Stock Market Live July 7, 2026: S&P 500 (SPY) Drops on Tech Concerns

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KeyBanc Just Reiterated Overweight Rating on Nvidia

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Analysts at KeyBanc just reiterated their overweight rating on Nvidia (NASDAQ: NVDA | NVDA Price Prediction), noting that the tech giant is best positioned. “We see NVDA as remaining uniquely positioned to benefit from AI/ML secular data center growth within the industry,” said the firm, as quoted by CNBC.

Markets are mixed again. At the moment, the S&P 500 is down 0.14%, or by 10.75 points. The SPDR S&P 500 ETF (SPY) is down by 0.12%, or by about 87 cents.  The Dow is up by 0.27%, or by 148 points. The Nasdaq is down by 0.9%, or by 269 points. Oil is up by 47 cents at $69.02.

Unfortunately, after another strong rally, tech stocks are under pressure following Samsung’s earnings. While the company did post strong numbers, investors now have concerns about spending and demand. “The reaction to Samsung speaks to one of the biggest risks facing markets over the coming weeks: Q2 earnings results are likely to be quite robust on an absolute basis … but unlike with the Q1 season, expectations are presently very bullish (and the SPX is ~1K points higher than it was heading into the Q1 releases), which means the bar is quite elevated,” wrote Adam Crisafulli of Vital Knowledge, as quoted by CNBC.

Here’s What Investors Are Watching Closely Today

One of today’s biggest stories is the addition of SpaceX (NASDAQ: SPCX) to the Nasdaq-100 Index. The inclusion is expected to trigger billions of dollars in buying from funds, making it one of the most closely watched market events of the week.

Energy markets are also seeing a good deal of attention. All on reports that Iranian Revolutionary Guard forces fired on two commercial vessels near the Strait of Hormuz. The incident pushed crude oil prices higher amid renewed concerns about potential disruptions to global energy supplies. Higher oil prices could add another layer of uncertainty for investors already closely watching inflation and interest rate expectations.

Markets are also focused on the Federal Reserve’s meeting minutes, which could offer new clues about the path of interest rates.

Market Movers: First Solar Upgraded to a Buy Rating 

Shares of First Solar (NASDAQ: FSLR) are rocketing higher after Deutsche Bank recommended buying the dip in the stock. “With carefully selected buy ratings across our Clean Tech coverage, First Solar remains one of the fundamentally strong businesses for investors looking for a US based panel production company along with a strong balance sheet,” said the firm, as quoted by CNBC. 

In addition, analysts at JPMorgan just reiterated an overweight rating on Apple (NASDAQ: AAPL), raising its price target to $345 from $325. “Even as short-term consumer responses to the unprecedented price increases, precipitated by the rise in memory costs, are being debated by investors, we believe there are several drivers to lead the revenue and earnings outcomes to be much more favorable than currently feared by investors,” they noted. 

Plus, Morgan Stanley just initiated an overweight rating on SpaceX, noting that the stock still has plenty of upside. “With an ‘X of 1’ position in space infrastructure, we believe SpaceX can convert energy into intelligence at scale with optionality to monetize through a range of consumer and enterprise solutions for the next era of AI… the final frontier,” said the firm.

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