Semiconductors are leading the Nasdaq and S&P 500 lower before the open
Chip stocks are cooling off from Monday's rally, pressuring futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) lower. On the flip side, futures on the Dow Jones Industrial Average (DJI) are indicating a triple-digit open, looking to extend yesterday's impressive run. Earlier this morning, President Donald Trump arrived in Turkey for a NATO summit, as Ukraine-Russia tensions continue to ramp up. Reports of Iranian attacked on ships in the Strait of Hormuz are pushing crude prices higher as well, with West Texas Intermediate (WTI) just shy of $70/barrel.
Continue reading for more on today's market, including:
- Slowing SPX momentum may favor bulls, per Senior V.P. of Research Todd Salamone.
- Where our 2026 Top Stock picks are sitting right now.
- Plus, energy stock lands bull note; EV giant selling off; and Micron slides with chips.
5 Things You Need to Know Today
- The Cboe Options Exchange saw roughly 2.6 million call contracts and 1.6 million put contracts traded on Monday. The single-session equity put/call ratio rose to 0.62, while the 21-day moving average remained at 0.58.
- Shares of First Solar Inc (NASDAQ:FSLR) are 3.6% higher before the opening bell, after landing an upgrade at Deutsche Bank to "buy" from "neutral." The brokerages cited trade policy shift as one of its catalysts for the move. FSLR will be looking to shave off some of its 10% year-to-date deficit.
- Rivian Automotive Inc (NASDAQ:RIVN) stock is down 11.4% ahead of the open, after the EV concern said its selling 75 million shares for a big capital raise, overshadowing a better-than-expected revenue and delivery outlook. This pullback will drag the equity back below its year-to-date breakeven mark.
- Micron Technology Inc (NASDAQ:MU) stock is off by 4.8% in electronic trading, suffering a notable drawdown alongside the entire chip sector. Over the past 12 months MU has added an impressive 705%, though should these early losses hold, the equity will continue its pullback from its June 25 record high of $1,255.
- All eyes are on tomorrow's Fed meeting minutes.
Asian Stocks Struggle as Tech Pulls Back
Asian markets finished lower, with South Korea’s Kospi once more seeing the sharpest losses. The Kospi dropped 4.9%, activating a circuit breaker earlier in the session, as tech titans SK Hynix and Samsung Electronics sold off. Japan’s Nikkei lost 2.1%, the Shanghai Composite gave back 1.3%, while Hong Kong’s Hang Seng fell 0.5%.
Over in Europe, bourses are more mixed, though chip giants Be Semiconductor, ASML, and STMicro are all in the red. London’s FTSE 100 is up 0.4% at last look, while the French CAC 40 is up 0.1%. The German DAX is 0.7% lower.