 45% year over year, bolstering confidence that the Chinese EV maker can sustain rapid market share gains.
Western Digital retreats after delaying memory unit IPO. The postponement stirred doubts about the company’s strategic roadmap, triggering an 8% decline.
Advanced Micro Devices sinks as rivals cut server chip prices. Competitive pressure in data-center markets sparked a 6% selloff and renewed debate over AMD’s growth trajectory.
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