Chip Rebound Lifts Nasdaq 100, Micron Rallies 5%: Stock Market Today
U.S. stocks were mixed by midday Monday as a rebound in the beaten-down chip sector reignited the AI-infrastructure trade. The S&P 500 rose about 0.3% to near 7,482 The Dow Jones Industrial Average slipped roughly 0.2% to around 52,025 The Nasdaq 100 outperformed with a 0.4% advance as chipmakers bounced off last week’s lows Treasury yields firmed as the oil-driven inflation angle stayed in focus. The 10-year yield rose about 4 basis points to 4.61%, recovering part of last week’s 7-basis-point decline, while the five-year climbed to 4.34%. Markets are also pricing in one Fed rate hike this year. The odds of a September move are holding above 60% ahead of next week’s FOMC meeting, where policymakers are widely expected to stay on hold. West Texas Intermediate crude held near $82.60 a barrel, roughly flat on the day but clinging to five-week highs after last week̵...
U.S. stocks were mixed by midday Monday as a rebound in the beaten-down chip sector reignited the AI-infrastructure trade.
The S&P 500 rose about 0.3% to near 7,482 The Dow Jones Industrial Average slipped roughly 0.2% to around 52,025 The Nasdaq 100 outperformed with a 0.4% advance as chipmakers bounced off last week’s lows Treasury yields firmed as the oil-driven inflation angle stayed in focus.
The 10-year yield rose about 4 basis points to 4.61%, recovering part of last week’s 7-basis-point decline, while the five-year climbed to 4.34%.
Markets are also pricing in one Fed rate hike this year.
The odds of a September move are holding above 60% ahead of next week’s FOMC meeting, where policymakers are widely expected to stay on hold.
West Texas Intermediate crude held near $82.60 a barrel, roughly flat on the day but clinging to five-week highs after last week’s near-5% surge.
In precious metals, gold was little changed near $4,012 an ounce.
Bitcoin (CRYPTO: BTC) was up 1.5% to $65,300.
Monday’s Performance In Major US Indices Index Last % Change S&P 500 7,482.12 +0.3% Dow Jones 52,024.77 -0.2% Nasdaq 100 28,715.27 +0.4% Russell 2000 2,957.45 -0.2% Updated by 12:30 PM ET According to Pro: The Vanguard S&P 500 ETF (NYSE: VOO ) gained 0.3%.
The SPDR Dow Jones Industrial Average ETF Trust (NYSE: DIA ) slipped 0.2%.
The Invesco QQQ Trust (NASDAQ: QQQ ) climbed 0.4%.
The iShares Russell 2000 ETF (NYSE: IWM ) fell 0.2%.
Chips And AI Infrastructure Spark The Rebound The Technology Select Sector SPDR Fund (NYSE: XLK ) led the S&P 500 with a 0.9% gain, followed closely by the Energy Select Sector SPDR Fund (NYSE: XLE ), up 0.8% alongside firm crude, and the Communication Services Select Sector SPDR Fund (NYSE: XLC ), up 0.8% on Alphabet’s strength.
Rate-sensitive and defensive corners lagged, with materials, real estate, utilities, consumer staples and health care all in the red.
The rebound was concentrated in the AI-hardware complex.
The VanEck Semiconductor ETF (NASDAQ: SMH ) rose 1.7% to pace industry groups Chip bellwethers rallied, with Broadcom Inc. (NASDAQ: AVGO ) up 3.4% and Micron Technology Inc. (NASDAQ: MU ) surging 5.7%.
Stock Market Standout IREN Ltd. (NASDAQ: IREN ) soared more than 19% after signing $2.8 billion in new multi-year AI Cloud contracts with a customer roster that includes Microsoft, Nvidia and Perplexity, prompting the company to lift its year-end AI cloud annual recurring revenue target above $4 billion.
The deal lit up adjacent data-center and power names.
Applied Digital Corp. (NASDAQ: APLD ), for example, jumped 8.3% in sympathy with no company-specific catalyst of its own.
Galaxy Digital Inc. (NASDAQ: GLXY ) rose 10.4% and nuclear developer X-Energy Inc. (NASDAQ: XE ) gained 9.3%.
Optical supplier Lumentum Holdings Inc. (NASDAQ: LITE ) climbed 8.0%, extending an AI-optics run after Citi recently added an upside catalyst-watch on the shares.
On the downside, Tempus AI Inc. (NASDAQ: TEM ) dropped 8.0% amid a reported CEO-linked insider share sale.
Bloom Energy Corp. (NYSE: BE ) lost 5.6%, extending its drawdown from June’s peak to over 40%.
Stocks reacting to earnings reports included: Domino’s Pizza Inc. (NASDAQ: DPZ ) rose 3.2% to around $332 after Q2 revenue of $1.19 billion topped estimates, even though adjusted EPS of $4.07 missed the $4.26.
AMC Entertainment Holdings Inc. (NYSE: AMC ) jumped roughly 13% to near $2.20 after posting record quarterly revenue of $1.6 billion, up 14.2%, a surprise $0.14 profit versus a forecast loss, and a 70% jump in adjusted EBITDA to $321.4 million.
AGNC Investment Corp. (NASDAQ: AGNC ) was in focus ahead of its results due after Monday’s close, with investors watching book value and the dividend as yields backed up.
Monday’s Russell 1000 Top Gainers Name % change IREN Ltd. +19.5% Galaxy Digital Inc. +10.4% X-Energy Inc. +9.3% Applied Digital Corp. +8.3% Lumentum Holdings Inc. +8.0% Monday’s Russell 1000 Top Losers Name % change Tempus AI Inc. -8.0% AAON Inc. (NASDAQ: AAON ) -6.7% UWM Holdings Corp. (NYSE: UWMC ) -6.2% Bloom Energy Corp. -5.6% CAVA Group Inc. (NYSE: CAVA ) -4.7% Image: Shutterstock