Wall Street Today: Nasdaq Comp, S&P 500, DJIA Fall Again as MRVL, MU, AAPL, TSLA, Other Techs Ease

The S&P 500 and the Nasdaq Composite fell Tuesday as Marvell, Iren, Micron, Apple and other technology stocks sank yet again in the latest in a series of up-and-down trading days for Big Tech.

The $Nasdaq Composite Index (.IXIC.US)$ lost 250.81 points (1%) to a 25,678.82 close, while the $S&P 500 Index (.SPX.US)$ eased 19.08 ticks (0.3%) to 7,386.65.

However, the $Dow Jones Industrial Average (.DJI.US)$ bucked the trend and turned positive in the session's final minutes, gaining 86.10 points (0.2%) to finish at 50,872.11.

Macro

The tech-centric Nasdaq Comp in particular has been trading up one day and down the next in recent sessions after hitting an all-time high last week.

Tuesday's declines stemmed from another major sell-off for multiple Big Techs, many of which have themselves been alternating between rising one day and falling the next.

Tech stocks to see large percentage declines Tuesday included $Applied Optoelectronics (AAOI.US)$ (down 17.2%), $IonQ Inc (IONQ.US)$ (off 9.7%), $IREN Ltd (IREN.US)$ (8.7% lower), $Lumentum (LITE.US)$ (8.2% weaker), $Marvell Technology (MRVL.US)$ (7.6% weaker) and $Corning (GLW.US)$ (which lost 7.3%).

Other techs to fall by smaller percentages included $ServiceNow (NOW.US)$ (off 6.3%), $Arm Holdings (ARM.US)$ (which shed 6.2%), $Qualcomm (QCOM.US)$ (which gave up 5.7%), $Nokia Oyj (NOK.US)$ (5.1% lower), $Apple (AAPL.US)$ (off 3.6%), $Advanced Micro Devices (AMD.US)$ (3% weaker), $Tesla (TSLA.US)$ (down 3%) and $Micron Technology (MU.US)$ (which lost 1.4%).

Many of the affected stocks fell last Friday, then rebounded Monday and sank again on Tuesday without any major company-specific news driving their price movements.

Such up-and-down trading represented a sharp reversal from last week's market action, which saw the Dow, S&P 500 and Nasdaq Composite all hit new record highs – as did multiple Big Techs.

Adding to Tuesday's dour mood, the U.S.-Israel-Iran War threatened to heat up again after U.S. President Donald Trump said Tehran shot down an American helicopter in the key Strait of Hormuz.

While Trump said both pilots aboard the helicopter survived, the president wrote on social media that Washington "must, of necessity, respond to this attack."

That helped partly reverse a stocks-friendly 5.9% decline in oil prices that had taken $Crude Oil Futures (SEP6) (CLmain.US)$ down to $85.95 a barrel earlier in the day.

Oil futures popped back up to $88.36 a barrel at last check on the New York Mercantile Exchange, although that was still 3.2% lower than the previous session's close.

Meanwhile, cryptocurrencies took their cue from the stock market and sank Tuesday in the latest of their own series of up-and-down trading days.

$Bitcoin (BTC.CC)$ fell 2.1% to $62,111.98 as of about 4:15 p.m. New York time, while $Ethereum (ETH.CC)$ shed 1.6% to $1,650.18,$Solana (SOL.CC)$ lost 3% to $65.48 and $Ripple (XRP.CC)$ gave back 3.2% to $1.14.

Moo-vers

The "Magnificent Seven" stocks followed the broader market and mostly fell.

$Apple (AAPL.US)$ and $Tesla (TSLA.US)$ led the way downward with their previously noted drops of 3.6% and 3%, respectively.

Other Mag-7 decliners included $Microsoft (MSFT.US)$ (down 2%), $Amazon (AMZN.US)$ (0.4% lower), $NVIDIA (NVDA.US)$ (off 0.2%) and $Meta Platforms (META.US)$ (which gave back 0.1%).

Only $Alphabet-A (GOOGL.US)$ rose among the Mag-7 names, adding 0.3%.

Beyond the Mag-7, Tuesday's noteworthy percentage winners included:

-- Certain tech stocks that bucked Tuesday's downtrend. Gainers included $Credo Technology (CRDO.US)$ (up 5.4%), $Applied Digital (APLD.US)$ (2.4% better) and $NEBIUS (NBIS.US)$ (which added 1%).

Conversely, the session's major percentage losers included:

-- Space stocks led by $Redwire (RDW.US)$, which fell 15.2% after announcing plans for a $500 million secondary stock offering that will dilute existing shareholders. Other space-related names declined in apparent sympathy, including $Rocket Lab (RKLB.US)$ (down 4.8%) and $AST SpaceMobile (ASTS.US)$ (off 3.6%).

-- $Ondas (ONDS.US)$, which shed 6.3%. The drone maker has pulled back 30.6% since hitting a $13.91 4-1/2-month high on June 1.

-- $Cerebras Systems (CBRS.US)$, down 4.6%. The AI-infrastructure firm, which went public on May 14, gave back part of an 18.3% gain it enjoyed Monday after several analysts initiated covering the stock with "Buy" or buy-equivalent grades.

Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.

880K Views