Apple Weighs On Nasdaq; Dow Hits Record High

Despite upbeat earnings from Micron Technology (MU), the Nasdaq Composite Index (IXIC) has swung into negative territory. The index is down triple digits as Apple (AAPL) slides 5% after announcing price increases, dragging Big Tech lower. Meanwhile, the Dow Jones Industrial Average (DJI) is up 488 points and trading at fresh record highs as Caterpillar (CAT) climbs to its own all-time high, while the S&P 500 Index (SPX) enjoys a modest gain. 

Trip.com Group Ltd (TCOM) is gapping to more than two-year lows, last seen down 14.9% at $39.38, after the company issued disappointing first-quarter results and warned of slowing current-quarter revenue growth, as well as a "significant fine" from an ongoing antitrust probe by China's top market regulator. So far, TCOM has seen 4,800 calls and 6,153 puts exchanged, which is already five times its average daily options volume. The July 40 put is the most popular, followed by the 45 put in the same series. 

The tech rebound may be already be cooling, but memory and storage chip stock SanDisk Corp (SNDK) (NASDAQ:SNDK) is still rallying, up 13.4% at $2,171.00 at last check. The shares have been on a rollercoaster all week, carrying the South Korean Kospi with them, and are now nearing their June 22 record high of $2,354.39. Since the start of the year, SNDK is up 817%. 

Palantir Technologies Inc (PLTR) is headed for its seventh consecutive loss, down 5.3% at $107.47 at last glance and earlier hitting a 52-week low of $106.37. The stock is headed for its worst month since February 2021 amid numerous headwinds including the recent tech rotation, while "The Big Short" investor Michael Burry has been publicly maintaining an ongoing short position on PLTR. Year to date, the equity is down 39.5%.