The Tape
- S&P 500 closed at 7,498.96, down 0.14% on the day, 1.6% below its 52-week high
- QQQ closed at 705.35, down 0.51%, 5.78% below its 52-week high
- VIX settled at 16.64, down 2.4%
Breadth
- Decliners led advancers 2,114 to 1,291 (61.5% lower, 37.6% higher)
- 212 names down 5% or more against 65 up 5% or more
- New 52-week highs 82 against 49 new lows
Leaders and Laggards
Gainers
- SMCI +25.88% to $30.77
- NBIS +14.07% to $220.16
- DELL +12.56% to $443.75
- CRWV +10.89% to $83.20
- AMD +5.59% to $554.91
Losers
- PLTR −7.19% to $124.23
- NOW −6.22% to $95.62
- CRWD −5.95% to $187.40
- LYFT −5.92% to $14.54
Technical Extremes
RSI
- IBM oversold at an RSI of 29.9, the lowest on the board
- ORCL RSI 32.4, HAL RSI 34.5 next
- PYPL the only name above 70, RSI 74.2
Moving-average crosses
- META closed below its 200-day
Upcoming Earnings
After today's close (options-implied move)
- NOW ±10.6%
- TXN ±9%
- TSLA ±6%
- IBM ±5.9%
- GOOGL ±5.6%
Tomorrow
- HON premarket ±4.4%
- INTC after close ±12.6%, the largest implied move on this week's calendar
Analyst Moves
Upgrades
- CRWV to buy, $126 target (Truist Securities)
- EFOR to buy, $36 target (Truist Securities)
- DOCN to buy, $160 target (Stifel)
Downgrade
- VNO to sell, $32 target (Morgan Stanley)
Insider Activity
Largest recent filings, all sales
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AVGO · Henry Samueli, Director · $250.0M
Sold 654,241 shares at about $382.13 on June 24 under a preset 10b5-1 plan. Still holds roughly 30.2M shares.
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NVDA · Mark Stevens, Director · $186.0M
Sold 885,000 shares at about $210.17 on June 18, held through a trust and not under a 10b5-1 plan. Still holds roughly 5.2M shares.
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BABA · Michael Evans, President · $68.4M
Sold 720,000 shares at about $94.95 on June 29, not under a 10b5-1 plan, cutting his direct holding from 748,000 to 28,000 shares.
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ORCL · Jeffrey Henley, Vice Chairman · $63.7M
Sold his entire 400,000-share position at about $159.16 on June 24 under a preset 10b5-1 plan.
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SNOW · Benoit Dageville, Co-founder and Director · $48.6M
Sold 190,819 shares at about $254.64 on July 2 under a preset 10b5-1 plan.
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MU · Sanjay Mehrotra, President and CEO · $46.3M
Sold 40,000 shares at about $1,158.38 on June 26 under a preset 10b5-1 plan, leaving 344,503 shares.