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On Tuesday, U.S. equities declined broadly across all major indices, driven by weakness in technology stocks, especially those tied to the AI sector.
The S&P 500 slipped 107.33pts (-1.44%) to 7365.46, the Nasdaq 100 fell 999.81pts (-3.3%) to 29347.273, and the Dow dropped 45.87pts (-0.09%) to 51666.84.
On the sector front, the outperforming sectors were Real Estate (XLRE), Health Care (XLV), and Energy (XLE) while Technology (XLK), Consumer Discretionary (XLY), and Communication Services (XLC) underperformed the most.
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U.S. Economic Developments: |
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A number of data releases came in from the U.S. The S&P Global Services PMI rose to 51.3 in June (vs. 51 expected). The Composite PMI also improved to 52.2 (50.8 expected), while the Manufacturing PMI increased to 55.7 (54.7 expected). In contrast, the Richmond Fed Manufacturing Index fell to 4 in June (9 expected) from 13 in May.
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SpaceX (SPXC) rose 0.98% after it launched a five-tranche notes offering targeting at least $25 billion. The Financial Times reported it attracted nearly $90 billion in orders.
Nvidia (NVDA), Broadcom (AVGO), Micron (MU), and Advanced Micro Devices (AMD) fell amid weaker overall market sentiment, dropping 4.13%, 3.06%, 13.18%, and 5.76%, respectively.
Tesla (TSLA) declined 5.79% after U.S. auto safety regulators opened a formal investigation into a fatal crash in Texas involving one of its vehicles.
Oracle (ORCL) slid 5.66% following its annual regulatory filing on Monday, where it said that adopting AI technologies has led to workforce reductions larger than previously expected. It reported 141,000 full-time employees as of May 31, down 13% from 162,000 a year earlier.
QUALCOMM (QCOM) dropped 8.01% after reports said the company is in advanced discussions to acquire AI chip firm Modular, Inc. in a deal valued at about $4 billion, according to Bloomberg.
Domino’s Pizza (DPZ) fell 4.09% after announcing the departure of CEO Russell Weiner and naming Joe Jordan, the current Chief Operating Officer and President, as his successor, effective October 1, 2026.
IBM (IBM) gained 5.04% after JPMorgan upgraded it to “Overweight” from “Neutral.” IBM also announced a partnership with OpenAI to bring more advanced AI capabilities into enterprise cybersecurity operations.
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At the European close, the major indices in the region finished in negative territory.
Germany's Dax fell 246pts (-0.98%) to 24893 while France's Cac 40 dropped 59pts (-0.71%) to 8340 and the U.K.'s FTSE 100 declined 9pts (-0.09%) to 10428.
The eurozone’s S&P Global Composite PMI edged up to 49.5 in June (first estimate and vs. 49.1 expected) from 48.5 the prior month. Meanwhile, the U.K.’s S&P Global Manufacturing PMI declined to 53.1 (53.6 expected) from 53.9 in May.
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Global Macro, FX & Commodities: |
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Rates & Risk Sentiment:
The VIX jumped 2.21pts (+12.79%) to 19.49 and the US 10 year yield declined to 4.501%.
Precious Metals & Crude:
In the commodities market, Gold fell 80.64 dollars (-1.92%) to 4109.79 and Silver dropped 3.62 dollars (-5.55%) to 61.56. WTI Crude Oil slipped 0.48 dollars (-0.65%) to 73.38.
The Dollar & Majors:
The dollar index increased 0.37pts (+0.37%) to 101.392.
EUR/USD declined 48pips (-0.42%) to 1.1379.
GBP/USD slipped 48pips (-0.36%) to 1.3199.
USD/JPY rose 3pips (+0.02%) to 161.57.
USD/CHF climbed 11pips (+0.14%) to 0.8096.
AUD/USD fell 86pips (-1.23%) to 0.6913.
USD/CAD advanced 53pips (+0.37%) to 1.4209.
Digital Assets:
Finally, in the cryptocurrencies market, Bitcoin dropped 1970 dollars (-3.06%) to 62404 and Ethereum fell 71 dollars (-4.14%) to 1661.
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FedEx (FDX) slid in extended trading after quarterly earnings per share fell year over year, though results still beat expectations.
Cerebras Systems (CBRS) also dropped in after-hours trading despite reporting a 94% year-over-year increase in first-quarter revenue.
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