The week's gains were a three-person parade

The week's gains were a three-person parade

U.S. equities finished higher, but the headline indexes overstated the breadth of the advance. The S&P 500 gained 1.2% and the Nasdaq rose 1.7%, while the Dow slipped 0.5%. Large-cap growth led; mid- and small-caps declined. Nvidia, Meta, and Broadcom accounted for almost all of the S&P 500's weekly gain — another highly concentrated move. Nvidia was the clearest driver, after reports that China may allow leading AI companies to buy a limited number of H200 processors. Meta's gain reflected progress on AI monetization, while Broadcom advanced after expanding its Apple partnership through 2031.

Gobble's Take: Three stocks dragging an index higher isn't a rally — it's a relay race with one very short team.

Source: Week #28 — Market Update for July 6-10, 2026

The chip trade is still setting the mood — even before the open

Futures are mixed after Thursday's 139-point Dow gain, a 0.8% rise for the S&P 500, and a 1.3% rally for the Nasdaq. The seesawing chip trade remains the dominant premarket catalyst. Meta is up 4% in the premarket after rallying 5% on Thursday, on reports it will begin producing its own AI chip this September. Intel is down 2%, Marvell Technology down 1%, and Sandisk down 2%.

Gobble's Take: Chips up, chips down — the rest of the market is just waiting to find out which way the seesaw lands.

Source: Jake Novak's Morning Business Briefing 7/10

In Case You Missed It

Yesterday's top stories:

• SK Hynix crashed the Nasdaq — and the crowd showed up
• S&P and Nasdaq Remain in Bullish Position
• SPX is still wrestling the triangle
• Banks first, then TSM and ASML — the calendar gets serious