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77 stories mentioning Applied MaterialsUpdated 11d ago

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Equities

S&P 500 Posts Weekly Decline Amid Worries Over Artificial Intelligence, Middle East

The Standard & Poor's 500 index fell 1.6% this week, led by technology stocks, amid concerns about whether excitement over artificial intelligence has been overdone in the US.The S&P 500 ended the week at 7,457.69 and is down 0.6% for July but up 8.9% for the year.Worries about the U.S. technology sector flared as China's Moonshot AI, which is backed by Alibaba (BABA), released an AI model that it says outperforms some US-based systems.Continued conflict in the Middle East also weighed as crude oil futures climbed. Iran said it had targeted US military forces in Syria and Bahrain in a broadening of the scope of its attacks in the Middle East.Economic data showed US consumer prices declined by more than expected in June while producer prices unexpectedly fell. The drop in producer prices came amid a steep decline in the cost of energy products. Still, US industrial production rose by less than expected in June as manufacturing output stalled, Federal Reserve data showed Friday.The technology sector fell 3.8%, followed by a 2.4% loss in communication services and declines of 1.4% each in industrials and materials. Consumer discretionary and utilities also edged lower.The decliners in the technology sector included shares of Applied Materials (AMAT), which fell 12% on the week, and Cadence Design Systems (CDNS), down 14%.In communication services, shares of Netflix (NFLX) shed 6%. The streaming company's second-quarter revenue missed Wall Street's estimates while Q3 guidance lagged market expectations. The company also said it will switch to releasing its engagement report annually, rather than semi-annually.On the upside, energy climbed 5%, while real estate rose 2.3% and consumer staples added 1.4%. Financials and health care were also higher.The climb in energy came as crude oil futures rose as Iran widened its attack to a desalination plant in Kuwait. Gainers included shares of Exxon Mobil (XOM), up 6.1%, and Chevron (CVX), up 6.2%.Next week's earnings calendar features Google parent Alphabet (GOOGL, GOOG), Tesla (TSLA), Philip Morris International (PM), GE Vernova (GEV), Texas Instruments (TXN), International Business Machines (IBM), AT&T (T), Intel (INTC) and American Express (AXP).Economic data will include June new home sales and the July US Flash Manufacturing PMI, a gauge of the manufacturing sector's health.

Dow JonesNasdaq CompositeS&P 500$AMAT$CDNS$CVX$NFLX$XOM
Asia Markets

Update: US Equity Futures Drop as AI Concerns Weigh on Tech Stocks, Middle East Conflict Continues

US equity futures were edging lower pre-bell Friday as concerns over artificial intelligence spending weighed on chip stocks and the wider technology sector, while the conflict in the Middle East showed no signs of de-escalating.Dow Jones Industrial Average futures were 0.5% lower, S&P 500 futures were down 0.9%, and Nasdaq futures were 1.9% lower.Global tech stocks continued their drop from the previous session, including Nvidia (NVDA), which was down 2.6% in premarket activity.US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz.Iran said it had targeted US military forces in Syria and Bahrain in a broadening of the scope of its attacks in the Middle East.Traders assessed the latest round of earnings, with Netflix (NFLX) reporting an increase in fiscal Q2 earnings and revenue on late Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.4% at $86.20 per barrel and US West Texas Intermediate crude 2.5% higher at $80.95 per barrel.June housing starts rose to a 1.427 million annual rate from 1.199 million in the previous month, compared with expectations for a 1.31 million rate in a survey compiled by Bloomberg. US import prices rose 0.3% in June, above the 0.7% increase expected and below the 1.7% gain in May. US export prices fell 0.6% in June, compared with the 0.7% decrease expected and the 1.2% increase in the prior month.The June industrial production report, due at 9:15 am ET, is forecast to show a 0.2% gain following a 0.1% increase in the prior month. The University of Michigan consumer sentiment index for July, slated for 10 am ET, is expected at 51.0, up from 49.5 previously.In other world markets, Japan's Nikkei closed 4% lower, Hong Kong's Hang Seng ended 1.8% lower, and China's Shanghai Composite finished 3.1% lower. Meanwhile, the UK's FTSE 100 was flat, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, included in the tech stock sell-off were Applied Materials (AMAT), Lam Research (LRCX), and Intel (INTC), which were down 5.3%, 4.7%, and 4.5%, respectively. SpaceX (SPCX) shares fell 4.4% after CEO Elon Musk said in a post on X that the company's Starship rocket triggered an "automatic launch abort" Thursday, with the next launch to be rescheduled possibly "in a few days." Netflix stock was down 11% after it posted Q2 revenue that fell short of analysts' consensus estimates.On the winning side, energy-related stocks rose along with the increase in oil prices. Exxon Mobil (XOM) shares were 2% higher, Shell (SHEL) stock was up 2.1%, and TotalEnergies (TTE) shares were up 2.3%.

Dow JonesNasdaq CompositeS&P 500$AMAT$INTC$LRCX$NFLX$NVDA$SHEL$SPCX$TTE$XOM
Asia Markets

Update: US Equity Futures Mixed Pre-Bell as Middle East Tensions Intensify, Major US Banks Post Earnings

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mixed pre-bell Tuesday as traders monitored the unabated rise of tensions in the Middle East, as well as the financial results of major US banks.Dow Jones Industrial Average futures were 0.4% lower, S&P 500 futures were flat, and Nasdaq futures were 0.7% higher.US Central Command completed another series of attacks against Iran on Monday night, its third consecutive wave, aiming to "continue imposing a heavy cost on Iranian forces and degrade their ability to attack innocent civilians and commercial shipping in the Strait of Hormuz," the command said in a post on X.Meanwhile, President Trump said the US is reinstating the blockade on Iranian vessels. "The U.S.A. will be, from this point forward, known as "THE GUARDIAN OF THE HORMUZ STRAIT," but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped," Trump said in a post on Truth Social.Traders digested the latest round of earnings, with JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), and Goldman Sachs Group (GS) all reporting higher Q2 earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.4% at $86.92 per barrel and US West Texas Intermediate crude 3.1% higher at $80.53 per barrel.The June consumer price index, released at 8:30 am ET, fell 0.4%, compared with a 0.5% gain in the previous month, and wider than an expected 0.4% decrease in a survey compiled by Bloomberg.New Federal Reserve Chair Kevin Warsh will deliver his first semi-annual monetary policy report to the House Financial Services Committee, starting at 10 am ET.Federal Reserve Governors Lisa Cook, Michael Barr, Michelle Bowman, and Chicago President Austan Goolsbee are slated to speak on Tuesday.In other world markets, Japan's Nikkei closed 0.7% higher, Hong Kong's Hang Seng ended 0.5% higher, and China's Shanghai Composite finished 1.4% higher. Meanwhile, the UK's FTSE 100 was flat, and Germany's DAX index was 0.9% lower in Europe's early afternoon session.In equities, IBM (IBM) shares fell 22% after the company said it expects Q2 earnings and revenue to be below analysts' consensus estimates. Several major US bank stocks were down after reporting Q2 financial results. JPMorgan Chase shares dropped 2.3%, Bank of America stock was down 1.8%, and Wells Fargo shares were 1.4% lower.On the winning side, stocks of ASML (ASML), Applied Materials (AMAT), and Lam Research (LRCX) rose as part of a broader rebound in the semiconductor sector after a previous sell-off. ASML shares rose 3%, Applied Materials stock was up 6.1%, and Lam Research shares were 6.1% higher. Goldman Sachs shares increased 4% after the bank posted its Q2 financial results.

Dow JonesNasdaq CompositeS&P 500$AMAT$ASML$BAC$GS$IBM$JPM$LRCX$WFC
Update: US Equities Rise, Oil Prices Fall as Traders Look Past Middle East Tensions
US Markets

Update: US Equities Rise, Oil Prices Fall as Traders Look Past Middle East Tensions

(Updates with market moves at the end of the day.)Wall Street's equity benchmarks rose Thursday and oil prices pulled back, apparently shrugging off concerns over renewed tensions in the Middle East.The tech-heavy Nasdaq closed 1.3% higher at 26,206.9, rising for the second consecutive day. The S&P 500 gained 0.8% to 7,543.6 and the Dow Jones Industrial Average edged up 0.3% to 52,487.4, both rebounding following a two-day decline.Among sectors, tech led gainers with a 1.7% advance, while consumer staples saw the steepest decline.Micron Technology's shares (MU) jumped 4.5%. The company announced an increase in its planned US investment to more than $250 billion through 2035 and outlined intentions to invest up to $3 billion to bolster domestic semiconductor supply chain.Other chip-related stocks also moved higher, including Advanced Micro Devices (AMD), ON Semiconductor (ON), Marvell Technology (MRVL), Applied Materials (AMAT), and Intel (INTC).West Texas Intermediate crude oil was down 2.2% at $71.87 per barrel in Thursday late-afternoon trade, while Brent dropped 2.5% to $76.05.Iran's Islamic Revolutionary Guard Corps said it fired 10 ballistic missiles at a US base in Jordan Thursday in retaliation to Washington's aggression, CNN reported.The US Central Command said its forces hit Iran for the second day in a row on Wednesday after Tehran attacked three tankers that crossed the Strait of Hormuz.US President Donald Trump said Wednesday he was no longer interested in negotiating with Iran, saying he believed the recent memorandum of understanding signed between the two countries was over.The renewed tensions between the two sides could be "relatively short-lived" given constraints faced by both countries, according to Macquarie Group."The US is constrained by the risk that higher oil prices could return with fewer mitigation sources available as time goes on and the risk that Iran could materially damage (Middle East) oil infrastructure," Vikas Dwivedi, global energy strategist at Macquarie, said in a report e-mailed to. "Likewise, Iran has come through the negotiations with (arguably) a great deal. We would be surprised if they overplay a good hand and test (President) Trump's patience and restraint for minimal remaining gain."US Treasury yields were lower, with the two-year rate down 2.9 basis points at 4.17% and the 10-year rate falling 2.2 basis points to 4.55%.PepsiCo (PEP) reported fiscal second-quarter results above Wall Street's estimates on Thursday, although soft consumer spending in the US weighed on its North American performance. The stock slid 3.3%.Simply Good Foods (SMPL) lifted its full-year sales outlook as the nutritional snacking company recorded better-than-expected fiscal third-quarter results. The stock gained 1.3%.In economic news, applications for unemployment insurance in the US unexpectedly declined last week as labor market conditions appeared to hold steady, government data showed Thursday.Existing home sales in the US unexpectedly decreased in June as the median price reached an all-time high, data from the National Association of Realtors showed.Gold was up 1.2% at $4,131.80 per troy ounce, while silver gained 3% to $60.32 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMAT$AMD$INTC$MRVL$MU$ON$PEP$SMPL
Sectors

Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.4%.The Philadelphia Semiconductor Index climbed 3.3%.In corporate news, Meta Platforms (META) is aiming to start the production of AI chips from September, amid plans to increase its computing capacity to 14 gigawatts next year, Reuters reported, citing an internal memo. Meta shares rose 3.8%.Micron Technology (MU) shares jumped nearly 5.2% after the firm said Thursday it plans to invest up to $3 billion in the US semiconductor supply chain.Flex (FLEX) and Cerebras Systems (CBRS) said they are expanding their manufacturing partnership to boost production of Cerebras' CS-3 AI accelerator systems, at Flex plants in Milpitas, California. Flex shares gained past 6%, and Cerebras surged 10%.Applied Materials (AMAT) is seeing stronger long-term visibility into semiconductor equipment demand as major chipmakers share production plans extending well beyond 2027, Nikkei Asia reported, citing CEO Gary Dickerson. The stock rose more than 3%.

$AMAT$CBRS$FLEX$META$MU
Sectors

Sector Update: Tech Stocks Gain Thursday Afternoon

Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 5.5%. The Philadelphia Semiconductor Index climbed 4.8%.In corporate news, Micron Technology (MU) shares jumped nearly 8% after the firm said Thursday it plans to invest up to $3 billion in the US semiconductor supply chain.Flex (FLEX) and Cerebras Systems (CBRS) said they are expanding their manufacturing partnership to boost production of Cerebras' CS-3 AI accelerator systems, at Flex plants in Milpitas, California. Flex shares gained past 7%, and Cerebras surged 10%.Applied Materials (AMAT) is seeing stronger long-term visibility into semiconductor equipment demand as major chipmakers share production plans extending well beyond 2027, Nikkei Asia reported, citing CEO Gary Dickerson. Shares rose over 6%.

$AMAT$CBRS$FLEX$MU
Wire

Deutsche Bank Adjusts Price Target on Applied Materials to $680 From $550

Applied Materials (AMAT) has an average rating of buy and mean price target of $622.64, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $606.82, Change: $+36.32, Percent Change: +6.37%

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Commodities

Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday as Chip Stocks Rebound Despite US-Iran Tensions

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.9% in Thursday's premarket activity, as investors returned to chip stocks while monitoring escalating tensions between Washington and Tehran.US stock futures were mixed, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.6% before the start of regular trading.US initial jobless claims fell to a level of 215,000 in the week ended July 4 from an upwardly revised 217,000 level in the previous week, compared with expectations for a level of 217,000 in a survey of analysts compiled by Bloomberg.The existing home sales data will be released at 10:00 am ET, followed by natural gas stocks data at 10:30 am ET.New York Federal Reserve President John Williams and Dallas Fed President Lorie Logan are slated to speak on Thursday.In premarket action, bitcoin was up by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.8% higher, Ether ETF (EETH) advanced 0.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) was up 0.3% and the iShares US Industrials ETF (IYJ) was flat.FuelCell Energy (FCEL) stock was up more than x% before the opening bell after the company and Siemens agreed to collaborate on fuel cell-based power generation.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.3%, the Vanguard Health Care Index Fund (VHT) was 0.9% higher, while the iShares US Healthcare ETF (IYH) gained by 0.2%. The iShares Biotechnology ETF (IBB) was up 0.8%.AstraZeneca (AZN) stock was down more than 8% premarket, and Ionis Pharmaceuticals (IONS) fell over 20% after the partners said a phase 3 trial for eplontersen in patients with transthyretin-mediated amyloid cardiomyopathy, or ATTR-CM, failed to meet the primary efficacy endpoint.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1.8%, the iShares US Technology ETF (IYW) was 1.4% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 3.9%, while the iShares Semiconductor ETF (SOXX) rose 4.9%.Applied Materials (AMAT) shares were up more than 4% in premarket activity after Nikkei Asia reported, citing CEO Gary Dickerson, that the company is seeing stronger long-term visibility into semiconductor equipment demand as major chipmakers share production plans extending well beyond 2027.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated by 1.1%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% lower.Levi Strauss (LEVI) shares were down nearly 4% early Thursday after the company's new full-year earnings outlook fell short of analyst estimates even as its fiscal Q2 results topped views.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% lower.Broadridge Financial Solutions (BR) shares traded up 1% in early hours activity after the company said that Centralised Raiffeisen International Services & Payments, the shared services center of Raiffeisen Bank International, has upgraded to its cloud-based BRx Match reconciliation platform.EnergyThe iShares US Energy ETF (IYE) gained 1.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.3%.Sempra (SRE) stock was down more than 1% before market open. The company said Wednesday that its Sempra Infrastructure unit shipped the first liquefied natural gas cargo from the ECA LNG Phase 1 project in Mexico, marking a milestone ahead of the facility's expected commercial operations later this summer.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 0.4% to $73.82 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.8% to $3.19 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 0.4%, while the United States Natural Gas Fund (UNG) was 0.8% lower.Gold futures for July rose 1% to $4,122.20 an ounce on the Comex. Silver futures advanced by 1.9% to $59.67 an ounce. SPDR Gold Shares (GLD) increased 0.8%, and the iShares Silver Trust (SLV) was 1.8% higher.

Dow JonesNasdaq CompositeS&P 500$AMAT$AZN$BETH$BITO$BR$EEM$EETH$EXI$FAS$FAZ$FCEL$GLD$IBB$IGM$IGV$IONS$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LEVI$PMR$QQQ$RTH$SLV$SOXX$SPY$SRE$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Tech Stocks Rise Pre-Bell Thursday

Technology stocks were rising pre-bell Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) 3.9% higher.Applied Materials (AMAT) is seeing stronger long-term visibility into semiconductor equipment demand as major chipmakers share production plans extending well beyond 2027, Nikkei Asia reported, citing CEO Gary Dickerson. Shares of Applied Materials were up more than 8% premarket.Texas Instruments' (TXN) proposed acquisition of Silicon Laboratories (SLAB) is subject to public feedback as requested by the Competition and Consumer Commission of Singapore, the regulator said. Texas Instruments stock was up more than 3% pre-bell.IBM (IBM) updated its artificial intelligence development system Bob to introduce multi-agent features and automated legacy system modernization workflows, the company said. IBM shares were down 5% premarket.

$AMAT$IBM$SLAB$TXN$XLK$XSD
Asia Markets

Update: US Equity Futures Edge Higher Pre-Bell Amid Re-Escalation of Middle East Hostilities

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Thursday as traders observed the recent rise in hostilities between the US and Iran, which threatened to derail peace talks between the two nations.Dow Jones Industrial Average futures were flat, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.9% higher.In a post on X, US Central Command said it completed a second round of strikes, hitting 90 more Iranian military targets. The US military had struck 80 Iranian targets the day before in response to Iran's attacks on three commercial ships transiting the Strait of Hormuz.President Donald Trump told reporters that Iran had reached out and "badly" wanted to make a deal to halt the escalating hostilities in the Middle East. Trump said he does not know if the two nations are returning to an all-out conflict, but added that the US would win "very quickly" if the war resumed.Traders also digested the latest round of earnings, with PepsiCo (PEP) posting higher fiscal Q2 core earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.9% at $78.71 per barrel and US West Texas Intermediate crude 0.8% higher at $74.09 per barrel.Initial jobless claims dropped to 215,000 in the week ended July 4 from 217,000 in the previous week, compared with expectations for no change in a survey compiled by Bloomberg.The existing home sales report, scheduled for release at 10 am ET, is expected to show an increase of 1.0% for June after a gain of 3.2% in the prior month.New York Federal Reserve President John Williams and Dallas Fed President Lorie Logan are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 1.4% higher, Hong Kong's Hang Seng ended 0.7% lower, and China's Shanghai Composite finished 1.7% higher. Meanwhile, the UK's FTSE 100 was down 0.6%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, Costco Wholesale (COST) shares fell 1.7% after the company posted June net sales of $29.2 billion, up almost 11% from $26.4 billion a year earlier, and maintained its quarterly dividend at $1.47 a share.PepsiCo stock was down 2.5% after the company reported its fiscal Q2 financial results.Ionis Pharmaceuticals (IONS) and partner AstraZeneca (AZN) shares fell 19% and 7.8%, respectively, after they said a phase 3 trial for eplontersen in patients with transthyretin-mediated amyloid cardiomyopathy failed to meet the primary efficacy endpoint.On the winning side, Micron Technology (MU), AMD (AMD), and Intel (INTC) stocks rose as part of a broader rally in the semiconductor sector. Micron shares climbed 6.4%, AMD stock was up 4%, and Intel shares were 5.3% higher.Applied Materials (AMAT) shares rose 7.1% after a Nikkei Asia report citing CEO Gary Dickerson as saying that the company is seeing stronger long-term visibility into semiconductor equipment demand as major chipmakers share production plans extending well beyond 2027.

Dow JonesNasdaq CompositeS&P 500$AMAT$AMD$AZN$COST$INTC$IONS$MU$PEP
Sectors

Sector Update: Tech

Technology stocks were rising pre-bell Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) 3.9% higher.Applied Materials (AMAT) is seeing stronger long-term visibility into semiconductor equipment demand as major chipmakers share production plans extending well beyond 2027, Nikkei Asia reported, citing CEO Gary Dickerson. Shares of Applied Materials were up more than 8% premarket.

$AMAT
Update: Dow Snaps Record Run Amid Tech Sell-Off, Oil Price Jump
US Markets

Update: Dow Snaps Record Run Amid Tech Sell-Off, Oil Price Jump

(Updates with market moves at the end of the day.)The Dow Jones Industrial Average retreated from record high on Tuesday as technology stocks sold off, while oil prices jumped amid renewed concerns over the Middle East situation.The Dow fell 0.3% to settle at 52,925.15 after logging back-to-back closing highs in the past two sessions. The technology-heavy Nasdaq Composite fell 1.2% to 25,818.7, while the S&P 500 shed 0.5% to 7,503.9.Among sectors, industrials saw the steepest decline followed by tech, while energy led gainers.Chipmaker Intel's (INTC) shares slumped 9.7%, the worst performer on the S&P 500. Western Digital (WDC), Marvell Technology (MRVL), Sandisk (SNDK), Advanced Micro Devices (AMD), Applied Materials (AMAT), Micron Technology (MU) also saw declines."Equities are rotating out of technology after Monday's rebound, as an Asian chip selloff revived (artificial intelligence)-valuation worries and pushed (South Korea's) KOSPI down 7.5%," Saxo Bank said in a report.A global tech sell-off on Tuesday followed the release of preliminary quarterly results by Samsung Electronics, as well as a Reuters report on Chinese firm DeepSeek developing its own AI chip that could allow it to rely less on US chipmaking giant Nvidia (NVDA) and Huawei.West Texas Intermediate crude oil was up 4.9% at $71.91 per barrel in Tuesday late-afternoon trade, while Brent advanced 5.1% to $75.67.Iran attacked a Qatari LNG ship transiting near the Strait of Hormuz, the world's most important chokepoint for crude flows, according to Qatar's foreign ministry spokesperson Majed Al Ansari.The US Treasury Department revoked the waiver allowing Iran to sell its oil, CNBC reported."Iran will only reap benefits if they exhibit good behavior," CNBC quoted a US official as saying. "Iran's actions in the Strait were wholly unacceptable to the United States and will be met with consequences."US Treasury yields were higher, with the 10-year rate up 6.6 basis points at 4.55% and the two-year rate rising 5.6 basis points to 4.18%.In economic news, the US trade deficit grew in May to its widest since March 2025, as imports increased and exports fell, government data showed."Surging imports and a rare decline in exports spiked the US trade deficit to its highest level in more than a year," BMO Capital Markets said in a note. "Despite tariffs, the trade deficit has returned to levels of late 2024, before importers began front-loading purchases, suggesting little overall progress in shrinking the trade gap."In company news, SpaceX (SPCX) drew bullish views from Wall Street as the rocket and satellite company joined the Nasdaq 100 index, with analysts pointing to AI, satellite connectivity and space-enabled solutions as key growth drivers.Deutsche Bank, RBC Capital Markets and Morgan Stanley initiated coverage of SpaceX with their highest ratings.SpaceX shares slumped 6.8%.Gold fell 1.1% to $4,122.80 per troy ounce, while silver lost 2.9% to $60.52 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMAT$AMD$INTC$MRVL$MU$NVDA$SPCX$WDC
Update: Chip Stocks Weigh on Equities Intraday; Oil Rises on Hormuz Tensions
US Markets

Update: Chip Stocks Weigh on Equities Intraday; Oil Rises on Hormuz Tensions

(Updates with latest market prices and developments.)US benchmark equity indexes were lower intraday, with chip stocks among notable laggards, while oil prices jumped following reports that Iran hit a Qatari liquefied natural gas tanker near the Strait of Hormuz.The Nasdaq Composite was down 0.7% at 25,946.1 after midday Tuesday, while the S&P 500 shed 0.3% to 7,516.6. The Dow Jones Industrial Average dropped 0.3% to 52,913.7 after having hit a new high in the previous session.Among sectors, industrials saw the steepest decline intraday Tuesday, while energy and real estate paced the gainers.Chipmaker Intel's (INTC) shares were down 9.3%, the second-worst performer on the S&P 500. Western Digital (WDC), Applied Materials (AMAT), Marvell Technology (MRVL), Micron Technology (MU), and Advanced Micro Devices (AMD) also saw sharp declines."Equities are rotating out of technology after Monday's rebound, as an Asian chip selloff revived (artificial intelligence)-valuation worries and pushed (South Korea's) KOSPI down 7.5%," Saxo Bank said in a report.A global tech sell-off on Tuesday followed the release of preliminary quarterly results by Samsung Electronics, as well as a Reuters report on Chinese firm DeepSeek developing its own AI chip that could allow it to rely less on US chipmaking giant Nvidia (NVDA) and Huawei.West Texas Intermediate crude oil was up 2.9% at $70.50 per barrel intraday, while Brent advanced 3.1% to $74.22.Iran attacked a Qatari LNG ship transiting near the Strait of Hormuz, the world's most important chokepoint for crude flows, according to Qatar's foreign ministry spokesperson Majed Al Ansari."We demand that the Islamic Republic of Iran immediately cease all practices that undermine regional security or threaten the safety of international maritime navigation, (and) refrain from endangering global energy supplies (and) the resources of the countries of the region in pursuit of narrow interests," Al Ansari said in a social media post Tuesday.US Treasury yields were higher intraday, with the 10-year rate up 4.2 basis points at 4.52% and the two-year rate rising 2.7 basis points to 4.15%.In economic news, the US trade deficit grew in May to its widest since March 2025, as imports increased and exports fell, government data showed."Surging imports and a rare decline in exports spiked the US trade deficit to its highest level in more than a year," BMO Capital Markets said in a note. "Despite tariffs, the trade deficit has returned to levels of late 2024, before importers began front-loading purchases, suggesting little overall progress in shrinking the trade gap."In company news, SpaceX (SPCX) drew bullish views from Wall Street as the rocket and satellite company joined the Nasdaq 100 index, with analysts pointing to AI, satellite connectivity and space-enabled solutions as key growth drivers.Deutsche Bank, RBC Capital Markets and Morgan Stanley initiated coverage of SpaceX with their highest ratings.The stock was down 5.2% intraday.Gold fell 0.2% to $4,157.30 per troy ounce, while silver lost 1.4% to $61.46 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMAT$AMD$INTC$MRVL$MU$NVDA$SPCX$WDC
Insider Trading

Applied Materials Insider Sold Shares Worth $55,550,320, According to a Recent SEC Filing

Gary E Dickerson, Director, President, and CEO, on June 29, 2026, sold 78,321 shares in Applied Materials (AMAT) for $55,550,320. Following the Form 4 filing with the SEC, Dickerson has control over a total of 1,599,843 common shares of the company, with 1,599,843 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/6951/000162828026046609/xslF345X05/wk-form4_1782940748.xml

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Wire

Susquehanna Adjusts Applied Materials Price Target to $900 From $575, Maintains Positive Rating

Applied Materials (AMAT) has an average rating of buy and mean price target of $577.78, according to analysts polled by FactSet.Price: $685.06, Change: $+58.22, Percent Change: +9.29%

$AMAT
Insider Trading

Applied Materials Insider Sold Shares Worth $6,335,300, According to a Recent SEC Filing

Prabu G. Raja, President, Semiconductor Products Group, on June 18, 2026, sold 10,000 shares in Applied Materials (AMAT) for $6,335,300. Following the Form 4 filing with the SEC, Raja has control over a total of 447,305 common shares of the company, with 100,663 shares held directly and 346,642 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/6951/000162828026044741/xslF345X05/wk-form4_1782164283.xml

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Wire

New Street Research Adjusts Applied Materials Price Target to $580 From $450

Applied Materials (AMAT) has an average rating of overweight and mean price target of $529.82, according to analysts polled by FactSet.Price: $624.43, Change: $+31.51, Percent Change: +5.31%

$AMAT
Insider Trading

Applied Materials Insider Sold Shares Worth $5,092,984, According to a Recent SEC Filing

Timothy M Deane, Senior Vice President, Applied Global Services, on June 15, 2026, sold 8,621 shares in Applied Materials (AMAT) for $5,092,984. Following the Form 4 filing with the SEC, Deane has control over a total of 133,086 common shares of the company, with 133,086 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/6951/000162828026044039/xslF345X05/wk-form4_1781733475.xml

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Asia Markets

Update: US Equity Indexes Mixed Ahead of Fed Chair Warsh's Policy Views as Iran Warns Israel Over Lebanon Attacks

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes traded mixed as investors await Federal Reserve Chair Kevin Warsh's views on monetary policy direction and inflation amid Iran's warning against continued Israeli attacks on Lebanon.The Nasdaq Composite slipped less than 0.1% to 26,379.5, and the S&P 500 edged 0.1% lower to 7,505.8 in Wednesday's midday trading. The Dow Jones Industrial Average advanced 0.2% to 52,110.3. Communication services, consumer staples, and consumer discretionary led the decliners. Industrials and materials were among the top gainers.The Federal Open Market Committee is widely expected to maintain the range for its federal funds rate at 3.50% to 3.75% for the fourth straight meeting, implying the focus will be on the updated Summary of Economic Projections and Kevin Warsh's first press conference as Fed chair on Wednesday afternoon.The rate-setting panel is likely to remove the lingering easing bias from the Fed policy statement, signaling instead an equal probability of the next policy move being a rate cut or an increase, according to a Stifel note. In the Summary of Economic Projections, policymakers will likely raise their inflation expectations amid rising energy prices and growth, with the latter reflecting a pickup in productivity via a rapid adoption of artificial intelligence, the note said.In his closing remarks at the G7 summit in France, French President Emmanuel Macron said that it is vital that Iran, Hezbollah, and Israel do not resume fighting, while noting that Paris supports a preliminary US-Iran deal to end the war, according to CNN.Iran will be able to export oil as soon as its agreement with the US is signed on Friday, CNN reported, while noting it has seen a draft of the memorandum of understanding. The MoU states Iran will "never produce nuclear weapons" while allowing Tehran to potentially tap into a $300 billion development fund if it meets commitments related to its nuclear program in further talks, the news agency reported.Meanwhile, Iran accused Israel of violating the truce in Lebanon 84 times since it reached the interim agreement with the US and warned of a "harsh response" if attacks continue, Al Jazeera reported. Israel carried out a series of strikes in southern Lebanon on Wednesday, CNN reported. The US-Iran framework agreement ends the war on all fronts, including Lebanon, the CNN report added.Front-month global benchmark North Sea Brent rose 0.7% to $79.50 per barrel, and US West Texas Intermediate climbed 0.9% to $76.72 per barrel.In economic news, retail sales climbed 0.9% after a downwardly revised 0.4% gain in April, the Census Bureau reported Wednesday. The consensus was for a 0.6% increase in May, based on a Bloomberg survey.Pending home sales rose by 3.8% in May, above the 0.9% increase expected in a survey compiled by Bloomberg and following a 0.3% increase in April, according to the National Association of Realtors. The monthly sales index was up 4.8% from a year earlier.In company news, US equity markets could see a major shift as the Securities and Exchange Commission considers allowing "tokenized stocks" under a proposed innovation exemption, Reuters reported Wednesday, citing analysts and lawyers. The move, expected under SEC Chair Paul Atkins, aims to give companies regulatory flexibility to experiment with digital asset models, it said. Robinhood (HOOD) shares jumped 12%, the top gainer on the S&P 500.Applied Materials (AMAT) stock advanced 7.5%, among the biggest gainers on the S&P 500 and the Nasdaq, after the company and EssilorLuxottica unveiled a long-term joint development agreement to advance augmented reality optics platforms for smart glasses.

Dow JonesNasdaq CompositeS&P 500$AMAT$HOOD
Asia Markets

Update: US Equity Futures Edge Slightly Higher Pre-Bell Ahead of Fed Decision Under New Chair

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were slightly higher pre-bell Wednesday as traders awaited the Federal Reserve's rate decision, the first under new chairman Kevin Warsh.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.5% higher.The Fed will deliver its latest policy decision at 2 p.m., and Warsh will hold his first press conference at 2:30 p.m. Markets expect the central bank to keep interest rates unchanged at a target range of 3.5% to 3.75%.Elon Musk's Space Exploration Technologies (SPCX), known as SpaceX, continued its post-IPO rally for the third straight day after its record-setting initial public offering on Friday, gaining 2.2% in pre-market activity.President Donald Trump said at the G7 conference that the proposed US-Iran memorandum of understanding, set to be formalized in Geneva on Friday, is "not final" and warned that the US will "go right back to dropping bombs" if he doesn't like the deal.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.9% at $79.69 per barrel and US West Texas Intermediate crude 0.8% higher at $76.66 per barrel.US retail sales rose by 0.9% in May, above the expected figure of 0.6% in a survey compiled by Bloomberg and following the previous month's 0.4% gain.Pending home sales for May, scheduled for release at 10 am ET, are expected to be up 0.9% after a gain of 1.4% in the prior month. The Atlanta Fed Business Inflation Expectations survey for June is also expected at 10 am ET.In other world markets, Japan's Nikkei closed 0.7% higher, Hong Kong's Hang Seng ended 0.7% lower, and China's Shanghai Composite finished 0.4% higher. Meanwhile, the UK's FTSE 100 was down 0.1%, and Germany's DAX index was 0.2% lower in Europe's early afternoon session.In equities, Intel (INTC) shares rose 3.7% after a CNBC report that the company has begun risk production of its most advanced chip node, 18A-P, bringing the company closer to a potential deal to manufacture chips for Apple (AAPL). Applied Materials (AMAT) stock was up 4.3% after the company and EssilorLuxottica said they have struck a long-term joint development agreement to advance augmented reality optics platforms for smart glasses. CarMax (KMX) shares were up 1.8% after the company reported fiscal Q1 net income and net sales that surpassed analysts' consensus.On the losing side, BHP (BHP) and Rio Tinto (RIO) shares were down 0.9% and 2.5%, respectively, after a Bloomberg report that the two companies see India as the next major growth engine for global steelmaking, expected to help offset slowing growth in China.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMAT$BHP$INTC$KMX$RIO$SPCX

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