Closing Bell Movers: Intel up 4% on Q2 earnings beat
Mega-cap Tech weighed heavily on sentiment in Thursday's trading as elevated capex plans by Alphabet (GOOGL) and Tesla (TSLA) worried investors. Parent of Google fell 7% to trade at a 3-month lows, while Tesla shed 15%, falling to 2026 lows below $320. Every other member of the MAG-7 also traded lower on the day, as Communication Services, Consumer Cyclicals, and Technology sectors underperformed. Health Care and Industrials were the best performing sectors in the S&P 500, with Energy also bid amid ongoing Iran-US tensions. WTI Crude Oil was up for the fifth consecutive day, rising above $92 per barrel - the highest level in over a month. In the opening hours of the evening session on Thursday, S&P e-minis are flat while Nasdaq 100 contract is up 0.2%. Blowout earnings result out of Intel (INTC) is making an attempt to rightsize the ship, seemingly sent adrift by the floundering Tech space, where Semiconductor ETF (SMH) has now fallen 13% from its June 22nd high. Friday may well see a bounce, especially in light of the market tolerating higher capex plans by the chipmaker. The earnings calendar remains hot and heavy next week however, with Microsoft (MSFT) and Meta (META) due out.
Mega-cap Tech weighed heavily on sentiment in Thursday's trading as elevated capex plans by Alphabet (GOOGL) and Tesla (TSLA) worried investors.
Parent of Google fell 7% to trade at a 3-month lows, while Tesla shed 15%, falling to 2026 lows below $320.
Every other member of the MAG-7 also traded lower on the day, as Communication Services, Consumer Cyclicals, and Technology sectors underperformed.
Health Care and Industrials were the best performing sectors in the S&P 500, with Energy also bid amid ongoing Iran-US tensions.
WTI Crude Oil was up for the fifth consecutive day, rising above $92 per barrel - the highest level in over a month.
In the opening hours of the evening session on Thursday, S&P e-minis are flat while Nasdaq 100 contract is up 0.2%.
Blowout earnings result out of Intel (INTC) is making an attempt to rightsize the ship, seemingly sent adrift by the floundering Tech space, where Semiconductor ETF (SMH) has now fallen 13% from its June 22nd high.
Friday may well see a bounce, especially in light of the market tolerating higher capex plans by the chipmaker.
The earnings calendar remains hot and heavy next week however, with Microsoft (MSFT) and Meta (META) due out.