Morning Market
Dow 52572.58 -64.43 (-0.12%)
Nasdaq 26117.66 -184.95 (-0.70%)
SP 500 7556.10 -19.29 (-0.25%)
10-yr Note
NYSE Adv 1283 Dec 1271 Vol 178.87 mln
Nasdaq Adv 1519 Dec 2538 Vol 2.36 bln
Industry Watch
Strong: Energy, Consumer Staples, Real Estate, Utilities, Health Care
Weak: Information Technology, Industrials, Consumer Discretionary, Communication Services, Materials
Moving the Market
–Semiconductor stocks under pressure as SK Hynix Inc. (SKHYV) ADS moves sharply lower after a strong debut on Friday
–Crude oil moves higher as U.S. and Iran exchange fire
–Mixed strength in the broader market
Taiwan Semiconductor Manufacturing lower despite substantial revenue increase
Taiwan Semiconductor Manufacturing (TSM 431.52, -2.59, -0.60%) is modestly lower this morning despite reporting June revenue of NT$442.68 billion, up 6.2% sequentially and 67.9% year-over-year, with first-half 2026 revenue up 35.6% year-over-year to roughly NT$2.40 trillion. The move appears less tied to company-specific deterioration than to a broader semiconductor de-risking trade, with chip stocks under pressure amid overseas market weakness, SK hynix Inc. (SKHY 156.76, -11.24, -6.69%) volatility, and geopolitical tension ahead of TSM’s July 16 earnings report.
The PHLX Semiconductor Index (-3.4%) is off its opening lows, though semiconductor stocks remain a point of relative weakness.
There are some laggards across oil- and rate-sensitive stocks such as United Airlines (UAL 122.81, -3.19, -2.53%), but overall the immediate reaction to the surge in oil prices has been relatively tempered. Several cruise lines such as Royal Caribbean (RCL 295.60, +10.23, +3.58%)hold solid gains, while the iShares U.S. Home Construction ETF (-0.4%) is down just modestly.
Electrical product names once again move lower with the semiconductor group, weighing on the industrials sector (-0.3%), while general weakness across mega-cap tech names keeps the consumer discretionary (-0.2%) and communication services (-0.2%) sectors modestly lower as well.