Big Tech stocks are down big today, including Google parent Alphabet (Nasdaq: GOOGL), which at a 5% drop is suffering its most severe drop over the past 12-month stretch.
Chip stocks are the exception, with Micron (Nasdaq: MU) and Intel (Nasdaq: INTC), up 5% and 3.7%, respectively. Micron reports its quarterly earnings later this week.
Amazon (NASDAQ:AMZN) shares are under pressure Monday, shedding nearly 5%, even as Prime Day projections paint an upbeat picture for the retail event. U.S. online spending during Prime Day is expected to climb 9% to $26.3 billion, driven by demand for discounted back-to-school and household goods, with Amazon on track to capture roughly 60% of total U.S. online spending during the event, its strongest share since 2019, per Bloomberg.
Bank of America is making one of the more hawkish rate calls on Wall Street, projecting the Federal Reserve will raise rates three times before year-end, with quarter-point increases expected in September, October, and December that would push the benchmark rate to a range of 4.25% to 4.50%. Analysts do not see cuts resuming until 2028, a timeline that, if accurate, would represent a significant tightening cycle landing on top of an already rate-sensitive market.
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Markets are taking a step forward Monday after Thursday’s broad-based surge, with the Nasdaq Composite trading near the flatline. Wall Street is shifting its attention to Iran war negotiations and a key inflation reading due later in the week. The S&P 500 is advancing modestly, up 0.2%, while the Dow is adding 201 points, or 0.4%, as the session’s tone reflects cautious optimism after last week’s impressive comeback, when the Nasdaq jumped 1.9%, the S&P 500 climbed 1.1%, and the Russell 2000 led the charge with a 2.1% gain.
Oil is the macro story setting the tone, with Brent crude slipping 1.6% to around $79.30 a barrel and WTI pulling back to near $76 after mediators Qatar and Pakistan confirmed that U.S. and Iranian officials have agreed on a roadmap to reach a final deal within 60 days.
Micron Technology (NASDAQ:MU | MU Price Prediction) is standing out as one of the session’s early bright spots, adding around 5% as investors position ahead of the chipmaker’s quarterly report due Wednesday after the bell. SpaceX (NASDAQ:SPCX) is moving in the opposite direction, shedding more than 5% and on pace for its third straight daily decline as some of the post-IPO euphoria continues to unwind.
Here’s a look at where things stand as of pre-morning trading:
Dow Jones Industrial Average: 51,840 Up 0.54%
Nasdaq Composite: 26,517 Flat
S&P 500: 7.526 Up 0.35%
Marvell Technology (NASDAQ:MRVL) is set to join the S&P 500, replacing Campbell Soup Company (NYSE:CPB) in the index, a reshuffling that reflects just how dramatically the AI buildout has redrawn the map of corporate America’s most valuable businesses.
SpaceX (NASDAQ:SPCX) is moving quickly to capitalize on its IPO momentum, announcing an inaugural offering of senior unsecured notes via an SEC filing, with proceeds earmarked to repay a bridge loan and fund general corporate purposes.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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