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Live Nasdaq Composite: Markets Rise as Oil Prices Fall But Chip Stocks Drop on China’s Competitive Threat
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Oil prices fell 6%, lifting stocks at the open, but a heavy earnings slate and an incoming Fed meeting are keeping conviction thin.
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ASML and Nvidia reversed early gains after a Chinese state-backed firm began mass-producing domestic DUV lithography machines.
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Wolfe Research warns the junk bond market looks worried, with HYG down 1% in July and on pace for three straight monthly declines.
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Tech Earnings on Deck
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The following technology companies are lined up to report their quarterly earnings this week. Here’s where there stocks are faring YTD:
Apple (Nasdaq: AAPL) up 24.59% for a market cap of $4.9 trillion.
Microsoft (Nasdaq: MSFT) down 18.7%
Amazon (Nasdaq: AMZN) up 1.04%
Meta (Nasdaq: META) down 8.3%
Bond Market's Warning
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High-yield credit is starting to push back against the stock market’s resilience. The iShares iBoxx $ High Yield Corporate Bond ETF (NYSE Arca: HYG) has slipped nearly 1% in July and is headed for another down month, which would make it three declines in a row and five in the past six months. Wolfe Research says “the bond market looks worried,” with HYG’s March lows potentially back in play. Stocks are still rotating near highs, while junk debt is trading like investors are getting more selective about risk.
This article will be updated throughout the day, so check back often for more daily updates.
Stocks opened higher Monday as oil prices eased and investors got a weekend pause in U.S.-Iran tensions. The Dow Jones Industrial Average rose 452 points, or 0.9%, while the S&P 500 gained 0.4%. The Nasdaq Composite also traded higher, though the tech-heavy index showed less conviction as investors looked ahead to a heavy megacap earnings slate.
The energy move did most of the early lifting. Brent crude for September delivery slid 6.4% to roughly $90.60 per barrel, while WTI dropped 5.7% to about $84.10. That took some pressure off inflation-sensitive corners of the market and gave bulls a reason to step back in after last week’s choppy tape.
But this is not a clean risk-on setup. Tech is losing some steam just as earnings season moves into its most important stretch, and traders are also staring down a Federal Reserve meeting that could carry more suspense than markets expected a few weeks ago.
Here’s a look at where things stand as of early-morning trading:
Dow Jones Industrial Average: 52,363 Up 0.80%
Nasdaq Composite: 25,025 Up 0.20%
S&P 500: 7,431 Up 0.26%
Market Movers
After trading in the green during pre-market trading, chip equipment stocks reversed course. ASML (Nasdaq: ASML) and U.S. peers including Intel (Nasdaq: INTC), Nvidia (Nasdaq: NVDA) and memory semi stock Micron (Nasdaq: MU) are now trading lower after reports that a state-backed Chinese firm has started mass production of domestic DUV lithography machines, pressuring U.S. competition.
CXMT made a blockbuster public debut in China, with shares soaring more than fivefold and instantly turning the memory-chip maker into mainland China’s most valuable company.
In a jockeying of position among Big Tech stocks, Google parent Alphabet (Nasdaq: GOOGL): Alphabet has just reclaimed a $4 trillion market cap.
Cracker Barrel (Nasdaq: CBRL) shares fell after CEO Julie Masino stepped down, ending a tenure marked by a bruising modernization push, culture-war backlash, and activist pressure. The stock’s reaction suggests investors are treating the leadership change less as a clean reset and more as another sign that the turnaround remains messy.
Contact [email protected] for any questions or corrections.
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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