US stock markets ended Tuesday mixed. The S&P 500 fell -0.59%, while the Nasdaq 100 dropped -1.39% to a 1.5-week low. In contrast, the Dow Jones gained +0.02%, setting a fresh all-time high. The main drag came from heavy selling in mega-cap tech stocks and semiconductor companies, part of the so-called “Magnificent Seven.”
Chipmakers led the decline: AMD (−5% after a downgrade from GF Securities), Marvell Technology (−5%), ARM Holdings (−4%), along with Nvidia, Meta, Alphabet, Amazon, Microsoft, Tesla, and Apple all posted losses.
One major exception was Intel, which surged more than 6% after SoftBank agreed to buy $2 billion worth of its shares.
Treasuries supported the market as the 10-year yield fell 3 bps to 4.30%, after S&P Global Ratings affirmed the US credit rating at AA+, citing that tariff revenues would offset fiscal risks.
Corporate highlights included:
On the macro front, investors await the FOMC minutes (Wednesday), US labor and housing data, and Fed Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday. Meanwhile, tariff risks remain elevated: Donald Trump already expanded duties on steel and aluminum, and hinted at imposing tariffs up to 300% on semiconductors in the coming weeks.
Geopolitically, Ukraine-Russia talks continue. President Zelensky said he secured US security guarantees, while Trump is pushing for a summit with Russia. Any outcome could influence oil prices and tariff dynamics.
Overall, US markets remain under pressure from conflicting forces: tech sector weakness and aggressive trade rhetoric versus bond market support and strength in select traditional companies.
Chipmakers led the decline: AMD (−5% after a downgrade from GF Securities), Marvell Technology (−5%), ARM Holdings (−4%), along with Nvidia, Meta, Alphabet, Amazon, Microsoft, Tesla, and Apple all posted losses.
One major exception was Intel, which surged more than 6% after SoftBank agreed to buy $2 billion worth of its shares.
Treasuries supported the market as the 10-year yield fell 3 bps to 4.30%, after S&P Global Ratings affirmed the US credit rating at AA+, citing that tariff revenues would offset fiscal risks.
Corporate highlights included:
- Home Depot (+3%) – July same-store sales rose 3%, lifting Dow Jones to new highs.
- Prologis (+5%) – upgraded to “outperform” by Mizuho Securities.
- Best Buy (+3%) – launched a third-party seller platform doubling its online product range.
- Palo Alto Networks (+3%) – forecasted 2026 revenue above consensus.
On the macro front, investors await the FOMC minutes (Wednesday), US labor and housing data, and Fed Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday. Meanwhile, tariff risks remain elevated: Donald Trump already expanded duties on steel and aluminum, and hinted at imposing tariffs up to 300% on semiconductors in the coming weeks.
Geopolitically, Ukraine-Russia talks continue. President Zelensky said he secured US security guarantees, while Trump is pushing for a summit with Russia. Any outcome could influence oil prices and tariff dynamics.
Overall, US markets remain under pressure from conflicting forces: tech sector weakness and aggressive trade rhetoric versus bond market support and strength in select traditional companies.
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Twitter: @BigStakeTrades