Post-Bell | Nasdaq Falls 1% as Tech Selling Resumes. Apple, Tesla, AMD Drop over 3%; Marvell Technology, Lumentum Sink Around 8%; Nuvalent Surges 39%

01 Stock Market

The U.S. major indexes closed as follows: Dow Jones up 0.17% at 50,872.11; S&P 500 declined 0.26% at 7,386.65; NASDAQ declined 0.97% at 25,678.82. A modest gain for industrials could not offset pronounced weakness in big-cap technology names, leaving the broader market mixed at the bell.

Large single-day swings dominated semiconductor and megacap tech shares. Applied Optoelectronics (AAOI) fell 17.17% at $162.88 after a sector-wide optical gear sell-off, while Marvell Technology (MRVL) fell 7.61% at $266.88. Memory leader Micron Technology (MU) slipped 1.41% at $935.89, and GPU giant NVIDIA (NVDA) declined 0.22% at $208.19. Among the tech titans, Apple (AAPL) fell 3.64% at $290.55, Tesla (TSLA) fell 3.00% at $396.68, and Microsoft (MSFT) fell 2.02% at $403.41. Leveraged products amplified the sector’s turbulence: bullish chip fund SOXL fell 4.62% at $201.68, while its bearish counterpart SOXS rose 4.22% at $5.93. Defensive rotation pushed inverse tech vehicle SQQQ up 3.42% at $42.67.

Rate jitters and AI profit-taking shaped the session’s tone. Rising Treasury yields earlier in the day and a flurry of capital-raising headlines in the artificial-intelligence arena prompted investors to trim positions in richly valued growth leaders such as Advanced Micro Devices (AMD) down 3.02% at $475.50 and Lumentum (LITE) down 8.22% at $821.76. Conversely, modest strength in Alphabet (GOOG) up 0.31% at $362.29 helped cushion broader declines. Overall, the sharp moves underscore heightened sensitivity to macro signals and corporate funding news as traders gauge the durability of the tech rally.

02 Other Markets

U.S. 10-year Treasury yield was unchanged, latest at 4.53%.

USD/CNH fell 0.02% to 6.82; USD/HKD fell 0.01% to 7.84.

U.S. Dollar Index rose 0.02% to 100.00.

WTI crude futures rose 1.01% to $89.09 per bbl; COMEX gold futures fell 0.58% to $4,261.40 per oz.

03 Top News

1. SpaceX set an IPO valuation target near $1.8 trillion, testing the “Elon premium”. Analysts said the lofty multiple assumes years of rapid growth despite SpaceX’s recent losses. Some investors plan to wait for post-listing price discovery before buying.

2. Morgan Stanley warned that Apple’s new AI-powered Siri faces hardware limits across older iPhones. The brokerage noted more than 1.3 billion devices lack sufficient memory for advanced features, potentially slowing adoption. Apple shares slid as investors weighed upgrade risks.

3. Optical-communication suppliers suffered sharp selling amid sector downgrades. POET, AAOI and Coherent each lost between 7% and 10%, while Lumentum and Corning fell about 4%. Traders cited concerns over slowing telecom capex and competitive pricing pressures.

4. Broadcom, Apollo and Blackstone launched a $35 billion platform to finance over 20 GW of global AI data-center capacity. The multi-year initiative supports hyperscale clients such as Anthropic and could accelerate infrastructure build-outs through 2028.

5. Space-infrastructure firm Redwire filed for an at-the-market stock offering of up to $500 million. The company plans to use proceeds for working capital, debt repayment and potential acquisitions. Shares retreated sharply after the announcement.

6. AST SpaceMobile scheduled the launch of three BlueBird satellites aboard a SpaceX Falcon 9. The liftoff, planned for mid-June, aims to expand direct-to-phone broadband coverage. The stock advanced in pre-market trading on the update.

7. Wall Street banks are funneling record sums into artificial-intelligence ventures across equity and debt markets. Tech giants have already issued about $159 billion in bonds this year, while planned IPOs from SpaceX and OpenAI could make 2026 a banner year for fundraising. Analysts caution that dilution and execution risks could challenge valuations.

8. Chip-equipment and semiconductor names staged a rebound earlier in the week before reversing at the close. Ultra Clean and Credo each gained double digits intraday, while SanDisk and Lam Research rose around 7%. Momentum cooled later as profit-taking hit the broader chip complex.

9. GSK agreed to acquire oncology specialist Nuvalent for about $10.6 billion in cash. The deal, struck at a sizeable premium, strengthens GSK’s targeted-therapy pipeline and accelerates its strategic focus on cancer treatments. Nuvalent shares spiked on the news.

10. Reports indicated the Bank of Japan may lift its policy rate to 1% in an upcoming meeting. Such a move would mark the central bank’s most aggressive tightening in decades. Global bond investors weighed the potential impact on yield differentials and capital flows.

Sources: Reuters, Dow Jones, Tiger Newspress, Thomson Reuters, MT Newswires Live, public market data Disclaimer: This content is for reference only and does not constitute investment advice.