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Here’s what’s happening in the stock market today:
The stock market is showing mostly lower action today as chip stocks continue tumbling after Micron's blowout rally, with SpaceX's post-IPO slide jolting tech sentiment and pushing the Nasdaq and S&P 500 down. 📉🚀 Futures tied to the tech-heavy Nasdaq led losses, while the S&P 500 and Dow also edged lower. Moderna rallied on drug progress, SpaceX slid after weeks of gains, and chip makers (Qualcomm, Intel, Nvidia) came under renewed pressure. Gold fell to ~$4,064, oil rose to ~$70–72 as Middle East tensions linger; Treasury yield near 4.44%. Fed expected to hold rates in July, hike in September. Investors await jobs data next week for clues on rate hike timing. 🛢️💰
Major Indices Performance 📊
S&P 500 closed at 7,354.02, down 3.47 points (-0.05%) amid chip selloff.
Dow Jones Industrial Average closed at 51,876.11, down 44.49 points (-0.09%) on broader tech weakness.
Nasdaq Composite closed at 25,297.62, down 60.99 points (-0.24%) as chip stocks tumbled.
Market Movers 🚀
Moderna rallied on drug trial progress, leading pharma gains.
SpaceX slid after weeks of post-IPO momentum, sending a chill through the tech rally.
Qualcomm fell 7.57%, while chip makers including Intel, Nvidia, and Micron remained under pressure after Micron's surge.
Airlines (JetBlue, Delta) traded mixed on oil prices, while gold fell 0.47% to $4,067.72 amid a shift away from safe-haven assets.
Semiconductor ETFs (SMH, SOXX) weighed on the tech-heavy Nasdaq.
Key Events Driving the Market 🗞️
Chip stocks tumbled after Micron's rally, reversing recent tech-led gains and pushing the Nasdaq lower.
SpaceX's post-IPO slide added volatility to AI and consumer technology stocks.
Next week's jobs reports (ADP and nonfarm payrolls) are expected to provide fresh clues on the strength of the U.S. economy and the outlook for interest rates.
The Federal Reserve is widely expected to hold rates in July, with markets pricing in a possible September hike following May's 4% inflation reading.
Ongoing Middle East tensions kept oil around $70–72 per barrel, while gold eased to about $4,064 as investors rotated into risk assets.
Investor Sentiment 👀
Overall sentiment remains cautious as chip-sector volatility and technology weakness offset optimism from the first half of the year.
Investors are closely watching next week's economic data for signals on the timing of future Federal Reserve rate decisions.
Markets continue balancing a technology correction, resilient economic data, elevated inflation, and geopolitical risks. 🐂⚖️
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TRADE OF THE DAY:
DASH
Name: DoorDash, Inc.
Symbol: DASH
Current Price: Approximately $185.00
Trade
Sell to Open: 1 DASH Jul 24, 2026 160/155 Put Vertical
Total Credit Received: $61.00
Credit per Contract: $61.00 (for one contract covering 100 shares)
Direction: Bullish (expects DASH to stay above the break-even level)
Probability of Profit (PoP): 83.9% (as provided)
Potential ROI:
Max Risk (Loss): $439.00
ROI: ($61.00 ÷ $439.00) × 100 ≈ 13.9%
Trade Explained in Simple English:
You're entering a bullish put credit spread by selling the $160 put and buying the $155 protective put, both expiring on July 24, 2026. You receive $61.00 upfront. If DASH closes above the $159.39 break-even price at expiration, you keep all of the credit. Your maximum loss is capped at $439.00 if DASH finishes at or below $155.00 on expiration, making this a defined-risk bullish trade.
Wall Street Highlights:
News Beyond the Numbers
Comcast announced plans to split NBCUniversal and Sky into a separate publicly traded company, marking one of the biggest media restructurings in years.Read More
SpaceX is set to join the Nasdaq-100 on July 7, a move expected to trigger significant buying from index-tracking funds.Read More
Martin Marietta agreed to acquire Lhoist North America in a $13.5 billion deal, expanding its position in construction materials.Read More
Viridian Therapeutics received FDA approval for its thyroid eye disease treatment, giving the biotech company a major regulatory milestone.Read More
British American Tobacco unveiled an AI-driven restructuring plan that will eliminate 5,500 jobs and shift another 3,500 roles to strategic partners.Read More
Disclaimer: The content provided by OptionPicks is for informational and educational purposes only and should not be construed as investment, financial, legal, or tax advice. We are not registered as a broker-dealer, investment adviser, or financial advisor with the SEC, FINRA, or any other regulatory authority. Options trading involves substantial risk and is not suitable for every investor. Past performance is not indicative of future results, and no representation is being made that any subscriber will or is likely to achieve profits or incur losses similar to those mentioned. You should consult with a licensed financial professional before making any investment decisions.
