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Japan

Update: US Equity Indexes Lower in Final Leg of Trading as Technology Slides With Crude Oil

(Updates with index/price moves data, and political news from the first paragraph.)US stocks traded lower as technology raced to the bottom of sector charts, while crude oil traded at levels last seen before the Iran war after a "framework agreement" was signed between Israel and Lebanon.The Nasdaq Composite fell 0.4% to 25,263.4 ahead of Friday's close. The Dow Jones Industrial Average edged down 0.1% to 51,847.5, while the S&P 500 was down 0.2% to 7,347.4.Technology and industrials led the four declining sectors intraday. Health care, consumer discretionary, and consumer staples were among the top gainers.In a category of stocks with a market capitalization of over $200 billion, 16 out of the 20 worst-performing stocks were technology firms. Western Digital (WDC), Seagate Technology (STX), and Sandisk (SNDK) were the steepest decliners, down by at least 8.2% each. In the sliding technology shares, more than half were semiconductor companies.In geopolitical news, negotiators from Lebanon and Israel signed a "framework agreement" on the handover of areas in Israeli-occupied southern Lebanon after US-mediated talks in Washington, DC., according to a Friday report from Al Jazeera, a Middle East news broadcaster.This comes as Arsenio Dominguez, the secretary-general of the UN's International Maritime Organization, said 115 vessels and 2,500 seafarers have been evacuated from the Strait of Hormuz since Tuesday, Al Jazeera reported.The front-month global benchmark North Sea Brent slumped 4.5% to $71.88 per barrel, and the US West Texas Intermediate retreated 3.8% to $69.19 per barrel, extending their declines to the lowest since the beginning of the Iran war.

Dow JonesNasdaq CompositeS&P 500$SNDK$STX$WDC
Wire

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
Asia Markets

Update: US Equity Indexes Mixed as Steepest Decliner Technology Eats into Consumer Discretionary Gains

(Updates with index/price moves, macroeconomic data, and analyst comment from the first paragraph.)US stocks traded mixed, as technology and consumer discretionary pulled in different directions while crude oil prices extended declines to levels last seen before the Iran war.The S&P 500 climbed 0.2% to 7,370.1, and the Dow Jones Industrial Average advanced 0.1% to 51,79.5 after midday Friday. The Nasdaq Composite was little changed at 25,360.3. Technology and industrials led the four declining sectors intraday. Health care, consumer discretionary, and consumer staples were among the top gainers.IBM's (IBM) 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. IBM has created what it calls the "world's first sub-1 nanometer chip technology," the company said Thursday. IBM shares jumped 4.7%, making it the Dow's leader.Microsoft-backed (MSFT) 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. The ChatGPT maker hired bankers and lawyers, eyeing an IPO as soon as Q3 or Q4, with CEO Sam Altman pushing for a $1 trillion valuation, according to the report. Shares of Microsoft advanced 4.3%, among the Dow's top gainers.In a category of stocks with a market capitalization of over $200 billion, 17 out of the 20 worst-performing stocks were technology firms. Western Digital (WDC), Sandisk (SNDK), and Seagate Technology (STX) were the steepest decliners, down by at least 7.9% each. In the declining technology shares, more than half were semiconductor companies.In geopolitical news, 115 vessels and 2,500 seafarers have been evacuated from the Strait of Hormuz since Tuesday, said Arsenio Dominguez, the secretary-general of the UN's International Maritime Organization, according to a report from Al Jazeera.The front-month global benchmark North Sea Brent slumped 4.1% to $72.20 per barrel, and the US West Texas Intermediate retreated 3.5% to $69.43 per barrel, extending their declines to the lowest since the beginning of the Iran war."Oil resumed its decline after tanker transits through the Strait of Hormuz accelerated, following a brief rebound on Thursday when a container ship was struck by an unknown projectile off the coast of Oman," Saxo Bank said in a note. "The mini tsunami of released barrels is weighing on the front end of the futures curve."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.Respondents in the Michigan survey expected a 4.6% inflation rate over the next year and 3.3% annually over the next five years, down from 4.8% and 3.9%, respectively, in May.Most US Treasury yields fell, with the 10-year down 1.6 basis points to 4.38%. The two-year rate dropped 3.3 basis points to 4.09%.Gold futures jumped 1.4% to $4,104.1, and silver futures climbed 1.6% to $59.31.

Dow JonesNasdaq CompositeS&P 500$IBM$MSFT$SNDK$STX$WDC
Asia Markets

Update: US Equity Futures Fall Pre-Bell Amid Broad Tech Sell-Off, US-Iran Peace Negotiations

(Updates with economic data, recent oil price movement, world markets' overview, and corporate stock movements.)US equity futures were lower pre-bell Tuesday amid a sell-off in tech stocks and ongoing peace negotiations between the U.S. and Iran.Dow Jones Industrial Average futures were 0.4% lower, S&P 500 futures were down 1.3%, and Nasdaq futures were 2.8% lower.Micron Technology (MU) stock was down 8.3% in premarket activity, joining a broader sell-off in the technology sector.Technical discussions between the US and Iran in Switzerland have been completed, with negotiating groups to be established to focus on nuclear issues and sanctions, AFP reported, citing Iranian state media.Iran's chief negotiator, Mohammad Bagher Ghalibaf, told state media that the country intends to retain control of the Strait of Hormuz after talks with the US. At least 35 vessels crossed the waterway on Monday, marking the highest level since the war in the Middle East began, AFP reported, citing data from maritime tracking firm Kpler.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.8% at $76.91 per barrel and US West Texas Intermediate crude 0.7% lower at $73.31 per barrel.The June S&P Global Composite Purchasing Managers' Index, due at 9:45 am ET, is seen at 52.1, up from 51.5 previously, according to estimates compiled by Bloomberg. The Richmond Fed manufacturing index for June is scheduled to be released at 10 am ET.In other world markets, Japan's Nikkei closed 3.6% lower, Hong Kong's Hang Seng ended 1.8% lower, and China's Shanghai Composite finished 1.4% lower. Meanwhile, the UK's FTSE 100 was down 0.4%, and Germany's DAX index was 1% lower in Europe's early afternoon session.In equities, shares of Marvell Technology (MRVL), Western Digital (WDC), and Seagate Technology (STX) were all down as part of a wider decline in technology stocks. Marvell shares dropped 8.8%, Western Digital stock was down 7.6%, and Seagate shares fell 7.7%.On the winning side, Netflix (NFLX) stock was up 0.9% after the company and Omnicom (OMC) said they agreed on a collaboration that combines Omnicom Media's Acxiom audience intelligence with Netflix's artificial intelligence-powered advertising technology. IBM (IBM) shares rose 4.2% after the company said it 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. Accenture (ACN) stock was up 2% after the company said it is raising its fiscal 2026 share repurchase plan by $2 billion to a total of $7.5 billion.

Dow JonesNasdaq CompositeS&P 500$ACN$IBM$MRVL$MU$NFLX$OMC$STX$WDC
Equities

S&P 500 Posts Weekly Gain Amid US-Iran Memorandum of Understanding

The Standard & Poor's 500 index rose 0.9% this week, boosted by a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran.The S&P 500 ended the week at 7,500.58. Thursday marked the final trading day of the week as the US stock market will be closed Friday for the Juneteenth holiday.The market benchmark is down 1.1% for the month but up 9.6% for the year.The memorandum of understanding between the US and Iran was signed Wednesday. The landmark agreement arrives after more than three months of hostilities resulted in the effective closure of the Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.The document, signed by US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, ensures toll-free passage of commercial vessels between the Persian Gulf and the Sea of Oman for 60 days. As part of the preliminary deal, Iran agreed that it won't procure or develop nuclear weapons. In addition, the MOU declares an "immediate and permanent" end of all military operations, including in Lebanon.Also this week, the Federal Reserve kept its monetary policy steady, removing the so-called easing bias from its statement, while raising its interest rate expectations through 2028. The central bank's Federal Open Market Committee maintained its interest rate at 3.50% to 3.75%, in line with Wall Street's expectations and marking its fourth consecutive pause.The technology sector had the largest percentage gain of the week, climbing 3.1%, followed by a 2.6% rise in industrials and a 1.1% increase in communication services. Consumer discretionary, utilities and financials also edged higher.Western Digital (WDC) and Seagate Technology (STX) shares were among the top weekly gainers in the technology sector as Morgan Stanley analysts said in a report that the companies are expected to benefit from strengthening demand for hard disk drives. Western Digital shares jumped 33% and Seagate shares added 15%.Micron Technology (MU) also gave the technology sector a boost, with its shares climbing 16%, amid multiple bullish analyst reports this week ahead of its earnings report due next week. Micron's shares deserve a higher valuation amid a stronger memory cycle driven by AI demand and tight industry supply, RBC Capital Markets said in a note to clients. Wedbush said the company is expected to benefit further from an upward trajectory in memory prices.On the downside, the energy sector fell 6.6% as crude oil futures dropped amid the agreement to reopen the Strait of Hormuz. Also in the red, real estate shed more than 3%, health care lost 3% and consumer staples declined 2.9%. Materials also edged lower.SLB (SLB) and Halliburton (HAL) had the largest weekly percentage drops in the energy sector, sliding 14% and 12%, respectively.Next week, in addition to Micron, earnings reports are expected from companies including FedEx (FDX), Darden Restaurants (DRI) and Carnival (CCL).Economic data will include the May personal consumption expenditures price index and the third estimate of Q1 gross domestic product. May consumer spending and durable goods will also be among the data released.

Dow JonesNasdaq CompositeS&P 500$HAL$MU$SLB$STX$WDC
Asia Markets

Update: US Equity Futures Largely Flat as Dow Climbs to New Record Amid Anticipated US-Iran Peace Deal Signing

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were firm pre-bell Tuesday as the Dow Jones Industrial Average climbed to a new record amid the anticipated signing of a peace deal between the US and Iran and the reopening of the Strait of Hormuz.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were flat, and Nasdaq futures were flat.The Dow gained 468.77 points, or 0.92%, on Monday, setting fresh intraday and closing records.Vice President JD Vance told CNBC in an interview that he expects the peace agreement to keep the Strait of Hormuz open "in a toll-free way for the long term." However, shippers say transit through the area remains unclear in the meantime, according to the report.Meanwhile, Elon Musk's Space Exploration Technologies (SPCX), known as SpaceX, continued its post-IPO rally, gaining 4.5% in pre-market activity.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 4.1% at $79.75 per barrel and US West Texas Intermediate crude 4.5% lower at $77.11 per barrel.May housing starts fell to a 1.177 million annual rate from 1.392 million in the previous month, compared with expectations for a 1.43 million rate in a survey compiled by Bloomberg.US import prices jumped 1.9% in May, above the 1% increase expected and below the 2% gain in April. US export prices rose by 1.3% in May, above the 0.9% gain expected and below the 3.5% increase in April.In other world markets, Japan's Nikkei closed 0.1% higher, Hong Kong's Hang Seng ended 1.4% lower, and China's Shanghai Composite finished 0.1% lower. Meanwhile, the UK's FTSE 100 was up 0.6%, and Germany's DAX index was 0.5% higher in Europe's early afternoon session.In equities, Micron Technology (MU) shares rose 0.9% after RBC Capital Markets said in a report that the company has room for its memory-chip upcycle to continue for another five to six quarters, supported by stronger pricing, robust generative AI demand and limited industry supply growth. Qualcomm (QCOM) stock was up 3.3% after CNBC cited CEO Cristiano Amon as saying that the company is developing more than 40 new AI device designs as it prepares for the next wave of "agent" powered consumer electronics. Seagate Technology (STX) and Western Digital (WDC) shares were up 4.2% and 6.3% , respectively, after Morgan Stanley said in a note that the companies are expected to benefit from strengthening demand for hard disk drives.On the losing side, Tesla (TSLA) stock was down 1.2% after BloombergNEF said in a note that global electric vehicle sales are expected to be slower than previously expected, especially in the US, hurt by the withdrawal of regulatory support for electrification in the country. STMicroelectronics (STM) shares fell 1.8% after the company said it launched a $1.5 billion offering of senior unsecured convertible bonds and plans to redeem its outstanding $750 million zero-coupon convertible bonds due 2027.

Dow JonesNasdaq CompositeS&P 500$MU$QCOM$SPCX$STM$STX$TSLA$WDC
Wire

Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were sharply higher late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 3.6% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.2%.The Philadelphia Semiconductor Index climbed up 5.4%.In corporate news, Nvidia (NVDA) is set to raise $25 billion from a high-grade bond sale that drew about $85 billion in orders, Bloomberg reported. Nvidia shares added 3.2%.Space Exploration Technologies (SPCX) revenue may surpass $1 trillion by 2031, CEO Elon Musk said Sunday on X. SpaceX shares jumped 15%.Seagate Technology (STX) and Western Digital (WDC) are expected to benefit from strengthening demand for hard disk drives, Morgan Stanley said in a note. The firm raised its price target for Seagate to $1,035 from $767, and for Western Digital to $650 from $488. Seagate shares climbed 8.5%, and Western Digital surged 15%.Microsoft (MSFT) faces a proposed class action lawsuit filed by shareholders alleging the company failed to disclose slowing Azure cloud growth and rising AI infrastructure costs, Reuters reported. Microsoft shares were up 2.3%.

$MSFT$NVDA$SPCX$STX$WDC
Wire

Top Midday Gainers

Cuprina (CUPR) said Monday its subsidiary Cuprina Pte Ltd. obtained 510(k) clearance from the US Food and Drug Administration for its Medifly Maggots product that uses Lucilia cuprina larvae in maggot debridement therapy.Shares of the parent company soared 121% as intraday trading volume catapulted to over 44.1 million from a daily average of about 1.6 million.Seagate Technology (STX) and Western Digital (WDC) are expected to benefit from strengthening demand for hard disk drives, Morgan Stanley said in a note Monday.Morgan Stanley adjusted its price target for Western Digital's shares to $650 from $488 while maintaining the stock's overweight rating. The investment bank adjusted Seagate's price objective to $1,035 from $767 while keeping its overweight rating.Shares of Western Digital climbed 15%, with intraday trading volume climbing to over 6.4 million from a daily average of roughly 7.7 million.Shares of Seagate jumped 7% following an increase in intraday trading volume to over 3.4 million from a daily average of about 3.9 million.Micron Technology (MU) has room for its memory-chip upcycle to continue for another five to six quarters, supported by stronger pricing, robust generative AI demand, and limited industry supply growth, RBC Capital Markets said.Shares of Micron advanced 10% as intraday trading volume rose to over 27.6 million from a daily average of about 51.1 million.Price: $8.79, Change: $+4.82, Percent Change: +121.41%

$CUPR$MU$STX$WDC
Wire

Seagate, Western Digital Likely to Benefit From Strengthening HDD Demand, Morgan Stanley Says

Seagate Technology (STX) and Western Digital (WDC) are expected to benefit from strengthening demand for hard disk drives, Morgan Stanley said in a note Monday.The report said checks in Asia from the last three weeks made clear the HDD cycle is elongating, with greater shortages now expected through at least 2028 while also illustrating that HDD pricing is clearly, and meaningfully, strengthening.The note also said HDD demand is rising 40% to 50% a year, while supply growth is closer to 30% to 35%."We believe that the market continues to underestimate the longevity of this HDD cycle, as well as the potential earnings power of both STX and WDC," the report said.The note said its base case 2028 EPS estimates for the two companies are now 70% above consensus.Morgan Stanley raised its price target for Seagate to $1,035 from $767, and for Western Digital to $650 from $488. It kept Seagate as its top pick on greater margin expansion prospect.Price: $1005.65, Change: $+74.61, Percent Change: +8.01%

$STX$WDC
International

US Equity Markets End Higher After Iran Confirms Progress on Peace Agreement, Crude Oil Prices Fall

US equity indexes were higher on Friday after Iran confirmed discussions on a peace treaty and crude oil prices fell.* Iran is in the final stages of discussing the terms of an agreement with the US, CNN cited Iranian Foreign Ministry spokesperson Esmaeil Baghaei as saying in state media on Friday. The draft deal includes a commitment that the US will lift oil sanctions, final negotiations will not begin until half of Iran's frozen funds are released, and a US naval blockade ends, CNBC reported, citing Iran's Mehr News Agency.* The University of Michigan's preliminary consumer sentiment index rose to 48.9 in June from 44.8 in May, beating expectations for 46.0 in a Bloomberg-compiled survey.* July West Texas Intermediate crude oil fell $3.27 to settle at $84.44 per barrel, while August Brent crude, the global benchmark, was last seen down $3.45 at $86.93.* Seagate Technology (STX) shares were up about 7.3%, among the top gainers on the S&P 500, after the company said its Seagate HDD Cayman unit issued a notice to redeem all outstanding 3.50% exchangeable senior notes due 2028 that have not been exchanged.* Adobe's (ADBE) CFO departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note emailed Friday. The company's shares were down nearly 6.8%, the steepest decline on the Nasdaq.

Dow JonesNasdaq CompositeS&P 500$ADBE$STX
Sectors

Sector Update: Tech Stocks Mixed Premarket Friday

Technology stocks were mixed premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.1% and the State Street SPDR S&P Semiconductor ETF (XSD) 1.5% higher.Adobe (ADBE) stock was down more than 9% even after the company reported higher fiscal Q2 adjusted earnings and revenue. Adobe also said Chief Financial Officer Dan Durn will exit the company on Monday to pursue a new opportunity.Seagate Technology (STX) said its Seagate HDD Cayman unit issued a notice to redeem all outstanding 3.50% exchangeable senior notes due 2028 that have not been exchanged. Seagate Technology stock was up more than 1% pre-bell.Sharon AI (SHAZ) has entered a six-year strategic compute collaboration with Nvidia (NVDA) to expand AI infrastructure in Australia, including deployment of up to 40,000 Grace Blackwell GB300 GPUs, the company said. Sharon AI shares were up more than 7% premarket.

$ADBE$NVDA$SHAZ$STX$XLK$XSD
Insider Trading

Seagate Technology Holdings Insider Sold Shares Worth $1,109,780, According to a Recent SEC Filing

Gianluca Romano, Executive Vice President & CFO, on June 09, 2026, sold 1,351 shares in Seagate Technology Holdings (STX) for $1,109,780. Following the Form 4 filing with the SEC, Romano has control over a total of 42,069 ordinary shares of the company, with 42,069 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1137789/000113778926000128/xslF345X05/wk-form4_1781209749.xml

$STX
Insider Trading

Seagate Technology Holdings Insider Sold Shares Worth $2,345,874, According to a Recent SEC Filing

William D Mosley, Director, CEO, on June 09, 2026, sold 2,855 shares in Seagate Technology Holdings (STX) for $2,345,874. Following the Form 4 filing with the SEC, Mosley has control over a total of 325,966 ordinary shares of the company, with 325,966 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1137789/000113778926000129/xslF345X05/wk-form4_1781209757.xml

$STX
Insider Trading

Seagate Technology Holdings Insider Sold Shares Worth $471,426, According to a Recent SEC Filing

John Christopher Morris, Executive Vice President & CTO, on June 09, 2026, sold 574 shares in Seagate Technology Holdings (STX) for $471,426. Following the Form 4 filing with the SEC, Morris has control over a total of 12,510 ordinary shares of the company, with 12,510 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1137789/000113778926000130/xslF345X05/wk-form4_1781209765.xml

$STX
Wire

BofA Securities Adjusts Seagate Technology Price Target to $1,000 From $900

Seagate Technology (STX) has an average rating of overweight and mean price target of $876.55, according to analysts polled by FactSet.Price: $871.11, Change: $+23.64, Percent Change: +2.79%

$STX
Insider Trading

Seagate Technology Holdings Insider Sold Shares Worth $927,680, According to a Recent SEC Filing

Shankar Arumugavelu, Director, on June 04, 2026, sold 1,000 shares in Seagate Technology Holdings (STX) for $927,680. Following the Form 4 filing with the SEC, Arumugavelu has control over a total of 6,626 ordinary shares of the company, with 6,626 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1137789/000113778926000122/xslF345X05/wk-form4_1780606766.xml

$STX
Wire

Seagate Reportedly Reaches $175 Million Settlement in Shareholder Suit Over Huawei Sales

Seagate Technology Holdings (STX) reached a $175 million settlement in a lawsuit alleging it deceived shareholders by concealing violations of US export-control laws and inflating profit by selling $1.1 billion of hard disk drives to China's Huawei Technologies, multiple media outlets reported Monday.A preliminary settlement of the proposed class action lawsuit was filed Friday in a federal court in San Francisco and requires a judge's approval, the reports said.The company denied wrongdoing in agreeing to the settlement, Reuters reported.Seagate did not immediately respond to a request for comment from.Price: $929.29, Change: $+49.49, Percent Change: +5.63%

$STX
Asia Markets

S&P 500, Nasdaq Rally, Middle East Peace Optimism Drive US Equity Futures Higher Pre-Bell

US equity futures were trending higher pre-bell Wednesday as the S&P 500 and the Nasdaq reached new all-time highs amid continued optimism for an end to the Middle East conflict.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.8% higher.The S&P 500 added 0.6% and the Nasdaq rose 1.2% to fresh intraday and closing highs, driven by an upswing in the technology sector.President Donald Trump said in a post on Truth Social that talks with Iran were "proceeding nicely." However, Iran threatened to respond to ceasefire violations after the US military carried out what it called "self-defense strikes" on Iranian missile launch sites and vessels around the Strait of Hormuz. Negotiations to end the war continue.Traders noted the latest round of earnings, with PDD (PDD) posting lower Q1 non-GAAP earnings amid higher revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 4.6% at $92.25 per barrel and US West Texas Intermediate crude 6% lower at $88.24 per barrel.The Richmond Fed manufacturing index for May is scheduled to be released at 10 am ET.In other world markets, Japan's Nikkei closed flat, Hong Kong's Hang Seng ended 1.1% lower, and China's Shanghai Composite finished 1.3% lower. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.2% higher in Europe's early afternoon session.In equities, Micron Technology (MU) stock was up 7.4% as the company's market capitalization reached $1 trillion for the first time. Fellow tech firms Marvell Technology (MRVL), Seagate Technology (STX), and Western Digital (WDC) all saw their shares rise as part of a broader tech rally. Marvell stock was up 6.1%, Seagate shares were higher by 5.4%, and Western Digital stock was up 5.5%.On the losing side, ExxonMobil (XOM) shares were down 2.1% after a Reuters report that Occidental Petroleum (OXY) was acquiring a 10% stake in the company's deepwater exploration block offshore Trinidad and Tobago. TotalEnergies (TTE) stock was 3.3% lower after a Bloomberg News report that the company is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country. PDD shares were down 8.8% after the company reported its Q1 financial results.

Dow JonesNasdaq CompositeS&P 500$MRVL$MU$OXY$PDD$STX$TTE$WDC$XOM
Sectors

Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks were lower late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.1%.The Philadelphia Semiconductor index slumped 2.3%.In corporate news, a jury on Monday rejected Tesla (TSLA) CEO Elon Musk's claims that Microsoft-backed (MSFT) OpenAI betrayed its mission under Sam Altman's leadership by morphing into a for-profit business, Bloomberg reported. Microsoft shares added 0.2%, and Tesla was down 3%.Seagate Technology (STX) shares fell more than 6% after Chief Executive Dave Mosley said that building new factories to meet demand would "take too long."LiveRamp (RAMP) shares jumped past 27% after the data collaboration platform agreed to be acquired by French advertising and public relations firm Publicis Groupe in an all-cash deal with an enterprise value of about $2.17 billion.Equinix's (EQIX) plan to build two data centers in Cape Town, South Africa, is facing opposition from community groups and UK non-profit Foxglove, claiming the project lacks key details on water use, electricity demand and environmental impact, Reuters reported, citing a formal objection filed with city planners. Equinix shares were up 0.3%.

$EQIX$MSFT$RAMP$STX$TSLA
Wire

Top Midday Decliners

Regeneron Pharmaceuticals (REGN) said two dose levels of fianlimab in combination with cemiplimab, evaluated as a first-line treatment in unresectable locally advanced or metastatic melanoma, failed to meet a primary endpoint in its phase 3 trial.The company's stock dropped 10% as intraday volume topped 2.17 million shares versus the daily average of about 685,000.Seagate Technology's (STX) shares slumped 9.7% after CEO Dave Mosley said building new factories to meet demand would "take too long."Intraday volume topped 3.05 million shares versus the daily average of about 3.97 million.Air Global's (AIIR) shares fell 23% in their Nasdaq debut with volume of about 29,500.Price: $628.30, Change: $-69.95, Percent Change: -10.02%

$AIIR$REGN$STX

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