Tech took the hit — the rest of the market barely flinched

Tech took the hit — the rest of the market barely flinched

The S&P 500 slipped 2.0%, the Nasdaq Composite tumbled 4.6%, and the Information Technology sector fell 5.4% as sellers zeroed in on semiconductor and mega-cap technology names. But this was no broad risk-off rout. The Dow Jones Industrial Average gained 0.6%, the Russell 2000 advanced 1.0%, the S&P Midcap 400 added 0.7%, and the S&P 500 Equal Weight Index climbed 1.6%.

Gobble's Take: When the equal-weight index is climbing while the headline number sulks, the market isn't scared — it's just done playing favorites.

Source: The Peters Report - Trade Alert 🚨 Market Weekly Recap

Semis fell nearly 8% — Micron's pop didn't save them

The PHLX Semiconductor Index dropped nearly 8% despite a strong post-earnings rally from Micron that briefly reignited optimism across memory-chip manufacturers. It wasn't enough. Investors kept reducing exposure to AI infrastructure stocks after months of exceptional gains, and the pressure held.

Gobble's Take: Micron threw a party and the whole neighborhood still left early. When a sector is this tired, one good earnings beat doesn't flip the mood.

Source: The Peters Report - Trade Alert 🚨 Market Weekly Recap

Midday pulse: present, but not exactly chatty

The midday market pulse was anything but thin — it covered NYSE breadth (43% up volume), value areas and pivot levels across multiple tickers, a chipmaker-led selloff, SpaceX joining the Nasdaq 100, geopolitical pressure on oil near the Strait of Hormuz, and a new Raymond James initiation on SpaceX with an $800 price target.

Gobble's Take: Still breathing. Still a pulse. Just not the kind that gets the room excited.

Source: TTG Midday Market Pulse : Today's Key Themes & Global Trend ...

In Case You Missed It

Yesterday's top stories:

• SPX +1.76% for the week, even after ending June at -1.06%.
• The market is running two completely different shows at once
• Tech got clipped. Everything else quietly kept moving
• June's report card: small caps win, Nasdaq loses