Nasdaq 100 Enters Correction, SanDisk Sinks Over 50% From Peak: Stock Market Today

The Nasdaq 100 officially slipped into correction territory on Tuesday, falling more than 10% from its early June record high as the AI-driven sell-off deepened on mounting concerns over rising competition from China.

The memory sector has been at the heart of July’s rout.

SanDisk Corp. (NASDAQ: SNDK ) — the S&P 500’s top performer of 2026 before the downturn — has plunged more than 50% from its peak, while Micron Technology Inc. (NASDAQ: MU ) has lost roughly one-third of its market value. • Sherwin-Williams stock is charging ahead with explosive momentum.

What’s driving SHW stock higher? Peers SK Hynix Inc. (NASDAQ: SKHY ), Seagate Technology Holdings plc (NASDAQ: STX ) and Samsung Electronics Co.

Ltd. (OTC: SSNLF ) also sold off sharply Tuesday as investors reassessed the memory sector after China’s memory champion, C hangXin Memory Technologies (CXMT), surged 466% in its Shanghai trading debut.

Across U.S. equity markets by midday Tuesday, the tape was sharply bifurcated, with earnings winners and rate-sensitive corners rallying against a bleeding AI-hardware complex.

The S&P 500 added 0.4% to 7,440, while a blitz of blue-chip earnings beats powered the Dow Jones more than 650 points higher, or 1.3%, to 52,865 points.

Sherwin-Williams Co. (NYSE: SHW ) led the Dow index, surging 8.3% after beating on earnings per share of $3.70 versus the $3.52 consensus and raising full-year adjusted EPS guidance to $11.80-$12.20.

Coca-Cola Co. (NYSE: KO ) gained 5.3%, reaching fresh record highs, after topping estimates at 97 cents per share and boosting its outlook on World Cup-fueled demand.

The Nasdaq 100 fell 0.6% to 27,882.

Within Magnificent Seven stocks, Microsoft Corp. (NASDAQ: MSFT ) rose 2.2%, Meta Platforms Inc. (NASDAQ: META ) share price was volatile ahead of Wednesday’s earnings, Alphabet Inc. (NASDAQ: GOOGL ) climbed 1.9%, and Apple Inc. (NASDAQ: AAPL ) was up 0.9% before Thursday’s report.

West Texas Intermediate crude sank 5% to $78.50 a barrel and Brent slid 5.2% to $83.81, amid rising hopes for a ceasefire.

The 10-year Treasury yield fell for a third straight session, down six basis points to 4.60%.

The Federal Reserve’s two-day meeting kicked off Tuesday, with rate futures assigning roughly a 35% probability to a hike at Wednesday’s decision under Chair Kevin Warsh and about 80% odds to a September move, after June inflation cooled to 3.5% from 4.2%.

Tuesday’s Performance In Major U.S.

Indices Index Last % Change S&P 500 7,440.27 +0.4% Dow Jones 52,865 +1.3% Nasdaq 100 27,882 -0.6% Russell 2000 2,946.93 -0.1% Updated by 12:20 PM ET According to the Pro platform: The Vanguard S&P 500 ETF (NYSE: VOO ) gained 0.3%.

The SPDR Dow Jones Industrial Average ETF Trust (NYSE: DIA ) rallied 1.3%.

The Invesco QQQ Trust (NASDAQ: QQQ ) slid 0.6%.

The iShares Russell 2000 ETF (NYSE: IWM ) edged down 0.1%.

The AI Hardware Trade Unravels The Consumer Staples Select Sector SPDR Fund (NYSE: XLP ) led all sectors, up 2.2%, followed by the Materials Select Sector SPDR Fund (NYSE: XLB ) at 2.2%, the Health Care Select Sector SPDR Fund (NYSE: XLV ) at 2.2% and the Communication Services Select Sector SPDR Fund (NYSE: XLC ) at 2.0%.

The Energy Select Sector SPDR Fund (NYSE: XLE ) was the worst performer, down 1.7% on crude’s slide, just below the Technology Select Sector SPDR Fund (NYSE: XLK ), off 1.6% and now down 10.0% in July.

Falling yields and hot home-price data lifted the iShares U.S.

Home Construction ETF (BATS: ITB ) 2.8%, while cheaper fuel sent the U.S.

Global Jets ETF (NYSE: JETS ) up 2.4% and the SPDR S&P Insurance ETF (NYSE: KIE ) added 2.5%.

On the losing side, the Invesco WilderHill Clean Energy ETF (NYSE: PBW ) dropped 3.6% – hit by a 12.5% slide in Bloom Energy Corp. (NYSE: BE ) ahead of its report tonight.

The AI hardware complex was the session’s bleeding edge.

Aside Micron’s 8.9% drop, Advanced Micro Devices Inc. (NASDAQ: AMD ) lost 6.7%, Intel Corp. (NASDAQ: INTC ) fell 5.4%, and equipment makers Applied Materials Inc. (NASDAQ: AMAT ) and Lam Research Corp. (NASDAQ: LRCX ) shed 7.9% and 8.2% ahead of Lam’s Wednesday report.

Storage and optical names cratered in sympathy: Western Digital Corp. fell 9.3%, Coherent Corp. (NYSE: COHR ) dropped 12.0%, Lumentum Holdings Inc. (NASDAQ: LITE ) lost 10.0% and Ciena Corp. (NYSE: CIEN ) slid 9.2%.

Dell Technologies Inc. (NYSE: DELL ) gave up 10.3% and Super Micro Computer Inc. (NASDAQ: SMCI ) lost 4.9%, while the data-center build-out trade unwound through Vertiv Holdings Co (NYSE: VRT ), down 6.7% before Wednesday’s print, GE Vernova Inc. (NYSE: GEV ), off 4.6%, and Quanta Services Inc. (NYSE: PWR ), down 5.1% ahead of Thursday’s results.

The other side of the rotation was just as violent: software and IT services ripped higher, with Workday Inc. (NASDAQ: WDAY ) up 7.0%, Cognizant Technology Solutions Corp. (NASDAQ: CTSH ) up 7.5%, Accenture plc (NYSE: ACN ) up 7.0%, Autodesk Inc. (NASDAQ: ADSK ) up 6.6%, Adobe Inc. (NASDAQ: ADBE ) up 6.1% and Salesforce Inc. (NYSE: CRM ) up 4.9%.

Tuesday’s Earnings Winners and Losers Among earnings movers, Repligen Corp. (NASDAQ: RGEN ) topped the Russell 1000, soaring 15.6% after beating with adjusted EPS of 54 cents versus 45 cents expected on revenue up 12% to $204 million, raising full-year guidance and unveiling a roughly $1.5 billion cash-and-stock deal for BioLife.

IQVIA Holdings Inc. (NYSE: IQV ) jumped 12.7% on a revenue beat of $4.37 billion, adjusted EPS of $3.15 and a full-year guidance hike backed by record clinical bookings.

TransUnion (NYSE: TRU ) rallied 10.9% after adjusted EPS of $1.23 beat the $1.15 consensus on 15% revenue growth, with full-year guidance raised to $5.13 billion-$5.16 billion.

Armstrong World Industries Inc. (NYSE: AWI ) added 10.8% after beating on EPS ($2.36 versus $2.25) and revenue while lifting its full-year sales outlook.

Boeing Co. (NYSE: BA ) gained 4.9% following its q