Futures are pointing to a lower open for major indexes as chip and memory stocks come under renewed selling pressure; Apple shares are up slightly after a sell-off yesterday fueled by news the company had raised prices on several products amid a surge in memory costs; SpaceX shares are losing ground ahead of the bell after closing at a post-IPO low on Thursday; On Semiconductor shares are down sharply after the company announced a deal to buy fellow chipmaker Synaptics, whose stock is surging; and bitcoin remains under $60,000, trading at its lowest levels since late 2024. Here’s what you need to know today.
Stocks Point Lower as Tech Slump Continues
Stock futures are lower ahead of the week’s final trading session as tech shares appear poised for another volatile day. Futures tied to the tech-focused Nasdaq were down 1.1% recently, while futures linked to the S&P 500 and the Dow Jones Industrial Average fell 0.4% and 0.1%, respectively. Weakness in chip and memory stocks is leading the move lower this morning: the iShares Semiconductor ETF (SOXX) was down more than 3% recently, while the Roundhill Memory ETF (DRAM) dropped 5%. The S&P 500 and Nasdaq are down 1.9% and 4.4%, respectively, so far this week, putting them on track to snap two-week winning streaks. The Dow has gained 0.7% so far this week and looks set to extend its winning streak to three weeks.
WTI crude oil futures were down 3% this morning to just under $70 per barrel as investors keep tabs on how smoothly shipments are moving through the Strait of Hormuz. Gold futures were up 0.5% at $4,070 an ounce, after dipping below $4,000 for the first time since November earlier this week owing to concerns the Fed could hike interest rates. Bitcoin was at $59,500, trading at its lowest levels since late 2024 (more on that below). The yield on the 10-year Treasury note, which affects interest rates on consumer loans, held steady at 4.40%.
Apple Stock Inches Higher After Sell-Off
Apple (AAPL) shares are rising in premarket trading, as the stock looks to recover from yesterday’s 6% drop, its worst one-day performance in more than a year. Shares tumbled yesterday after Apple unveiled price increases for several iPad and MacBook models as the company responds to the impact of soaring memory costs. Thursday’s market action underscored the multifaceted impact of booming AI demand on companies, investors and consumers. Micron (MU) stock surged yesterday after the memory chip maker reported earnings that blew past Wall Street expectations, as demand for its critical hardware has soared. Meanwhile, rising prices for key AI components are leading to higher prices for products from the likes of Apple and Microsoft (MSFT), which announced its own price increases for Xbox consoles Thursday. Apple stock was up less than 1% in recent premarket trading, while shares of Microsoft were up 1.5% after falling more than 3% yesterday.
SpaceX Stock Remains Under Pressure After Hitting New Closing Low
SpaceX (SPCX) shares are losing ground again this morning, trading around their lowest levels since their debut two weeks ago. For the second day in a row on Thursday, the stock hit a post-IPO closing low. Shares of Elon Musk’s rocket, connectivity and AI company were down 1% at around $152 in recent premarket trading, just above the $150 price the stock started trading at on June 12. SpaceX has been added to index funds in recent days and interest from retail investors has stayed strong, but the stock has lost about a third of its value since hitting a record high above $225 early last week. With the recent share-price decline, Musk has lost his status as the world’s first trillionaire.
On Semiconductor Agrees to Buy Synaptics In $7B Deal
On Semiconductor (ON) shares are slumping after the company announced an all-stock deal to acquire Synaptics (SYNA). Onsemi said the deal, which is expected to close by the middle of next year, would give Synaptics shareholders 1.35 shares of its company for each share of Synaptics they own, valuing the company at about $7 billion. Onsemi said the deal would grow its portfolio to include chips designed for physical AI uses like robotics and self-driving cars, in addition to its current lineup of data center-focused chips. Onsemi shares were down 13% ahead of the opening bell, while Synaptics shares gained 5%.
Bitcoin Extends Slump, Remains Below $60,000
Bitcoin remains under pressure this morning, trading at levels not seen since late 2024, as investors steer clear of risky assets. The cryptocurrency was at $59,500 recently, less than half the record high of around $124,000 reached last October. Bitcoin hit a low of $58,000 yesterday for the first time since before the election of President Trump spurred optimism among crypto enthusiasts. The recent slump is also weighing on several bitcoin-related stocks, most notably Strategy (MSTR), the largest single corporate holder of bitcoin. Strategy shares were down 1% in premarket trading after plunging 9% yesterday to their lowest level in more than two years. The stock is down 80% from its record high set last July.
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