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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

US Markets21d ago

Update: US Equities Rise Intraday in Tech-Led Advance as Oil Prices Ease

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday as the technology sector advanced led by chip-related stocks, while oil prices retreated.The Nasdaq Composite was up 1.2% at 26,172.9 after midday Thursday, while the S&P 500 rose 0.8% to 7,541.2. The Dow Jones Industrial Average added 0.3% to 52,508.8. Among sectors, tech paced the gainers, up 1.9%, while consumer staples saw the steepest decline.Micron Technology's shares (MU) were up 7.8% intraday, the third-top gainer on the S&P 500. The company said Thursday it plans to invest up to $3 billion in the US semiconductor supply chain.Other chipmakers also advanced, including ON Semiconductor (ON), Marvell Technology (MRVL), Advanced Micro Devices (AMD), and Intel (INTC).West Texas Intermediate crude oil was down 2.2% at $71.94 per barrel intraday, while Brent dropped 2.4% to $76.16.The US launched fresh strikes Thursday on Iran, CNN reported, citing Iran's state news agency, IRNA.The US Central Command said Wednesday its forces completed another round of strikes against Iran, having struck Tehran earlier in the week after it 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 to end their war was over.The renewed tensions between the US and Iran 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 intraday, with the two-year rate down 3.5 basis points at 4.17% and the 10-year rate falling 2.8 basis points to 4.54%.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 was down 2.9% intraday.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 was up 3.2%.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 1.5% at $4,142.70 per troy ounce, while silver gained 4% to $60.91 per ounce.

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

US Markets30d ago

Update: Dow Hits Fresh High as Wall Street Posts Solid Quarterly Gains

(Updates with market moves at the end of the day.)The Dow Jones Industrial Average hit an new all-time high on Tuesday, with major technology stocks advancing, as Wall Street closed out a winning quarter.The Dow rose 0.3% to 52,319.2, logging record closing highs for two consecutive days. The Nasdaq Composite jumped 1.5% to 26,213.7, while the S&P 500 climbed 0.8% to 7,499.36.The Dow posted a quarterly gain of nearly 13%, while the Nasdaq and the S&P 500 advanced 21% and 15%, respectively, on the quarter.The S&P 500 and the Nasdaq notched their best quarter in six years, while the Dow posted its strongest quarterly gain since the fourth quarter of 2022, CNBC reported. The Dow notched its best first-half performance since 2021, CNBC reported.Among sectors, tech paced the gainers Tuesday with a 2.6% jump, while real estate saw the steepest decline.Within tech, chip-related stocks led gains, with Sandisk (SNDK) up nearly 11%, the best performer on the S&P 500. Advanced Micro Devices (AMD), Marvell Technology (MRVL), On Semiconductor (ON) and Intel (INTC) were also notable gainers on the index.Apple (AAPL), Nvidia (NVDA) and Microsoft (MSFT) were among the biggest gainers on the Dow.AeroVironment (AVAV) shares jumped nearly 19% as the drone maker late Monday reported stronger-than-expected fiscal fourth-quarter results and issued an upbeat full-year revenue outlook at the midpoint.Shares of Citigroup (C), Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) fell following rating downgrades from Oppenheimer.West Texas Intermediate crude oil was down 0.9% at $70.11 a barrel in Tuesday late-afternoon trade, while Brent slipped 0.3% to $72.92.WTI and Brent were headed for a decline of about 20% for the month of June as oil prices sold off after the US and Iran agreed to a memorandum of understanding to end their war. In May, crude prices tumbled about 17%."Oil prices traded within a relatively tight range near recent lows while remaining on track for their biggest quarterly decline since the pandemic," Saxo Bank said in a report Tuesday.US special envoys Steve Witkoff and Jared Kushner, who are in Doha, will meet Qatari mediators, not Iranian officials, CNN reported, citing Qatar's Foreign Ministry.US Treasury yields were higher, with the 10-year rate up six basis points at 4.44% and the two-year rate rising 3.9 basis point to 4.15%.In economic news, US consumer confidence edged higher in June as falling oil prices amid an extended US-Iran ceasefire eased inflation fears, the Conference Board said.US job openings were little changed in May as hiring fell and separations rose, according to official data that Oxford Economics said likely overstates labor market strength.Gold was last down 0.1% at $4,036.30 per troy ounce, while silver climbed 2.1% to $59.88 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMD$AVAV$BAC$C$GS$INTC$MRVL$MS$MSFT$NVDA$ON$SNDK

Wire31d ago

ON Semiconductor, Synaptics Combined Entity Likely to Pursue Physical AI Content Opportunities, UBS Says

ON Semiconductor's (ON) acquisition of Synaptics (SYNA) is a strategic pairing of ON's power and sensing franchise with Synaptics' edge-AI processors and WiFi, Bluetooth and GPS connectivity, forming a combined entity likely to pursue physical AI opportunities, UBS Securities said in a note emailed Monday.UBS said it does not see the acquisition as a major game changer and expects it to be initially dilutive, but still leans positive on the deal. The brokerage added that it had expected ON's mergers and acquisitions strategy to push deeper into the data center or autos vertical.However, the Synaptics deal still makes sense because there is little to no overlap, and it expands ON's intelligent power and sensing franchise in the autos, industrial, and data center markets to the edge for physical AI, the brokerage added.The deal could be marginally accretive to UBS' 2029 EPS estimate, excluding revenue synergies, it said.UBS kept a neutral rating on ON Semiconductor with a price target of $95.Price: $89.95, Change: $-0.70, Percent Change: -0.77%

$ON$SYNA

US Markets34d ago

Update: Equity Markets Fall as Trump Says Iran Violated Ceasefire

(Updates with market moves at the end of the day.)US equity benchmarks slipped Friday as President Donald Trump accused Iran of violating their ceasefire agreement, while the Nasdaq Composite and the S&P 500 registered weekly losses.The Nasdaq fell 0.2% to 25,297.6, its fifth consecutive losing session, while the S&P 500 edged down 0.1% to 7,354. The Dow Jones Industrial Average lost 0.1% to 51,876.1. Among sectors, industrials saw the biggest drop, while healthcare paced the gainers.This week, the technology-heavy Nasdaq slid 4.6%, while the S&P 500 shed nearly 2% -- following two consecutive weekly advance. The Dow logged a weekly gain of 0.6%.Trump accused Iran of launching drone attacks on ships passing through the Strait of Hormuz, more than a week after Washington and Tehran signed an interim peace agreement that includes the reopening of the crucial waterway for crude oil shipments."This is a foolish violation of our ceasefire agreement," Trump said in a social media post Friday.The incident indicated that Iran retained some of its military capabilities, CNN reported, citing Trump.In a separate social media post, Trump threatened to impose a 100% tariff on all goods from any European country that implements a digital services tax on US companies."This tariff will supersede trade deals made with the country, whether implemented, signed, or not," Trump said.West Texas Intermediate crude oil was down 3.4% at $69.47 a barrel in Friday late-afternoon trade, while Brent fell 4.2% to $72.09. Both benchmarks were on track for weekly declines of more than 9%, with Brent headed for its sixth consecutive weekly fall."The deep and rapid drop in crude, which saw WTI drop to $69, has soothed global inflation angst -- but it hasn't cured it," Douglas Porter, chief economist at BMO Financial Group, said in a report. "Just as concerns over the oil shock are fading, the cost pressures from the ongoing (artificial intelligence) boom have leapt to the forefront."US Treasury yields were lower, with the two-year rate last down 3.7 basis points at 4.10% and the 10-year rate falling 1.9 basis points to 4.38%.Minneapolis Federal Reserve President Neel Kashkari said that an interest rate increase looks necessary this year."In March, I had penciled in one rate cut by the end of the year. In June, I've changed that to one rate hike by the end of the year," Kashkari, a Federal Open Market Committee voter this year, said during a panel discussion at the Aspen Ideas Festival, according to a CNBC report. "It's a pencil, and so we're going to have to see how the data comes in."The Fed is likely to maintain interest rates stable for the rest of the year as inflation looks set to ease, Morgan Stanley said Friday in a report."We believe tariff pass through is ending, paving the way for substantial disinflation in core goods over the next year, and the recently signed (memorandum of understanding) between the US and Iran has helped push oil prices back toward pre-conflict levels," Morgan Stanley Chief US Economist Michael Gapen wrote. "In addition, we look for further moderation in shelter inflation and some payback from residual seasonality into year end."US consumer sentiment increased in June amid moderating gasoline prices, while inflation expectations eased, a survey by the University of Michigan showed.In company news, IBM (IBM) shares rose 5.2%, the third-best performer on the Dow. The company's technology capable of producing chips smaller than one nanometer represents a "major moment" for the semiconductor industry amid increasing artificial intelligence workloads, Wedbush Securities said in a note on Friday.Microsoft rose 5.7%, the top gainer on the Dow.OpenAI is leaning toward delaying its initial public offering until next year, the New York Times reported Thursday, citing three people involved in the company's deliberations.Onsemi (ON) shares slid nearly 24%, the steepest drop on the S&P 500, after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion. Synaptics shares fell 3.7%.Gold was last seen up 1% at $4,088.20 per troy ounce, while silver advanced 1% to $58.93 per ounce.Spot gold was headed for its fourth weekly fall as expectations of US interest rate hikes combined with a stronger dollar weighed on the yellow metal.

Dow JonesNasdaq CompositeS&P 500$AAPL$IBM$MSFT$ON$SYNA

Japan34d ago

US Equity Markets End Lower Amid Technology Stocks Sell-Off

US equity indexes were lower on Friday amid a sell-off in technology stocks and despite a decline in crude oil prices following the Israel-Lebanon framework agreement.* Among stocks with a market capitalization of over $200 billion, 16 out of the 20 worst-performing stocks were technology firms.* The University of Michigan consumer sentiment index was revised up to 49.5 for June from 48.9 in the preliminary estimate, below expectations of 50.0 in a Bloomberg-compiled poll. The print was also above the final 44.8 in May.* August West Texas Intermediate crude oil fell $2.34 to settle at $69.58 per barrel, while August Brent crude, the global benchmark, was last seen down $3.05 at $72.21.* Moderna (MRNA) shares rose nearly 12%, the top gainer on the S&P 500, after the company said it plans to launch clinical development of in vivo CAR-T candidate mRNA-6007 in 2027. Multiple analysts also raised their price targets for the company.* Onsemi (ON) shares were down roughly 24%, the worst performer on the S&P 500, after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal valued at about $7 billion.

Dow JonesNasdaq CompositeS&P 500$MRNA$ON$SYNA

Sectors34d ago

Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks declined late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 4%.The Philadelphia Semiconductor index slumped 4.7%.In corporate news, Qualcomm (QCOM) plans to use its new chip technology for data centers in smartphones, allowing AI to run better on mobile devices, Semafor reported, citing an interview with Executive Vice President Durga Malladi. The company is in talks with smartphone, personal computer, and auto manufacturers about an aspect of its new data center technology portfolio, the report said. Qualcomm shares were down 5.2%.IBM's (IBM) technology capable of producing chips smaller than one nanometer represents a "major moment" for the semiconductor industry amid increasing AI workloads, Wedbush Securities said in a note on Friday. IBM has created what it calls the "world's first sub-1 nanometer chip technology," the company said Thursday. IBM shares jumped 4.5%.Onsemi (ON) shares fell 23% after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion. Synaptics shares decreased 0.2%.Microsoft-backed (MSFT) OpenAI is weighing an initial public offering as early as in 2027 after the expected IPO of rival Amazon.com-backed (AMZN) Anthropic, Bloomberg reported. OpenAI had been targeting a fall listing, more in line with Anthropic's possible October IPO, the report said. Microsoft shares rose 5.5%, and Amazon added 1%.

$AMZN$IBM$MSFT$ON$QCOM$SYNA

US Markets34d ago

Wall Street Little Changed as Trump Accuses Iran of Violating Ceasefire Agreement

US benchmark equity indexes were little changed intraday as President Donald Trump claimed that Iran violated the ceasefire agreement.The Nasdaq Composite was up 0.1% at 25,390.4 after midday Friday, while the S&P 500 rose 0.1% to 7,367.4. The Dow Jones Industrial Average was just above the flatline at 51,922. Among sectors, healthcare paced the gainers, while industrials saw the biggest drop.Trump accused Iran of launching drone attacks on ships passing through the Strait of Hormuz, more than a week after Washington and Tehran signed an interim peace agreement that includes the reopening of the crucial waterway for crude oil shipments."This is a foolish violation of our ceasefire agreement," Trump said in a social media post Friday.Iran hit a vessel in the Strait of Hormuz on Thursday, disrupting evacuations of stranded seafarers, CNN reported.West Texas Intermediate crude oil was down 3.5% at $69.43 a barrel intraday, while Brent fell 4.2% to $72.12. Both benchmarks were on track for weekly declines of more than 9%, with Brent headed for its sixth consecutive weekly fall."Oil was on track for a weekly decline after transits through the Strait of Hormuz accelerated, although an attack on a cargo ship by an 'unknown projectile' has renewed concerns about safe passage through the vital waterway," Saxo Bank said in a report Friday.In a separate social media post, Trump threatened to impose a 100% tariff on all goods from any European country that implements a digital services tax on US companies."This tariff will supersede trade deals made with the country, whether implemented, signed, or not," Trump said.US Treasury yields were lower intraday, with the two-year rate down 4.1 basis points at 4.09% and the 10-year rate falling 1.7 basis points to 4.38%.Minneapolis Federal Reserve President Neel Kashkari said that an interest rate increase looks necessary this year."In March, I had penciled in one rate cut by the end of the year. In June, I've changed that to one rate hike by the end of the year," Kashkari, a Federal Open Market Committee voter this year, said during a panel discussion at the Aspen Ideas Festival, according to a CNBC report. "It's a pencil, and so we're going to have to see how the data comes in."The Fed is likely to maintain interest rates stable for the rest of the year as inflation looks set to ease, Morgan Stanley said Friday in a report."We believe tariff pass through is ending, paving the way for substantial disinflation in core goods over the next year, and the recently signed (memorandum of understanding) between the US and Iran has helped push oil prices back toward pre-conflict levels," Morgan Stanley Chief US Economist Michael Gapen wrote. "In addition, we look for further moderation in shelter inflation and some payback from residual seasonality into year end."US consumer sentiment increased in June amid moderating gasoline prices, while inflation expectations eased, a survey by the University of Michigan showed.In company news, IBM (IBM) shares were up 4.6% intraday, the second-best performer on the Dow. The company's technology capable of producing chips smaller than one nanometer represents a "major moment" for the semiconductor industry amid increasing artificial intelligence workloads, Wedbush Securities said in a note on Friday.Microsoft rose 4.7%, the top gainer on the Dow.OpenAI is leaning toward delaying its initial public offering until next year, the New York Times reported Thursday, citing three people involved in the company's deliberations.Onsemi (ON) shares slid nearly 24% intraday, the steepest drop on the S&P 500, after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion. Synaptics shares rose 0.2%.Gold was up 1.1% at $4,091.50 per troy ounce, while silver advanced 1.2% to $59.04 per ounce.Spot gold was headed for its fourth weekly fall as expectations of US interest rate hikes combined with a stronger dollar weighed on the yellow metal.

Dow JonesNasdaq CompositeS&P 500$IBM$MSFT$ON$SYNA

Wire34d ago

Top Midday Decliners

ON Semiconductor's (ON) shares sank nearly 24% amid heavy trading after the company said it will acquire Synaptics (SYNA) in an all-stock deal with an enterprise value of about $7 billion, expanding its edge AI capabilities, according to a joint statement late Thursday.More than 25.5 million shares traded intraday compared with its daily average of around 11.7 million.In a category of stocks with a market capitalization of over $200 billion, 17 out of the 20 worst-performing stocks were technology firms, according to data compiled by Finviz.Western Digital (WDC) shares slumped 12%, with intraday trading volume climbing to 8.9 million from a daily average of roughly 8.1 million.Seagate Technology (STX) was down 7.8% amid a decline in intraday trading volume to about 4.04 million versus a daily average of 4.14 million.Price: $90.57, Change: $-28.17, Percent Change: -23.72%

$ON$STX$WDC

Sectors34d ago

Sector Update: Tech Stocks Fall Friday Afternoon

Tech stocks declined Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.3%. The Philadelphia Semiconductor index slumped 4%.In sector news, President Donald Trump said Friday on Truth Social that numerous European countries are discussing the imminent implementation of a digital services tax on US companies and warned that any country that proceeds with such a tax will face a 100% US tariff.Separately, the April release of Anthropic's powerful new Mythos AI model motivated China's DeepSeek to raise $7.4 billion at a valuation of over $50 billion in an effort to compete, The Information reported, citing three people familiar with DeepSeek CEO Liang Wenfeng's thinking.In corporate news, Onsemi (ON) shares fell 23% after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion. Synaptics shares rose 0.2%.Microsoft-backed (MSFT) OpenAI is weighing an initial public offering as early as in 2027 after the expected IPO of rival Amazon.com-backed (AMZN) Anthropic, Bloomberg reported. OpenAI had been targeting a fall listing, more in line with Anthropic's possible October IPO, the report said. Microsoft shares rose 4.7%, and Amazon added 2%.SpaceX (SPCX) has told investors it is considering launching a Starlink retail mobile service for US consumers, the Financial Times reported. SpaceX shares added 2.3%.

$AMZN$MSFT$ON$SPCX$SYNA

Wire34d ago

Sector Update: Tech Stocks Fall Premarket Friday

Technology stocks were falling premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 2.9%.ON Semiconductor (ON) stock was down more than 13% after the company said it will acquire Synaptics (SYNA) in an all-stock deal with an enterprise value of about $7 billion, expanding its edge AI capabilities. Shares of Synaptics were up 4.5% pre-bell.Xunlei (XNET) shares were up more than 1% after the company said its board authorized a new equity buyback of up to $20 million of its shares over a 12-month period beginning July 1.Domo (DOMO) said Chief Technology Officer Daren Thayne will resign from his position, effective July 10, to take another executive role. Shares of Domo were up more than 3% premarket.

$DOMO$ON$SYNA$XLK$XNET$XSD

Sectors34d ago

Sector Update: Tech

Technology stocks were falling premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 2.6%.ON Semiconductor (ON) stock was down more than 14% after the company said it will acquire Synaptics (SYNA) in an all-stock deal with an enterprise value of about $7 billion, expanding its edge AI capabilities. Shares of Synaptics were up nearly 5% pre-bell.

$ON$SYNA

US Markets34d ago

Onsemi to Acquire Synaptics in $7 Billion All-Stock Deal

Onsemi (ON) shares fell early Friday after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion, aiming to expand into physical artificial intelligence.Shareholders of Synaptics will receive 1.350 shares of onsemi for each share they own, representing a roughly 19% premium to the companies' 10-day volume-weighted average closing prices, according to a joint statement late Thursday. Onsemi shares fell 12% in the most recent premarket activity, while Synaptics rose 5.9%.Onsemi expects the transaction to accelerate its expansion toward intelligent systems through the addition of Synaptics' edge AI compute franchise and portfolio of human-machine interface and wireless connectivity solutions. The chipmaker said the deal is expected to expand its total addressable market by $30 billion to $243 billion by 2030.The acquisition will enable onsemi to "capture a significantly larger AI opportunity that extends beyond AI data center and into edge applications," Chief Executive Hassane El-Khoury said in the statement. "This transaction would add immediate connected compute capabilities, expand our software and ecosystem reach and position onsemi to deliver greater value as customers increasingly seek intelligent systems."The deal, which requires approval from Synaptics' shareholders and clearance from regulators, is expected to complete in the middle of next year. Synaptics shareholders are expected to own 12% of the combined company on a pro-forma basis, according to the firms."Together with onsemi, we will combine Synaptics' strengths in AI-native compute, connectivity, and human-machine interface with onsemi's leadership in intelligent power and sensing," according to Synaptics CEO Rahul Patel. "The all-stock structure allows our shareholders to participate in the compelling growth and value creation opportunities ahead."Onsemi estimates the transaction to be accretive to its adjusted earnings on a per-share basis within 18 months of completion and to generate $200 million in annual synergies.The deal has the potential to boost sales through cross-selling and channel scale and lift margins via cost savings and some manufacturing integration, Truist Securities said in a note. However, the brokerage said it appears to shift focus away from data centers, "and leaves us scratching our head."Onsemi reiterated its second-quarter outlook provided in May. At the time, the company said it expected adjusted EPS to be in a range of $0.65 to $0.77 and revenue to come in between $1.54 billion and $1.64 billion.Synaptics also reaffirmed its fiscal fourth-quarter guidance issued in May for adjusted EPS of $1.20, plus or minus $0.15, and revenue of $305 million, plus or minus $10 million.

$ON$SYNA

Research34d ago

TD Cowen Downgrades ON Semiconductor to Hold From Buy, Adjusts PT to $110 From $115

ON Semiconductor (ON) has an average rating of overweight and mean price target of $112.78, 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)

$ON

US Markets37d ago

Update: Nasdaq Posts Sharpest Drop in 2 Weeks as Chip Stocks Slide

(Updates with market moves at the end of the day.)The Nasdaq Composite fell the most in more than two weeks on Tuesday amid a sell-off in chip-related stocks, including Nvidia (NVDA) and Micron Technology (MU).The tech-heavy Nasdaq dropped 2.2% to 25,587, the sharpest decline since June 5. The S&P 500 fell 1.4% to 7,365.5, the biggest loss since June 10. The Dow Jones Industrial Average eased 0.1% to 51,665.8.Among sectors, tech posted the largest decline, shedding 3.7%, while consumer staples led the gainers.Nvidia shares slumped 4.1%, the biggest drop on the Dow. Sandisk (SNDK) tumbled 14%, the largest decline on the S&P, followed by Micron, down 13%. On Semiconductor (ON) and Marvell Technology (MRVL) also slumped.Tech stocks may face spillover impact from the recent sharp sell-off in South Korea, though the decline appears to be a "pullback/breather" in a market that almost doubled this year, Wedbush Securities said in a note.With Micron set to report earnings Wednesday, Wedbush cited "some added nervousness on the important memory chip trade.In company news, IBM (IBM) shares rose 5%, the biggest gain on the Dow. The computer maker joined the OpenAI Daybreak Cyber Partner Program and launched a new application-security service that uses OpenAI's models.Korn Ferry (KFY) reported higher fiscal fourth-quarter results, though the consulting firm issued an outlook calling for lower earnings in the current quarter. The shares jumped 5.8%.West Texas Intermediate crude oil slipped 0.7% to $73.31 a barrel, while Brent lost 1.1% to $77.08.US Secretary of State Marco Rubio arrived in the Gulf region, aiming to sell the Iran deal to three countries -- the United Arab Emirates, Bahrain and Kuwait -- that are likely to be among the biggest skeptics, CNN reported.US Treasury yields were lower, with the two-year rate last down 3.2 basis points at 4.21% and the 10-year rate falling two basis points to 4.50%.In economic news, US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector, S&P Global (SPGI) said."Brighter news out of the Middle East has helped restore some confidence among US businesses in June, though the overall rate of economic growth signaled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict," S&P Global said.Manufacturing activity in the US Mid-Atlantic region fell more than projected in June, with shipments, new orders and employment all weakening, data from the Federal Reserve Bank of Richmond showed.Gold was down 1.5% at $4,139.80 per troy ounce, while silver slumped 6% to $61.64 per ounce.

Dow JonesNasdaq CompositeS&P 500$IBM$KFY$MRVL$MU$NVDA$ON$SNDK$SPGI

US Markets37d ago

Update: Equity Markets Mostly Fall Intraday Amid Tech Sell-Off

(Updates with latest market prices and developments.)US benchmark equity indexes were mostly lower intraday amid a sell-off in the technology sector led by big names such as Nvidia (NVDA) and Micron Technology (MU).The tech-heavy Nasdaq Composite was down 1.5% at 25,767.5 after midday Tuesday, while the S&P 500 fell 1% to 7,400.6. The Dow Jones Industrial Average edged up 0.3% to 51,845.6. Among sectors, tech saw the steepest decline, down 2.8%, while consumer staples paced the gainers.Within tech, semiconductor stocks were the notable laggards, with Nvidia shares down 3.1%, the second-worst performer on the Dow. Sandisk (SNDK) slid 13%, the biggest drop on the S&P 500. On Semiconductor (ON) and Qualcomm (QCOM) were also sharply lower.Micron followed Sandisk on the S&P 500, down nearly 12%.Tech stocks may face spillover impact from the recent sharp sell-off in South Korea, though the decline appears to be a "pullback/breather" in a market that nearly doubled this year, Wedbush Securities said."With Micron set to report earnings this (Wednesday), there is some added nervousness on the important memory chip trade and, along with technical triggers, is adding to some nervousness among tech investors," the brokerage said in a note.In company news, IBM (IBM) shares were up 4.8% intraday Tuesday, the best performer on the Dow. The computer maker joined the OpenAI Daybreak Cyber Partner Program and launched a new application-security service that uses OpenAI's models to help enterprises identify and validate software vulnerabilities, it said late Monday.Korn Ferry (KFY) on Tuesday reported higher fiscal fourth-quarter results, although the consulting firm issued an outlook calling for lower earnings in the current quarter. The company's shares were up 5.4%.Parcel delivery giant FedEx (FDX) is scheduled to report results after the closing bell Tuesday.West Texas Intermediate crude oil slipped 0.8% to $73.27 a barrel intraday, while Brent lost 1% to $77.15.US President Donald Trump said 19 million barrels of oil flowed out of the Strait of Hormuz yesterday, marking an all-time record. "Oil prices are tumbling down," Trump said Tuesday.In a separate social media post, Trump said he has agreed to allow the strait to remain open, with no further naval blockade. "However, all ships are remaining in place should it be necessary to reinstitute the Blockade, which seems, at this point, highly unlikely," the president said.US Secretary of State Marco Rubio arrived in the Gulf region, aiming to sell the Iran deal to three countries -- the United Arab Emirates, Bahrain and Kuwait -- that are likely to be among its biggest skeptics, CNN reported.US Treasury yields were lower intraday, with the two-year rate down 4.3 basis points at 4.20% and the 10-year rate falling 2.8 basis points to 4.47%.In economic news, US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector, S&P Global (SPGI) said."Brighter news out of the Middle East has helped restore some confidence among US businesses in June, though the overall rate of economic growth signaled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict," S&P Global Market Intelligence Chief Business Economist Chris Williamson said.Manufacturing activity in the US Mid-Atlantic region fell more than projected in June, with shipments, new orders and employment all weakening sequentially, data from the Federal Reserve Bank of Richmond showed.Gold was down 1.3% at $4,147.80 per troy ounce, while silver slumped 5.4% to $62.02 per ounce.

Dow JonesNasdaq CompositeS&P 500$FDX$IBM$KFY$MU$NVDA$ON$QCOM$SNDK$SPGI

Sectors51d ago

Sector Update: Tech Stocks Advance Premarket Tuesday

Technology stocks were advancing premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1% and the State Street SPDR S&P Semiconductor ETF (XSD) 2.6% higher.Nebius Group (NBIS) shares were up more than 4% after the company launched the six-month Physical AI Living Lab program that will grant certain British and European robotics startups access to Nebius' artificial intelligence cloud infrastructure and Nvidia's (NVDA) physical AI development tools.Onsemi (ON) stock was 2% higher after the company launched GaNEXUS, a new gallium nitride power portfolio for AI data centers, industry, robotics, and energy infrastructure applications.Skyworks Solutions (SWKS) shares were up more than 3% after the company unveiled its Si829x isolated safety gate driver, designed to enhance inverted efficiency and reduce system costs for electric vehicles.

$NBIS$NVDA$ON$SWKS$XLK$XSD

Sectors52d ago

Sector Update: Tech Stocks Rise Premarket Monday

Technology stocks were rising premarket Monday, with the State Street Technology Select Sector SPDR Fund (XLK) up 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) nearly 5% higher.Marvell Technology (MRVL) is set to join the S&P 500, effective June 22, S&P Dow Jones Indices said. Shares of Marvell Technology were up more than 8% pre-bell.Advanced Micro Devices (AMD) stock was up more than 4% after the company detailed plans to invest up to 2 billion pounds ($2.7 billion) in the UK over the next five years to accelerate artificial intelligence research.ON Semiconductor (ON) shares were up more than 5% after the company launched its Elite Pairing Studio, an online design tool intended to help engineers determine combinations of silicon carbide MOSFETs and gate drivers for power electronics applications

$AMD$MRVL$ON$XLK$XSD

US Markets65d ago

Nasdaq, S&P 500 Log New Peaks as Micron Drives Tech Rally

The Nasdaq Composite and the S&P 500 reached new peaks on Tuesday, driven a Micron Technology (MU) led rally in the tech sector, while the Dow Jones Industrial Average retreated from a record high.The Nasdaq rose 1.2% to settle at 26,656.2, while the S&P 500 climbed 0.6% to 7,519.3 -- both notching new record finish. The Dow fell 0.2% to 50,461.7, after closing at a record high in the previous session.Six of the 11 sectors ended in the green, led by tech's 1.7% advance, while energy saw the steepest decline.US markets were closed Monday for the Memorial Day holiday.Micron shares surged 19%, the best performer on the S&P 500, as UBS Securities boosted it price target on the semiconductor manufacturer's stock to $1,625 from $535.Micron's market capitalization crossed the $1 trillion mark for the first time.Micron's valuation should get a further boost from long-term agreements in the memory industry, UBS said Tuesday.On Semiconductor (ON) shares jumped 9%, the second-top gainer on the S&P 500. Western Digital (WDC) shares climbed 8.3%, also among the biggest gainers on the index.Some 95% of S&P 500 companies have reported their quarterly financial results in the latest cycle, with earnings up about 28% from a year earlier and revenue rising 11.1%, Oppenheimer Asset Management said in a note.Ahead of the earnings season, FactSet put expected earnings growth at 12.6% year over year, according to the brokerage."The (first-quarter) earnings season rolled on, with many firms reporting strong results and positive guidance," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said. "Bears, skeptics, and nervous investors have been able to take some profits without (the fear of missing out) within what appears to us a bull market that persists having legs to run further."Costco Wholesale (COST), Marvell Technology (MRVL), Salesforce (CRM), and Dell Technologies (DELL) are slated to report results this week.West Texas Intermediate crude oil was down 3% at $93.72 a barrel in Tuesday late-afternoon trade, while Brent rose 3.6% to $99.63.Iran has a "legitimate" right to respond to any violation of a ceasefire by the US, CNN reported Tuesday, citing Tehran's Islamic Revolutionary Guard Corps. Earlier, the US military targeted Iranian missile launch sites and boats around the crucial Strait of Hormuz in what it described as "self-defense strikes," according to the report.US President Donald Trump said Monday that negotiations with Iran were "proceeding nicely," but encouraged countries including Saudi Arabia and Pakistan to join the Abraham Accords, aimed at normalizing diplomatic ties with Israel."While an extended conflict with Iran remains the largest risk to continued market gains, in our view, markets are positioned for more progress on peace talks and the Strait of Hormuz reopening," D.A. Davidson said in a report Tuesday.US Treasury yields were lower, with the 10-year rate last down 6.6 basis points at 4.5% and the two-year rate losing 7.7 basis points to 4.06%."Investors remain focused on whether energy markets stabilize or whether higher oil prices start feeding back into inflation expectations and bond yields again," Saxo Bank said in a report Tuesday.Elbit Systems' (ESLT) first-quarter results rose year on year, while the company said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts. The company's US-listed shares advanced 11%.AutoZone (AZO) shares plummeted 9%, the steepest decline on the S&P 500, after the auto parts retailer's fiscal third-quarter earnings topped market estimates, but revenue fell short.In economic news, US consumer confidence fell in May amid mounting inflation concerns as the Middle East conflict has stretched for about three months now, a survey by the Conference Board showed Tuesday.Separately, US annual home price growth decelerated in March, with more than half of the 20 major markets logging decreases, S&P Global (SPGI) division S&P Dow Jones Indices said Tuesday.Gold was last down 0.3% at $4,508.30 per troy ounce, while silver rose 1.5% $77.35 per ounce.

Dow JonesNasdaq CompositeS&P 500$AZO$COST$CRM$DELL$ESLT$MRVL$MU$ON$SPGI$WDC

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