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Noon Update 7/7
Daily Digest
DOW NASDAQ S&P 500 RUSSELL 2000
US stocks extend tech-led pullback as Samsung earnings rattle semiconductor complex while Middle East tensions lift energy shares
- The S&P 500, Nasdaq and Dow trade lower as Samsung’s record AI-driven memory profits fall short of lofty guidance and sustainability expectations, sparking profit-taking and renewed concerns about peak AI spending and valuations in semiconductors.
- Micron Technology (MU) drops roughly 7–8% as investors question whether the memory upcycle is topping out following Samsung’s results.
- Marvell Technology (MRVL) and KLA (KLAC) each fall around 9–10% in a global chip selloff that hits prior AI beneficiaries.
- Earlier AI winners AMD (AMD) and Broadcom (AVGO) trade weaker, while broader semiconductor equipment names Lam Research (LRCX) and Applied Materials (AMAT) come under pressure.
- Western Digital (WDC) and SanDisk decline about 7% after earlier double-digit intraday losses, reversing part of Monday’s AI-driven gains in memory plays such as Western Digital (WDC) and Seagate (STX).
- Energy outperforms as rising oil prices, driven by geopolitical tensions in the Middle East and incidents in the Hormuz Strait, support the sector.
- Defensive and rotation sectors show relative resilience, with healthcare, utilities, staples and financials firmer; Eli Lilly (LLY) gains more than 2%, JPMorgan (JPM) trades higher and Walmart (WMT) rises about 1% on price-cut news.
- The US May trade deficit widens more than expected to $77.6 billion, the largest in over a year on record goods imports, though immediate market impact is limited.
- SpaceX joins the Nasdaq-100, attracting bullish Wall Street commentary and expectations for billions in passive inflows, but its index impact remains modest amid the Samsung-driven tech rout.
- Ford (F) faces an additional recall of over 110,000 Mustang vehicles for wiper and drivetrain issues, with no outsized stock move reported.
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Noon Update 7/7
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