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Wall Street’s major averages ended the week with losses due to an extended selloff in semiconductor stocks and other big tech names.
Among the top decliners this week were ON Semiconductor (ON), down almost 30%; Western Digital (WDC), down 23.1%; Arm Holdings (ARM), down almost 20%; and Seagate Technology (STX), down 19.1%.
Also, after the highly anticipated SpaceX IPO (SPCX), the company’s stock lost 11.3% this week. Even Micron Technology (MU)—after posting a phenomenal 3Q earnings report—saw losses this week.
Regarding geopolitics, the U.S. and Iran reportedly agreed to continue negotiations to reach a deal within 60 days. President Donald Trump, however, accused Iran of launching a drone attack on a cargo ship traversing the Strait of Hormuz. On Friday, the U.S. military conducted retaliatory strikes against Iran, intensifying tensions between the two nations.
Crude oil futures (CL1:COM) dropped 9.2% this week to settle around $70.25, and Brent futures (CO1:COM) also declined 9.46% to $72.97 per barrel as of post-market Friday.
In economic news, core PCE inflation rose in line with consensus in May, and personal income and spending exceeded expectations. Additionally, the U.S. Q1 GDP growth estimate was revised up to 2.1% from 1.6%.
Moreover, the U.S. PMI Composite unexpectedly rose above expectations in June, while business uncertainty about revenue growth for the year ahead also increased.
For the week, the S&P (SP500) lost -2.0%, while the tech-heavy Nasdaq Composite (COMP:IND) dropped -4.6%, and the blue-chip Dow (DJI) rose +0.6%. Read a preview of next week's major events in Seeking Alpha's Catalyst Watch.
Millions of Americans are set to gain access to certain weight loss drugs through the new Medicare GLP-1 Bridge program. The pilot program will provide eligible Medicare Part D beneficiaries with access to certain GLP-1 drugs between July 1, 2026, and Dec. 31, 2027. The higher price tag of GLP-1 therapies has deterred wider adoption, an issue that the program is expected to address. Read more.
Seeking Alpha's Calls Of The Week
Weekly Movement
U.S. Indices
Dow +0.6% to 51,876. S&P 500 -2.0% to 7,354. Nasdaq -4.6% to 25,298. Russell 2000 +1% to 3,010. CBOE Volatility Index +9.7% to 18.41.
S&P 500 Sectors
Consumer Staples +1.5%. Utilities +3.9%. Financials +0.5%. Telecom -6.2%. Healthcare +7.9%. Industrials +0.5%. Information Technology -5.4%. Materials -0.1%. Energy +0.7%. Consumer Discretionary -2.7%. Real Estate +4%.
World Indices
London +1.4% to 10,508. France -0.4% to 8,385. Germany -1.3% to 24,671. Japan -2.7% to 69,361. China -1.6% to 4,027. Hong Kong -5.2% to 22,672. India +0.4% to 77,100.
Commodities and Bonds
Crude Oil WTI -9.5% to $69.23/bbl. Gold -1.8% to $4,096.3/oz. Natural Gas +0.9% to 3.226. Ten-Year Bond Yield -0.2 bps to 4.372.
Forex and Cryptos
EUR/USD -0.74%. USD/JPY +0.28%. GBP/USD -0.23%. Bitcoin -6.3%. Litecoin -5.2%. Ethereum -9.2%. XRP -7.9%.
Top S&P 500 Gainers
Bio-Techne (TECH) +23%. AbbVie (ABBV) +17%. Charles River Laboratories International (CRL) +16%. Incyte (INCY) +16%. United Airlines Holdings (UAL) +15%.
Top S&P 500 Losers
ON Semiconductor (ON) -25%. Western Digital (WDC) -21%. Oracle (ORCL) -19%. Albemarle (ALB) -17%. QUALCOMM (QCOM) -16%.
Where will the markets be headed next week? Current trends and ideas? Add your thoughts to the comments section.
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