Stocks are struggling today, as chip weakness weighs on Wall Street. It all started overseas, after Samsung Electronics (SSNLF)' AI spending concerns overshadowed a massive profit boost. The Dow Jones Industrial Average (DJI) hit an intraday record high out of the gate, only to pivot into the red midday. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are also sharply lower, as investors rotate away from the semiconductor sector. Oil prices are an overhang as well, with crude prices reclaiming $70 after Iran attacked a Qatari tanker near the Strait of Hormuz.
Maplebear Inc (CART) is seeing a surge in options volume today. At last look, over 22,000 calls have changed hands, volume that's 21 times the average intraday amount. The July 50 call and August 50 call are where most of the activity is occurring, with new positions being bought to open at the latter. CART was last seen trading at $47.78, and is up 6.2% on the year.
Workday Inc (WDAY) stock is bucking the tech selloff today, last seen up 4% to trade at $143.72. Although there's no clear catalyst, WDAY is poised to close above its 126-day moving average for the first time all year, after once more bouncing off a familiar floor at $110. Year-to-date, the shares are still down 32.7%.
Intel (INTC) (NASDAQ:INTC) is near the bottom of the Nasdaq today, down 10.4% to trade at $109.30. Memory stocks are reeling from Samsung's dismal second-quarter forecast, with sector peers Micron Technology (MU) and Western Digital (WDC) also sharply lower. Intel stock hit a record high of $142.35 on June 30, but has since shed 22.8%. In 2026, the chipmaker is still up 197%.
Comments
Log in or sign up to join the conversation.