Stock Market Today: Nasdaq 100 Falls as Crude Rallies to $88
U.S. stocks traded in split fashion by midday Wednesday, with a resilient Dow and S&P 500 masking softer breadth as rising oil prices and fresh tariffs kept a lid on risk appetite ahead of the first “Magnificent Seven” earnings of the season. Oil prices climbed as the U.S. carried out its 11th consecutive night of strikes on Iran, broadening its targets and stoking fears over the flow of crude through the Strait of Hormuz. West Texas Intermediate crude – as tracked by the United States Oil Fu nd (NYSE: USO ) – rose about 2.2%, trading near $88 a barrel. The energy-driven inflation impulse rippled into rates. The 10-year Treasury yield pushed up about 2 basis points to 4.65%, while the 30-year yield climbed to 5.14%. Traders now see roughly a 24% chance of a July rate hike and about a 69% probability of at least a quarter-point increase by September, according to CME FedWat...
S. stocks traded in split fashion by midday Wednesday, with a resilient Dow and S&P 500 masking softer breadth as rising oil prices and fresh tariffs kept a lid on risk appetite ahead of the first “Magnificent Seven” earnings of the season. S. carried out its 11th consecutive night of strikes on Iran, broadening its targets and stoking fears over the flow of crude through the Strait of Hormuz.
2%, trading near $88 a barrel. The energy-driven inflation impulse rippled into rates. 14%. Traders now see roughly a 24% chance of a July rate hike and about a 69% probability of at least a quarter-point increase by September, according to CME FedWatch.
3%, or roughly 160 points, supported by industrial and materials names. 4% as a semiconductor bounce faded and megacap tech softened. Alphabet Inc. 3% while Tesla Inc.
5% ahead of their after-the-close results. 7% as higher yields weighed on rate-sensitive names. 9% to trade near $4,150 an ounce, its highest level since July 7, as investors tracked the Middle East conflict and looked ahead to next week’s Federal Reserve meeting. 2%.
3%. 4%. 7%. Read Also: Nvidia vs.
AMD: The Next AI Battle Targets a $170 Billion Prize Super Micro Computer Rallies 25%, Enterprise Software Cracks Sector leadership tilted defensive and cyclical. 9% alongside firmer crude. Beneath the sector picture, the day’s biggest single-stock was Super Micro Computer Inc. (NASDAQ: SMCI ) which rocketed about 26%.
4% outlook. The read-through lifted rival Dell Technologies Inc. (NYSE: DELL ), which climbed about 10% on expectations of similar demand strength when it reports next month. Advanced Micro Devices Inc.
3% after unveiling a deal under which Anthropic committed to buy up to two gigawatts of AMD GPUs while AMD invests $5 billion in the AI lab. Industrials provided the other bright spot. Westinghouse Air Brake Technologies Corp. 9 billion backlog.
Penske Automotive Group, Inc. (NYSE: PAG ) rallied about 11% following its second-quarter results. Biotech Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR ) surged about 22% after its Phase 3 SHASTA-3 and SHASTA-4 studies met their primary and secondary endpoints.
The pain was concentrated in enterprise software. Pegasystems Inc. 4 million, with management warning that “unprecedented changes in the AI market” have led enterprise customers to delay purchasing decisions. That warning rippled across automation peers, dragging UiPath Inc.
(NYSE: PATH ) down about 12% in sympathy, a move that compounded a recent analyst downgrade to Hold on AI-commoditization risk. GE Vernova Inc. 34 billion and the power giant raised its full-year revenue forecast; management flagged a $100 million to $200 million tariff-related cost headwind. Elsewhere, Reddit Inc.
(NYSE: RDDT ) fell about 9% and Klaviyo Inc. (NYSE: KVYO ) dropped about 7%. Among the morning’s other earnings, Philip Morris International Inc. (NYSE: PM ) rose about 4%.
Investors now await after-the-close results from Alphabet, Tesla and International Business Machines Corp. (NYSE: IBM ) for the next read on the AI trade. Wednesday’s Russell 1000 Top Gainers Name % change Super Micro Computer, Inc. 74% Arrowhead Pharmaceuticals, Inc.
87% Westinghouse Air Brake Technologies Corp. 89% Penske Automotive Group, Inc. 60% Dell Technologies Inc. 21% Wednesday’s Russell 1000 Top Losers Name % change Pegasystems Inc.
74% UiPath Inc. 67% Reddit Inc. 31% Klaviyo Inc. 47% GE Vernova Inc.
30% Image: Shutterstock